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2023 Holistic Data & AI in Business Analysis

2023 Holistic Data & AI in Business Analysis

Posted on
November 4, 2022
, By
Aleksandra Dzinovic

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Artificial Intelligence (AI) has always been wrapped in a veil of mystery, looked upon in pure awe or fear. Regardless of how much we all want flying cars, we also vividly remember the plot of the Terminator movies. However, whether we think the future of AI will be bright or bleak, it’s already here, and it’s promising to be a 5-star rated one.

AI technology is already playing such a big part in our day-to-day life. So much so that, during the worst case of pandemic a world has seen in the last century, AI technology was what kept many businesses afloat, changing their services, products, and strategies forever. It also gave those companies a considerable boost in revenue and led to cost reductions, making AI technology and implementation one of the leading business strategies in 2023.

There are thousands of surveys, case studies, and reports on the future of AI in the business world. From global to local reports, predictions, and industry-specific details, AI technology has been the ”talk of the town”. After all, the data and numbers never lie, and AI has proven to give magical business growth percentages every business owner would want.

Holistic Approach to AI in business

Most Important AI Business Statistics
  • By 2027 the global AI market value is expected to reach more than $260 billion.
  • AI could contribute more than $15 trillion by 2030 to the worldwide economy.
  • As much as 37% of all businesses and companies have integrated AI into their processes.
  • 9/10 of leading global firms investing in AI technologies.
  • While AI will eliminate 85 million jobs by 2025, it will also create 97 million new ones.
  • Today we have more than 3 billion voice assistants in use, but next year we’ll have 8 billion.
  • By 2025, the AI industry will be earning around $126 billion annually.
  • more than 67% of US citizens believe self-driving cars are safer.
  • 25 countries worldwide are currently designing self-driving vehicles.
  • The autonomous car industry could be worth more than $600 billion in the next five years.
Artificial Intelligence Business Usage

Companies worldwide use AI technology to automate some parts of the work or help their employees achieve better results. However, looking at AI across all industries, we notice that while some have everything to gain through AI, many sectors are still dipping their toes into AI and how it can be used to its fullest capacity.

  • By 2030 AI will help boost the GDP of many local economies. China is expected to be the leading one with a gain of 26%.
  • Startups that used AI received more than $7.4 billion in funding during the second quarter in 2019.
  • According to Gartner’s 2020 report, more than 37% of businesses used AI technology in their workplace in 2019.
  • There was $57.6 billion of spending on AI and cognitive systems in 2021 globally.
  • From 2015 to 2019, the number of companies that implemented AI in business grew by 270%.
  • 38% of healthcare providers use AI technology for diagnosis assistants.
  • 52% of all telephone companies employ chatbots (AI technology).
  • The public opinion about AI technology is turning positive, and now, more than 50% of consumers are agreeable with AI.
  • More than two-thirds of consumers are agreeable with AI helping boost customer engagement.
  • 26% of all consumers interact with AI on a daily basis.
  • The Wearable AI market size is predicted to grow to $180 billion by 2025.
  • One-third of commerce consumers prefer to interact with AI.
  • More than 52% of consumers are doubtful about AI protecting their private information.
  • 4/10 consumers trust that companies using AI are more careful about customer data.
  • Netflix’s AI recommendation engine is worth $1 billion a year.
Wearable AI market
How Do Businesses Adopt Artificial Intelligence?

According to Forbes, 4 out of 5 companies are putting AI as top priority business strategy for their organizations. A staggering 83% of companies claim AI strategies they implemented are the reason behind their growth and success.. One of the most common ways companies use AI is through chatbots and automated emails, simplifying everyday business communication and saving time, and those are just some of the many benefits of AI implementation.

33% of organizations have started implementing AI technology in some capacity, while 25% have fully developed AI-enabled processes. As much as 21% of all companies already have a few strategies and concepts and are looking to scale, but only 14% have had concepts with limited success. A small percentage of organizations, 7%, don’t use AI but are interested and currently looking for a way AI can help increase their revenue and overall boost their organization’s success.

Analytics Insight reports that 80% of retail executives will adopt AI at some level by 2025. The majority of the executives say that in the next three years, their company will be using AI.

How To Leverage Data, Cloud, and Analytics in Business?

