Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Artificial intelligence in business - Statistics & Facts
It is clear that artificial intelligence (AI) has arrived and means business in business. AI is now a technology of strategic importance across multiple industries, with those who are able to seize the opportunity early and adapt to changing technological capabilities set to reap the benefits. More and more businesses are turning to machine learning programs to streamline operations and open up avenues for improvement within their business. The AI market is also a growing part of the world economic system, garnering a substantial number of investments, and expanding into global markets.
Opportunities for businesses
Businesses that embrace AI will be considerably rewarded for their diligence in innovation. The most desirable effect, or at least the one that directly affects many businesses, is a revenue increase as it underpins the whole of their business model. Notable parts of a business where AI can offer some of the greatest benefits include supply chain management and human resources. With the adoption of AI, improvements to supply chains can be made, such as inventory management or forecasting risks, providing a major boost to revenue. When it comes to human resources, the use of AI drastically reduces time in hiring cycles by enabling AI-driven algorithms to select those candidates whose resume most aligns with the job requirements. This adaptation of AI in businesses is an ongoing process, but most sectors expect that AI adoption will grow in the coming years.Challenges to AI in business
In 2023, the fundamental challenge to the increased use and capability of AI in enterprises is the shortage of skilled workers within the field. Across the whole spectrum of AI-related jobs, it is those working with data that are the most sought-after and the most difficult to find. Nearly 40 percent of businesses reported issues finding and hiring enough skilled workers as data engineers, data scientists, and data architects. This difficulty in hiring educated and capable workers is expected to remain, with 80 percent of enterprises reporting that demand for AI and machine learning skills will increase as the use of AI proliferates further.Early adopters will be rewarded
Those who strike out ahead of the group and take the lead with AI are likely to reap the greatest reward as their enterprises' use of AI technologies will mature faster. This will enable lead companies to adopt ongoing changes in AI more rapidly, rather than struggling to adapt afterward. Those adopting AI in 2024 expect it to improve efficiency, save time and decrease costs, transforming businesses and the wider economy.
