ABBYY Intelligent Automation Report: AI Investment Budget Soars Over 80%
-
ABBYY's newly released State of Intelligent Automation report uncovers the latest trends in artificial intelligence (AI). Despite current economic conditions posing challenges to corporate expenditures, AI investments have skyrocketed by over 80%. The report surveyed IT leaders from the US, UK, Germany, and France, whose insights provide crucial information about AI priorities and economic impacts.
The report highlights AI's positive effects, including enhanced job value, innovation, employee happiness, and boosted creativity. Findings show that 60% of respondents believe AI helps create high-value jobs, 62% report increased happiness, and 59% note that AI drives employee innovation. This indicates that advancements in intelligent automation are freeing workers from mundane tasks, allowing them more time to focus on customer needs and revenue-generating initiatives.
Image credit: AI-generated image, licensed via MidjourneyAdditionally, the report underscores AI's positive impact on employee retention and productivity. Amid widespread concerns about AI-induced job losses, 49% of participants reported witnessing improved retention rates after intelligent automation integration. Furthermore, 52% believe AI enhances employee efficiency, while 48% observed productivity gains. Globally, about one-third of employees stated that AI innovations have improved their work-life balance, particularly in the US (47%) and UK (42%).
Gabrielle Lukianchuk, Chief Marketing Officer at ABBYY, stated: "IT executives are deriving tremendous value from their AI investments." More than half of the surveyed leaders believe AI has brought significant benefits, especially in improving product quality and accelerating delivery times. Over one-third have also experienced enhanced customer service levels. Consequently, it is reasonable for AI initiatives in intelligent automation to yield double the return on investment.
The report also emphasizes future AI investments and strategies. In 2023, AI investments remain compelling, with nearly half of business leaders achieving double the returns, up from 43% the previous year. Notably, an impressive 82% of respondents acknowledged increasing AI budgets, with 48% inclined to invest further. These figures are even more striking considering cost-cutting measures in other corporate sectors.
Additionally, medium and large enterprises are leading in AI investments, driving intelligent automation, with emerging entities seeing investment growth as high as 35%. This trend underscores the growing recognition of AI as a necessary competitive advantage. With the emergence of large language models and generative AI, the AI wave has intensified further. Remarkably, 89% of IT executives have embedded robust AI strategies in their plans. As a result, revenue-impacting functions like marketing, product development, sales, and logistics are becoming key focus areas in condensed three-to-five-year AI roadmaps.