The impact of generative AI on productivity and return on investment has been a topic of debate for many enterprises. However, recent research suggests that investing in AI can yield significant benefits. A survey conducted by Google Cloud and the National Research Group found that 74% of companies using generative AI for at least one application saw a return on investment within a year. Moreover, 86% of these companies reported an increase in revenue of 6% or more.
The survey, which involved 2,508 senior leaders of global enterprises, also revealed that 61% of the participants were already using generative AI. According to Oliver Park, the Google Cloud vice president, generative AI is not just a technological innovation but a strategic differentiator. Early adopters of generative AI are experiencing a range of rewards, including increased revenue, better customer service, and improved productivity. Park asserts that organizations investing in generative AI today will be best positioned for success in the future.
One notable finding from the survey was the speed at which companies can move AI use cases from idea to production. The report claims that companies can achieve this in less than six months. Additionally, the survey highlighted a 45% improvement in productivity among companies utilizing generative AI. The gains were largely attributed to IT processes and staff productivity, although the specific IT processes were not specified. Other benefits included faster time to insights and improved accuracy.
The survey also indicated that AI is a significant driver of business growth. Over half of the respondents credited AI as a driver of growth, with companies seeing improved customer leads and acquisitions directly resulting from AI tools. In the financial services sector, 82% of respondents reported the most growth in lead generation thanks to AI.
However, it’s worth noting that other surveys have suggested that AI can create productivity pressures for workers. A report from Upwork, a freelance company, revealed a disconnect between workers and executives regarding the impact of AI on productivity. While 81% of C-suite executives expected more from employees, 65% of employees felt that AI had not increased their productivity. Many employees expressed a desire to use AI in their jobs but lacked the necessary training.
Google emphasized the importance of comprehensive strategies and training when implementing AI in the workplace. The report suggested that company leadership should provide a clear strategy for AI adoption, while employees should be involved in the process and receive appropriate training. Upwork’s report further emphasized the need for companies to redefine their ideas of worker productivity and involve employees in co-creating productivity measures.
In conclusion, the survey results indicate that investing in AI can lead to a positive return on investment and improved productivity. However, it is crucial for companies to consider comprehensive strategies, training, and employee involvement when implementing AI in the workplace. Early adopters of generative AI are already reaping the benefits, but it’s essential to bring employees on board to maximize the technology’s potential.
