Omdia: 2023 study shows substantial AI ROI

LONDON, 12 June, 2023 – In 2022-23, AI has proven to produce results. A new Omdia survey asked respondents if AI has driven topline revenue, reduced bottom line costs, improved efficiency/automation and improved customer experience/customer satisfaction.  The answers were a startling affirmation of the potential of AI to transform companies – at least 54% of respondents said they are currently measuring positive results of 1% or more and at least 14% seeing 11% or more, depending on the category. 

“The implications of AI’s proven ROI in 2023 will be far-reaching, impacting everything from corporate investment and venture capital to corporate financial results, labor markets, strategic planning and innovation,” said Natalia Modjeska, Research Director, Omdia. 

Omdia fielded a survey of 369 enterprises in February 2023 as interest in Generative AI exploded. AI ROI for 2023 were likely measured before Generative AI projects had any impact.

AI’s growing ROI has significant implications:

• Market adoption of enterprise-grade AI will accelerate.
  
  
  
  • New entrants Proven AI ROI will push companies that have not started AI initiatives to begin, particularly in functions and industries with more established use cases. Lagging industries and the more developmental AI use cases will begin to operationalize.
  • Companies with maturing AI will expand AI use Into other use cases and business functions.
• AI spending will increase. With ROI in hand, senior management will be confident in the expansion of AI initiatives and spark increased spending.
• Better corporate results. If companies continue to achieve topline revenue growth and bottom-line cost savings through AI, it will have a positive impact on company financial results.
• Expanded innovation. AI ROI will likely accelerate AI output innovation, more so in companies which have been working with AI for more than 1-2 years.  Generative AI initiatives in particular will be given more chances to prove out.

Other key insights, particularly specific ROI data points for the four key AI KPIs are examined in Omdia’s AI ROI: 2023 and AI ROI 2023: Data. The reports provide analysis and the opportunity to dive into the survey questions to look at different slices of data – by vertical, region or company revenue.