How Increased AI Adoption is Improving Business Operations
With research estimating that generative AI (Gen AI) could add the equivalent of US$2.6tn to US$4.4tn of value to the global economy annually, the technology has seen dramatic growth in recent months.
The tech industry has shown a huge uptake in AI, with data from the Office of National Statistics in the UK indicating that 65% of tech businesses now rely on AI solutions. The data, which has been analysed by CX Network, found that AI usage to improve business operations in the technology sector has increased by 25% since the end of 2023.
Findings showed that the use of AI to optimise business operations across tech has jumped from 52% to 65% from December 2023 to March 2024.
Using AI to improve business operations
The IT and Communications sector has also reported an uplift in implementing AI to improve business operations by 11% since last year. However, the sector’s efforts to provide and personalise products and services to customers using AI have stagnated, with figures flatlining at 27% of businesses incorporating AI optimisation in Q4 2023 and Q1 2024.
“Market conditions and tightened budgets, combined with more technology to choose from than ever before, are putting major pressure on businesses to deliver the best possible ROI from their tech spend,” says Sam Richardson, Customer Engagement Consultant for Twilio.
“In 2024, organisations’ understanding of powerful technologies such as AI, and the role it can play in their operations, will continue to develop and mature. For example, our research shows that currently, only 34% of organisations in the UK are putting customer engagement at the heart of their AI strategy. In fact, nearly all respondents in this research listed greater operational efficiency (57%) and organisational growth (56%) as the key drivers behind their AI adoption and investment.
“If used correctly, AI will be an enabler of data-driven personalisation. However, AI technologies will only demonstrate ROI from a personalisation perspective if organisations get their data in order first. Brands need to have the capability to not only collect customer data and store it in a way that’s unified, accessible and easy to understand but also filter and sort this data to ensure brands can leverage quality insights..”
Gen AI is driving exciting experiences when it comes to driving CX
By using generative AI to create more personalised and better customer experiences, businesses can improve customer satisfaction, loyalty, and bottom line. According to Andrew Carothers, Senior CX Leader at Cisco, as the customer demand for greater personalisation and immediacy continues to grow, it has become nearly impossible for businesses to engage them at the right place, at the right time and on the right channel without the power of automation and AI.
“Today, as Gen AI takes the world by storm, it is exciting to see the possibilities for its application in CX (customer experience),” he says. “When used correctly, it offers incredible potential for allowing CX professionals and their organisations to deliver more personalised, memorable experiences to customers.”
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