Even with all the excitement and money being spent on artificial intelligence (AI), a second report this week shows that most companies haven’t yet seen any increase in profits.
After a PwC survey showed that 56% of CEOs haven’t seen any financial gains from using AI, a new report from Deloitte says the same thing. The State of AI in the Enterprise report found that 74% of companies expect AI to help them make more money, but only 20% say it has actually done so.
The report shows that AI is mostly being used as a tool to help workers be more productive. While 66% of people say it has made things more efficient, these gains haven’t yet shown up in financial results. Only 20% say AI has helped increase revenue, and 40% say it has helped cut costs. These numbers are similar to PwC’s findings.
Deloitte’s analysis says that while many companies still hope AI will bring big benefits, they warn that “hoping for big results doesn’t get you far.” The main goal of using AI is to get a long-lasting competitive edge, but most companies haven’t achieved that yet.
Even though AI hasn’t given clear financial returns, companies are still investing in it. The report says 60% of companies now provide approved AI tools to employees, up from less than 40% last year. However, many workers aren’t using these tools regularly, so the full potential is still not being reached.
The report also finds that more than a third of businesses expect at least 10% of jobs to be fully automated this year, and many expect even bigger changes in the next few years. But most companies haven’t yet changed jobs to fit AI.
Workers are not fully convinced about AI. Only 13% of non-technical employees are excited about it, while just over half are willing to try it. Some people are only using it when they have to, and a small group avoids it altogether.
The report shows that AI is not yet bringing financial rewards for most companies, but it shares PwC’s hope that a breakthrough may be coming soon.
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