Enterprises are interested in digital transformation; particularly, in what artificial intelligence can bring to the table.
But in what area are they willing to invest the most?
As part of the research, Leverton surveyed 100 executives to identify the primary motivators for AI acquisitions.
The list looks like this:
At 49%, we have business process automation, followed by customer support and chatbots at 47%.
Data extraction took third place at 43% with contact analytics at 28%.
Last but not least, we have voice, video, and image processing at 28%.
Initial AI rollouts seem to be aimed at business process automation and customer support.
Analytics and data extraction are not to be ignored either.
However, putting it to a good use may be quite a challenge when it comes to unstructured documents.
According to Leverton analysts, AI needs to go through them several times before it can become effective.
A total of 37% of respondents revealed that they would not be investing more than $250,000 in AI in the year to come.
While only 15% of respondents would sink more than $1m into it.
When it comes to business automation however, 20% would be happy to allocate $1m towards such purposes.
Given the fact that the latter category is so closely tied to ROI, the percentages make sense.
Furthermore, the researchers wanted to know the relation between the executives’ expectations and implementation of AI.
They found that 30% say they’re surprised how much involvement it takes to implement it.
Roughly the same percentage of them found the implementation to be more complex than they expected.