Despite the slow adoption rate, AI is gaining popularity in the US, with workers increasingly using ChatGPT to streamline routine tasks. The study also found that most company executives expect generative AI to be used for more than twice as many commercial activities or general purposes by 2024. However, the costs associated with replacing human workers with AI are a major concern for businesses, as suggested by a study from IBM's Institute for Business Value, MIT Sloan, CSAIL, and The Productivity Institute.
Key takeaways:
- Despite the rapid development of AI, businesses are slow to adopt it due to data privacy, regulations, and IT infrastructure issues, with only 9% of business leaders worldwide adopting AI significantly, according to a study by MIT and Telstra.
- AI is expected to be used for more than twice as many commercial activities or general purposes by 2024, with 85% of participants planning to use it for low-value jobs, 77% for customer support, and 74% for strategic analysis.
- Despite fears of job automation, some companies like Klarna and SAP are integrating AI into their businesses, with Klarna using an AI chatbot that can perform the same tasks as 700 customer service agents, and SAP investing $2 billion in AI while reducing employment.
- While AI holds promise, its high costs and potential risks are currently outweighing its benefits, with many businesses focusing on managing their corporate data, evaluating cybersecurity and other risks, and putting safety measures in place for its safe usage.