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June 19, 2023
Over half of the respondents to a new Omdia survey said they are measuring positive results from using AI to reduce costs and drive efficiency.
Omdia’s AI ROI: 2023 report found that 54% of respondents are measuring positive results of 1% or more and at least 14% seeing 11% or more.
The research firm surveyed 369 enterprises in February just as interest in generative AI began to explode. Results on return on investment (ROI) were likely measured before companies ran any generative AI projects.
The report suggested that following the largely positive results, AI spending will increase as senior managers will become more confident with expanding AI initiatives.
Omdia’s analysts also state that if companies continue to achieve topline revenue growth and bottom-line cost savings through AI, it will have a positive impact on company financial results.
Omdia’s report said that AI ROI will “likely accelerate AI output innovation,” more so in companies that have been working with AI for more than one to two years.
"The implications of AI's proven ROI in 2023 will be far-reaching, impacting everything from corporate investment and venture capital to corporate financial results, labor markets, strategic planning and innovation," said Natalia Modjeska, research director at Omdia.
Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.
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