How Organizations Expect to Benefit From AI

By Dennis McCafferty
  • Previous
    How Organizations Expect to Benefit From AI

    How Organizations Expect to Benefit From AI

    Many firms consider artificial intelligence essential and will spend millions on this technology by 2020. Find out how they plan to benefit from AI initiatives.

The majority of companies surveyed have adopted some form of artificial intelligence, and they plan to significantly increase their investments in this technology for the foreseeable future, according to a recent survey from Tata Consultancy Services. The resulting report, "Getting Smarter by the Day: How AI Is Elevating the Performance of Global Companies," indicates that IT teams are making the most use of AI. However, departments such as customer service, sales and marketing, and finance and accounting are also deploying this technology. At a corporate level, leaders are keenly focused on taking advantage of AI to fix financial system problems and being able to better anticipate broad economic trends. In other words, AI seems to have "something for everyone," and companies are just beginning to discover its potential. "After about 50 years of largely languishing in technology labs and the pages of science fiction books, today artificial intelligence (AI) has taken center stage and is under the bright lights," according to the report. "Many big-company chief information officers have been envisaging a future with AI for years, with some funding lavish experiments and applications of the technology. But that passion for AI is rising to the top of large organizations more and more." The report contrasts perspectives from executives at "leader" AI companies (they've achieved at least 16 percent in cost reductions and revenue gains from the technology) with those at "follower" firms (they've seen, at most, 5 percent increases in cost reductions and revenue gains). We've included some of those findings here. A total of 835 global executives took part in the research.

This article was originally published on 2017-04-07
Dennis McCafferty is a freelance writer for Baseline Magazine.
eWeek eWeek

Have the latest technology news and resources emailed to you everyday.