More than half of the companies investing in artificial intelligence (AI) projects have been unable to extract any tangible benefit, according to recently published research.
Despite the challenge of proving a return on investment (RoI), the interest in AI appears to be rising.
A report from SaaS management platform Cledara found that there has been a 245% increase in the use of AI tools over the last 12 months. Unsurprisingly most of this work has involved ChatGPT, which has 33 times more use than its nearest competitor, according to the survey.
But while 82% of companies are experimenting with AI, only 47% are seeing tangible value. A quarter (24%) are acheiving cost reductions through greater operational efficiency while 11% have experienced revenue growth while 12% have experienced both.
"While the excitement around AI is palpable, our data reveals a nuanced reality," said Brad van Leeuwen, co-founder at Cledara. "Businesses are rapidly adopting AI tools, but many are still navigating how to extract real value. This gap presents a significant opportunity for AI providers to demonstrate tangible ROI and for businesses to refine their AI strategies."
However, there does seem to be more success at attaining RoI within the financial services sector. Another study published this week found that 92% of financial services firms believe that AI is having a positive effect on their innovation.
Furthermore, the most popular use for AI is to support innovation, according to 58% of financial and accounting businesses, compared to just 35% using it for automation.
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