Organisations are achieving a return on their artificial intelligence investments within 14 months, according to a new study from IDC that was commissioned by Microsoft.
The IDC Business Value of AI Survey shares the perspective of over 2,000 business leaders and decision makers on how their organisations are making the most of AI investments.
According to the survey, 71 per cent of respondents stated that their companies are already using AI, with 92 per cent of deployments taking 12 months or less to complete.
Organisations are seeing a positive return on AI too, with the survey reporting that for every $1 a company invests in the technology, it is realising an average return of $3.5.
“This wave of innovation has accelerated the pace of AI adoption in ways that are changing and augmenting how we work and live, and Microsoft customers are increasingly embracing AI opportunities for business transformation,” said Alysa Taylor, corporate vice president of Azure and industry at Microsoft in an online blog post titled 'New study validates the business value and opportunity of AI'.
The survey also highlighted some of the issues organisations are facing with AI adoption, and 52 per cent of respondents reported that a lack of skilled workers is their biggest barrier to implement and scale AI. To address this, Microsoft is continuing to provide training resources, with over six million people engaged in learning activities in the last 12 months.