SAP: One third of business leaders to invest over $500,000 in AI in 12 months

European multinational Software company SAP has conducted a new survey revealing that business leaders are looking to get increasingly serious about artificial intelligence.

According to the report, the results of which came from a survey of 2,500 C-level executives, approximately a third of business leaders are planning to invest between $500,000 and $5mn in AI over the course of the next 12 months.

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“To be successful, organisations need to have a culture fitting of automation in the same way they need a culture to fit a diverse workforce,” said Alex Guillen, Market Manager, Insight UK.

“What organisations need to realise is that technology has and is continuing to transform the way we work. The future will move fast, and this will put a premium on people and organisations who can adapt quickly.”

The research found that more than nine out of 10 business leaders are thinking this way, holding the belief that AI is critical for the survival of their organisations over the course of the next five years.

Further, 88% of those surveyed feel that they could use AI to make predictive judgements on critical business decisions in the future.

The research reveals the growing pressures across all industries to invest in new technology in order to remain competitive and stay one step ahead.