A study conducted by Like Digital and its partners predicted that global companies’ spending on artificial intelligence services would exceed $50 billion this year and reach $110 billion by 2024.
The study confirmed that proper utilization of artificial intelligence can bring immense benefits to the companies using it.
Artificial intelligence can provide crucial advantages such as increased efficiency, streamlined operations, improved logistics and workflow, resource enhancement, and increased productivity. Moreover, it can enhance decision-making processes, data analysis, and error avoidance by relying on machines instead of human intervention.
Boosting Decision-Making Process
This finding was based on a survey conducted by BWC in 2022 on the importance of intelligent learning in operational fields, where 86% of executives saw intelligent learning as an essential part of their activities, benefiting from cloud database and analytics for greater results.
More than a thousand survey respondents emphasized that the highest success lies in companies adopting a holistic approach to integrating artificial intelligence rather than focusing on one goal at a time.
AI leaders execute core competencies in three simultaneous areas, including business transformation, enhancing the decision-making process, and updating systems and operations.
The study focused on the recent article published in the Harvard Business Review, where Nelly Tsidale noted that AI technology is not just a means to increase work speed but a set of collaboration systems capable of analyzing patterns invisible to the human eye.
When using artificial intelligence to improve operations, you gain insights, analytics, predictions, and suggestions based on data. You can fully leverage its capabilities when you start utilizing them from a comprehensive and high-level perspective.
Ethics of Artificial Intelligence
The study also discussed the opportune time for companies to steer towards using artificial intelligence. It’s not just about deciding to adopt AI technology in their workspace but also about when they will prepare for it.
Companies like OpenAI, Microsoft, and NVIDIA have made artificial intelligence technology accessible to everyone, from students to leading companies, leading to ethical challenges and various issues for these companies.
When technology advancements outpace the ability of laws and regulations to keep up with this rapid evolution, it is the responsibility of every user to determine how to use AI technology in a manner that aligns with ethical standards and ensures individual accountability.
