COTD: AI to reshape business strategies, boost ROI and productivity

Business executives expect a rise in AI investment and ROI.

GenAI is reshaping organizational strategies, with 71% of leaders using data in decision-making, 52% leveraging it for competitive positioning, and 47% finding new revenue opportunities, KPMG reported.

Executives also expect AI investment and ROI to rise in the short term, with 83% planning to increase GenAI investments over the next three years and 78% confident in the ROI of these investments.

AI is being integrated into various sectors, including industrial markets for inventory management (64%), and healthcare and life sciences for healthcare document assessment (57%). 

Other use cases include workflow automation in technology, media, and telecommunications (43%), customer service and chatbots in financial services (30%), and customer service chatbots in consumer and retail (19%).

In addition, AI is being used in IT/Tech for IT query support (45%), in product development for design and prototyping (42%), in marketing and sales for identifying market trends (41%), and in operations for demand forecasting (39%).

In the next three years, leaders plan to integrate AI more deeply into business processes, with 61% planning to expand the scope of current GenAI initiatives and 55% planning to introduce GenAI into new business functions.

KPMG revealed that these initiatives aim to boost revenue growth and productivity. To achieve this, 50% of businesses plan to lease or buy AI services from vendors, 29% plan to build, partner, and buy, and 12% plan to build in-house.