Companies who wait to incorporate the new technology run the risk of falling behind as artificial intelligence becomes more prevalent in the workplace.
Accessibility of models Fuels Artificial Intelligence Boom Across Industries
The paper stated that while decades of system development led to the Artificial Intelligence boom, the year 2022 was critical in making the technology widely available. When ChatGPT was made available to the general public in 2022, it quickly surpassed 100 million users. Artificial Intelligence accessibility reduces the expense of the technology, enabling businesses to take advantage of the advantages at a low cost.
Industry-wide deployment of Artificial Intelligence increases productivity and efficiency. System integrators are the industry with the greatest adoption or evaluation rates for AI, at 89%. The marketing/advertising sector comes in second place with 86%, followed by the technology sector with 85%. Seventy-eight percent of companies from all sectors are utilizing, evaluating, or adopting at least one of the top six foundation model use cases.
Also Read: Doctors Can Predict Their Patients’ Risk Of Death With The Help Of Artificial Intelligence
Adopters of AI Need to Move Quickly
The survey concluded that using AI may increase productivity, enhance customer experiences, speed up product development, and introduce new product features while lowering costs. The speed at which businesses may launch products was a key benefit mentioned by those who integrated Artificial Intelligence.
A key benefit of Artificial Intelligence adoption, according to 76% of CEOs, is that it reduces the time it takes for a product to reach the market.
Even though Artificial Intelligence is still in its infancy, the poll indicated that with their current capacities, Artificial Intelligence technologies could speed up 20% of worker tasks without sacrificing quality. Lowering the amount of time needed to complete tasks while maintaining quality could lead to increased productivity and lower expenses.
Wait-and-See Method Risks Falling Behind Competition
The potential uses of Artificial Intelligence grow as technology progresses, offering early adopters a competitive advantage.
According to David Crawford, global director of Bain’s technology practice, “in this fast-moving environment, companies that take a wait-and-see approach in terms of Artificial Intelligence are at risk of being left behind.” According to the survey, individuals who have adopted Artificial Intelligence sooner than others would outperform those who have waited, missing out on potential future benefits.
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