How AI Is Changing Business: Key Insights
Artificial intelligence (AI) is no longer just for tech experts. It’s becoming a useful tool for businesses of all sizes to improve efficiency and solve everyday problems. Here are some key insights from a recent study we completed on AI in business, worldwide.
AI Is Being Used More Than Ever
More than half of businesses today see AI as an important part of their plans. This is because AI helps them work faster, make better decisions, and find practical ways to improve how they operate. For instance:
AI-powered customer support systems are reducing response times, with chatbots now handling up to 70% of routine queries.
Supply chain management systems use AI to forecast demand, optimising inventory and minimising waste.
Companies that adopt AI thoughtfully are seeing real results, from cost savings to higher customer satisfaction.
Investments in AI Are Growing Fast
Spending on AI worldwide has jumped from $18 billion in 2014 to $119 billion in 2021. Generative AI tools, like ChatGPT, are a big part of this growth, making up around 30% of the investments in 2023.
Governments are also investing heavily in AI research and infrastructure, with countries like the US and China leading the way.
Startups focusing on niche AI applications—such as legal tech and climate modelling—are attracting record funding.
This surge in investment reflects the growing recognition of AI’s transformative potential across industries.
AI Brings Real Benefits
AI isn’t just a buzzword—it’s helping businesses make more money and work smarter. Here are some industry-specific examples:
Manufacturing: AI-powered predictive maintenance has reduced downtime by up to 30%, saving millions annually in operational costs. Automated quality control systems use computer vision to detect defects with over 95% accuracy.
Healthcare: AI is improving diagnostics, with algorithms achieving up to 90% accuracy in detecting conditions like cancer. It’s also accelerating drug discovery by identifying potential candidates in weeks rather than years.
Retail: AI-driven tools are optimising inventory levels, reducing overstock and stock outs by up to 20%. Personalised marketing campaigns powered by AI have increased customer engagement and revenue for many retailers.
Financial Services: Fraud detection systems powered by AI, analyse thousands of transactions per second, identifying anomalies and preventing losses. AI is also enabling faster loan approvals by automating credit assessments.
Energy: AI is being used to predict equipment failures in power plants, reducing outages and improving efficiency. In renewable energy, AI helps optimize wind turbine placement and solar energy forecasting.
Whether it’s automating repetitive tasks or providing insights that humans might miss, AI is making a difference in measurable ways.
People Have Mixed Feelings About AI
Many workers believe AI will change their industries significantly, with 75% expecting big shifts. While some worry about job loss, others see AI as a tool that can:
Eliminate tedious, repetitive tasks, allowing employees to focus on creative and strategic work.
Create new roles in areas like AI oversight, ethical governance, and system training.
The key is for businesses to address these concerns by investing in re-skilling programs and ensuring AI is implemented ethically.
What’s Next for AI?
AI is improving quickly, and new tools are being developed all the time. Businesses can expect:
Smarter Analytics: AI systems capable of processing complex datasets will make decision-making faster and more accurate.
Improved Interoperability: AI tools will increasingly integrate seamlessly with existing systems, making adoption easier.
Custom Solutions: Industry-specific AI applications will become more accessible, catering to unique business needs.
AI is becoming a regular part of how businesses work, not just an add-on.
Conclusion: Why AI Matters Now
AI is changing how businesses operate. Whether you run a small company or work at a larger organisation, there are ways AI can help. Start by identifying specific challenges—such as inefficiencies or unmet customer needs—and exploring AI solutions designed to address them.
With the right approach, AI can be a powerful tool to drive growth and innovation. The changes it brings are here to stay. How will your business adapt?
