A survey conducted by National Research Group for Google Cloud has reported that the majority of business leaders polled have seen a return on investment (ROI) on their generative artificial intelligence (GenAI) technology deployments.
The ROI of GenAI survey polled more than 2,500 upper-level, senior executive and C-suite business leaders globally with more than $10m revenue. It found that those deploying AI technology have seen business growth, with 63% of the people polled reporting GenAI had directly driven business growth. Over three-quarters (77%) of those who reported business growth said they have improved leads and customer acquisition as a result of using GenAI.
The survey found that 80% of organisations said they can move a pilot GenAI project into production in less than six months. Among the organisations that have deployed GenAI in production, 86% reported the technology helped to increase annual revenue by 6% or more.
Carrie Tharp, vice president global solutions and industries at Google Cloud, said: “Executive-level support and alignment are crucial. By connecting financial business drivers with technology drivers, organisations can ensure that AI strategies are not just innovative, but also tightly intertwined with core business goals.”
In almost half (45%) of the organisations surveyed, 70% saw improved IT processes and staff productivity as a result of GenAI. Among the organisations who reported an improvement in user experience, 85% said they had also seen an improvement in user engagement.
In the report published with the survey results, Christoph Rabenseifner, managing director of technology, innovation and data at Deutsche Bank, said: “It’s no surprise organisations are seeing these revenue gains. In the long term, I expect even greater returns as the industry explores use cases that really change business models.”
Two-thirds (67%) of the organisations polled said they are committed to spending 50% or more of their future AI budget on GenAI.
The survey also found that 56% of organisations believe GenAI has helped them to improve security. In the report, Luis Uguina, chief data officer at Macquarie Bank, said: “Fraud and anomaly detection require you to crunch a massive amount of data in real time to establish relationships between data points that may not be obviously connected. We know that bad actors are also learning to use GenAI, so we continue to find ways to apply it to safeguard us and our customers.”
Analysis from Public Fist for Google recently reported that almost two-thirds of jobs across the UK (61%) have the potential to be significantly enhanced by AI.
Commenting on the survey, Helen Kelisky, UK&I managing director at Google Cloud, said: “The UK is clearly embracing the transformative power of GenAI, with many businesses already seeing a significant return on their investments.
“However, it’s equally clear that successfully scaling GenAI across the enterprise is a complex journey. British businesses need a clear strategy, strong leadership and the right technological foundations to navigate this path effectively.”