Lionel Sujay Vailshery
Research expert covering cloud computing and emerging tech industries
Artificial intelligence in business - Statistics & Facts
It is clear that artificial intelligence (AI) has arrived and means business in business. AI is now a technology of strategic importance across multiple industries, with those who can seize the opportunity early and adapt to changing technological capabilities set to reap the benefits. More and more businesses are turning to machine learning programs to streamline operations and open up avenues for improvement within their business. The AI market is also a growing part of the world economic system, garnering a substantial number of investments, and expanding into global markets.
Opportunities for businesses
Businesses that embrace AI will be considerably rewarded for their diligence in innovation. The most desirable effect, or at least the one that directly affects many businesses, is a revenue increase as it underpins the whole of their business model. Notable parts of a business where AI can offer some of the greatest benefits include supply chain management and human resources. With the adoption of AI, improvements to supply chains can be made, such as inventory management or forecasting risks, providing a major boost to revenue. When it comes to human resources, the use of AI drastically reduces time in hiring cycles by enabling AI-driven algorithms to select those candidates whose resume most aligns with the job requirements. This adaptation of AI in businesses is an ongoing process, but it has already grown immensely in 2024.Challenges to AI in business
The considerable challenge to AI in business is integration. Data and security are a particular problem as often AI software is not in-house but a commercially available product. Data entered into such software is more at risk of being appropriated or misused, wilfully or not. Rapid development in AI also means that workers find themselves needing to stay up to date with more and more changes, which can cost both time and resources. Intellectual property risks are another major concern but one that has been harder to mitigate. This is again due to the nature of available AI programs, which might not always be perfect fit to an enterprises needs.Early adopters will be rewarded
Those who strike out ahead of the group and take the lead with AI are likely to reap the greatest reward, as their enterprises' use of AI technologies will mature faster. This will enable companies to adopt ongoing changes in AI more rapidly, rather than struggling to adapt afterward. Those adopting AI in 2025 expect it to improve efficiency, save time and decrease costs, transforming businesses and the wider economy.
