Home CioAxis 90 percent of companies have sights set on artificial intelligence investment

90 percent of companies have sights set on artificial intelligence investment


Increasing employee productivity a key focus for AI investments, but success requires disruption to current business strategy to reap rewards

IFS, a global enterprise applications company, has announced the findings of a global research study into the attitudes and strategies towards artificial intelligence (AI) among business leaders.

The study polled 600 business leaders worldwide and a broad spectrum of industries involved with their companies’ enterprise technology including enterprise resource planning (ERP), enterprise asset management (EAM), and field service management (FSM).

Key findings:
About 90 percent of respondents reported at least some plans to implement AI in various parts of their business. Industrial automation was the most commonly reported area of investment with 44.6 percent planning AI projects, while customer relationship management (CRM) and inventory planning and logistics tied for second place at 38.9 percent.

When asked how they plan to use AI, 60.6 percent said they expected it would help them make existing workers more productive. Just under half, 47.9 percent, said they would use AI to add value to products and services they sell to customers. About 18.1 percent said they would proactively use it to replace existing workers.

While a majority of respondents anticipated productivity increases from AI, 29.3 percent anticipated AI would lead to a reduction in headcount in their industry. To manage this, 56 percent of respondents stated that society could best prepare by changing educational programs to prepare workers to make direct use of AI tools to increase their own productivity. Another 23.4 percent said they expect the market to create new jobs for people displaced by AI, while 15.4 percent suggested a shortened 30-hour work week.

“AI is no longer an emerging technology. It is being implemented to support business automation in the here and now, as this study clearly proves,” IFS VP of AI and RPA Bob De Caux said. “We are seeing many real-world examples where technology is augmenting existing decision-making processes by providing users with more timely, accurate and pertinent information. In today’s disruptive economy, the convergence of technologies such as AI, RPA, and IoT is bolstering a new form of business automation that will provide companies that are brave enough with the tools and services they need to be more competitive and outflank larger competitors.”

Bob De Caux concluded, “The findings of the study and the real-world scenarios being realized at our customers point to the conclusion that the time is right for companies to reap both business and financial benefits from technology automation. Falling for the hype of AI is easy, but success requires disruption to existing business models. The technologies themselves are not a panacea, nor are they a universal solution to any problem. However, with the right data model and viable use cases, AI can support improved productivity and deliver significant benefits to both operations and the wider business. AI will be used by the vast majority of organizations in some form in the near future, extracting real value from intelligent processes, for the long-term.”

Recommended for You

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Close Read More

See Ads