Artificial intelligence (AI) has grown from a niche technology to a powerful tool for creating smooth customer experiences and improving business operations.
The report titled “Adopt or Fail: Why Business Needs AI,” by global marketing communications agency Wunderman Thompson, looks at the two sides of AI implementation: business and consumers, covering survey results from the United States, the United Kingdom, and China.
About half of all businesses that have adopted AI use it for sales and marketing, such as churn analysis, personalization, recommendations, and content management. Other areas of use include customer service, logistics and warehousing, employee experience, and business planning.
Despite the adoption rate being high (77%), as much as 90% of businesses, using AI, believe their implementation of the technology could be more effective, the report showed.
The business benefits from AI solutions are hard for competitors to replicate. Yet, for AI to be beneficial, it needs to be implemented properly.
“The right reason to invest is to target solutions at specific capabilities with specific benefits in mind. The wrong reason is to generally apply AI because of perceived benefits at a generic level,” said Herb van der Raad, director of strategy and consulting at Wunderman Thompson.
Confidence in AI varies across countries. US business leaders are most bullish, with 66% saying they are very confident, in comparison to 49% in China and 48% in the UK.
Tangible improvements to a business after implementing AI can include swifter decision-making capabilities, cost reduction, improved utilization of customer data, increased revenue, and quicker time to market.
As AI becomes more widely understood, Wunderman Thompson predicts a growth in the adoption of more sophisticated, multi-functional AI solutions.
As many as 51% of consumers think that AI can improve their quality of life. This perception differs across the three countries surveyed, with Chinese consumers having the most belief (70%), followed by those in the US (41%) and the UK (29%).
At least 44% of consumers are excited about the prospect of AI. At the same time, many are worried about their data safety. The biggest concern is that their data won’t be protected and will ultimately be sold to third parties (50%), followed by companies not being transparent about how data is gathered or used (41%).
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