08.01.22 Executive Data Bytes – How do you invest in AI and automation? And... is it for you?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are helping you learn about investing in AI and automation, and whether or not you should. Artificial intelligence (AI) is one of the fastest-growing industries. If you’re considering investing you need to know what you’re looking for and the steps to get there.

Focus piece: “Companies Are Making Serious Money With AI”

Executive Summary

Companies are spending serious money on artificial intelligence (AI) in 2022, and many are already making good money from the technology. One of the challenges with AI in recent years has been that projects involving the technology have frequently lacked sufficient economic returns. Read on in this MIT Sloan article to find out how companies are increasing their ROI.

Key Takeaways

• In the 2022 survey of senior data and technology executives by NewVantage Partners, 92% of large companies reported that they are achieving returns on their data and AI investments, and 26% have AI systems in widespread production.
• In a survey of business leaders, 58% said that AI improved efficiency and decision-making among teams and 78% said that AI improved collaboration within teams. These improvements could translate into economic value for companies that use AI to create new value rather than cut costs.
• In 2021, McKinsey found that 56% of companies are using AI in at least one function and that 27% of earnings are attributable to AI. Companies that are seeing the greatest improvements from AI are also spending more efficiently on AI and taking advantage of cloud technologies.

Focus piece: “Four Steps Before Investing In Artificial Intelligence”

Executive Summary

Artificial intelligence (AI) is one of the fastest-growing industries, and companies are investing in AI to automate and enhance business processes and generate more leads. Before you think about investing, read this article by Forbes to learn four steps you should take first. 

Key Takeaways

• AI can solve many business problems, but it may not be the right solution for every business. Companies that lack enough data or continuous series of data flow may not be suited for AI automation.
• You should look for AI service providers to help integrate AI into your company. They should be able to offer fully customizable AI solutions.
• AI needs high-quality, accurate, and up-to-date data to perform its task effectively, and collecting this data may be one of the biggest challenges. AI consultant companies can help you get started with the data collection process quickly and efficiently.

Focus piece: “Should Your Small Business Invest in AI?”

Executive Summary

AI is a buzzword that gets more attention nowadays. AI can help your company in any number of ways, but you need to know exactly what you're looking to achieve and how much it will cost. This Benchmark One blog answers the question, “How can AI help my business?”.

Key Takeaways

• There's no single answer to how to incorporate AI into your small business. You can use virtual assistants, AI-run accounting, and market-research software, or pay for per-project AI services.
• If you're running your own company, a virtual assistant can help you manage your affairs, schedule and remind you of meetings, interact with customers, and help support your company in a variety of ways.
• AI tools can help you keep ahead of your competitors in responsive marketing by tracking certain types of information, articles, keyword mentions, or subjects.
• Similar to chatbots, voice recognition software allows you to choose from a list of subjects to hear more about. It can save your company time and energy.

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