A new study shows that generative AI is causing rapid change in businesses. Initiatives to automate work processes were already underway, but the rise of gen AI is significantly increasing the pace at which this is happening. More than half of the companies surveyed are already deploying generative AI, and three-quarters of them expect to see positive results back from their automation efforts.
However, opinions about generative AI are divided. 44 percent of those surveyed think the technology will be transformative, while 18 percent think it has been overhyped. By contrast, 11 percent think there is too little value placed on gene AI.
200 companies participated in the survey, most of which have annual revenues of $5 billion or more. In addition, Bain and UiPath conducted qualitative interviews with company executives.
Important, but challenging
The majority of companies surveyed are already investing in AI-powered automation. 70 percent think AI-powered automation is either very important or crucial, while 74 percent think the investments made will be profitable. Ted Shelton, expert partner at Bain & Company, thinks this technology could inject a “shot of adrenaline” into companies’ roadmaps. “Businesses must go beyond deploying this technology and fundamentally rethink and redesign business models to integrate AI and automation seamlessly. The truly future-proofed organizations will be agile, with a fluid culture and design, constantly evolving, and reconfiguring in tandem with technological advancements in AI.”
In the future, companies foresee a world where AI enables new products or services (58 percent), creates new ways to make money from data (52 percent), allows for more personalization in their services (47 percent) and opens up new markets (26 percent).
In terms of the current use of automation, the results diverge: AI and ML are already very popular (80 percent), while RPA (64 percent) and predictive analytics (69 percent) still have some more room for growth. Companies are especially motivated to deploy these technologies to improve efficiency and productivity (85 percent). The majority of these (69 percent) have actually observed this improvement, as well as increased accuracy and reduced errors (56 percent) and improved competitiveness (45 percent).
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