AI for Business may already be the Elephant in the Room

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“Is AI going to be like Football: the global game that is played everywhere?”

I always like to ask the opposite question when it comes to big issues affecting business. So instead of asking how pervasive AI is becoming I wanted to know if there was any hiding places. And I thought that getting the answers to 3 key prompts would give me the right insights. So here are the three:

Is there any place to hide safely?

  1. There’s not enough business interest in AI adoption to make it a threat;
  2. The business functionality that AI provides doesn’t affect me;
  3. AI doesn’t affect my business sector.

What do the Surveys tell us about the level and use of AI?

  • AI is predicted to automate tasks in two-thirds of jobs, although it is more likely to work alongside us, not replace us entirely. (1)
  • The global AI market was worth nearly $208 billion in 2023, and it’s expected to explode to almost $2 trillion by 2030. (2)
  • With AI’s potential, the world’s economy could see a significant increase of up to $25.6 trillion. (3)

How general or pervasive is the AI grasp in business?

  • Ninety seven percent of business owners see potential in ChatGPT, with website content (33%) and multilingual content (44%) being top use cases. (4)
  • Over half (54%) of companies had jumped on the generative AI train by November 2023, just one year after ChatGPT’s debut. (5)
  • Within the U.S., AI adoption is widespread, with 73% of companies incorporating it into their business practices. (6)

Is AI limited to a few specialist Industry Sectors?

  • One in five industries is leveraging AI to improve both service delivery and financial management. (7)
  • As of December 2022, major industries like professional services, retail, finance, healthcare, pharmaceuticals, and IT/telecom were embracing AI. Adoption rates reached as high as 38%, particularly in business functions like risk management. (8)

So, looking beneath the surface, I can’t see how any type of company is going to find a safe haven: 

Start Ups
Because the productivity gains and speed to market are too big to ignore (and VC’s will expect it);

Because it can be customised to meet your specific needs and you can introduce your own data into the mix for transformation;

Big Company’s
Because they  simply can’t afford to stand still when their competitors are already moving.

Links and References
1. Goldman Sachs – Generative AI could raise global GDP by 7%
2. Statista – Artificial intelligence (AI) market size worldwide in 2021 with a forecast until 2030
3. McKinsey – The economic potential of generative AI: The next productive frontier
4. Forbes – How Businesses Are Using Artificial Intelligence In 2024
5. & 6. PWC – 2024 AI Business Predictions
7. Statista – Artificial intelligence (AI) adoption worldwide 2022, by industry and function
8. Visual Capitalist – A Visual Guide to AI Adoption, by Industry