According to the PwC report, most companies that work with AI reported promising proof of concepts that are ready to scale. But some companies use AI in a more advanced way and are achieving incredible results like significant ROI.

What those companies are doing right is using data and AI not to solve only one problem but adopting AI for business transformation, enhancing decision-making, and modernizing systems and processes. According to the report, the holistic approach to AI implementation in business had the best results.

The holistic approach enables fast AI success, and leaders should be looking to invest in and manage data, AI, and the cloud as a whole. A Holy Trinity of AI, if you will, but taking on this approach will deliver more value at scale because it means data from inside and outside the organization is being analyzed constantly.

The Value of AI in Business

More than 44% of organization leaders think real AI value is realized in automation, increasing productivity. Next, as much as 41% of all leaders think AI solutions improve decision-making, while 40% of all executives believe AI helped them improve customer experience. Finally, products and services innovation values of AI were also one of the significant points for 40% of CEO and leaders.

Decision-Making with AI solutions

Business leaders know just how vital decision-making is, but how does AI help exactly? To make an informed decision, you’ll need a lot of information, do some fact-checking, calculate the risks, and do a prediction analysis. AI technology can simply analyze and process a lot more data than any human being.

For example, suppose you want to optimize pricing. In that case, AI can analyze historical data on margins, supplier costs, product sales, and customer satisfaction and then estimate possible solutions and scenarios. It can show you how your competitors may change their prices, make an analysis with the predictions of future economic events and enable better decision-making. And with the combination of edge computing AI can make that analysis and give you solutions at lightning speed.

More than 74% of leaders said AI is used to make technology decisions within their organization, and 62% said it is used for operations and maintenance. In comparison, 61% of leaders claim AI is used to boost customer experience.

How Can Companies Implement AI?
AI implementation in business
Start From The Back

Don’t start with data if you’re considering adopting a new AI model for your business. Instead, go backward and think about the outcome you want, then look for the data to back up your goals. Next, you need to consider other decision-makers using this model in the same way, where the model will fit in the decision-making process, cloud integration, monitoring, scaling, improvement, and finally, a retirement plan for the model. Make sure to learn more about the latest Data & AI trends and how they can help you navigate the change to a new business model.

Leave the Data to AI

Many companies have tons of messy, unstructured data, whether it’s documents, images, or videos. Just tell your AI what kind of data you need to achieve the desired result, and it will sort through all the mess before placing only the most vital data in front of the company’s decision-makers.

Focus First, Scale Later

Having a holistic approach to AI business implementation doesn’t mean you have to do everything simultaneously. Instead, start from the essential functions you want to simplify or automate within your organization, then scale up to other and more complex tasks.

AI Simulations in 2023

If there’s one thing all survey respondents (as much as 96%) agree on is their plan to use AI simulations in 2023. A compelling feature, AI simulation can provide detailed, real-time insight into a company’s real-time performance.

Just imagine creating a simulation of all suppliers, customers, competitors, weather, economics, and whatever variable you need and be able to predict supply chain pricing flow, both dynamics and disruptions. Now, you can plan a navigation strategy by knowing what will happen.

57% of leaders from the survey plan to use AI simulations for market conditions forecast, while 54% will use AI simulations to support financial, sales, and marketing planning.

AI simulations can also help hire and train employees, with almost two-fifths of surveyed companies already doing so. In addition, AI-powered simulations give room for better virtual recruiting, finding candidates worldwide, and managing and monitoring remote workers.

AI Labor Market Solutions

Labor market challenges are present in any industry, but 98% of companies believe AI can help overcome these challenges. In addition, many companies put great hopes in AI by automating their processes or reducing their hiring needs.

However, AI has its own labor market challenge: a lack of AI talent and a high cost of the existing AI talent. However, holistic AI companies know that AI initiatives increase revenue and are not paying much attention to the lack of AI talent. They know it’s money well-spent. As a result, those companies are 1.5 times more likely to leverage third-party vendors like managed services providers with a complete AI workforce.

Find Your Data & AI Talent in Quantox!

Quantox Technology Data & AI experts can help you adopt and leverage artificial intelligence and optimize many different work processes within your organization, by completing essential data gathering and analysis that can help streamline your operations and enhance your business’s profitability. Let’s Talk