Table of Contents
- The main insights:
- AI is becoming an important factor in business efficiency:
- Artificial intelligence outperforms humans in some tasks, but not in all:
- Investments in generative AI are skyrocketing:
- Artificial intelligence makes workers more productive and leads to higher-quality work:
- Concerns are growing:
- A more responsible AI:
- Organizations use generative AI mainly for marketing and sales:
- Increased legislation:
- Conclusion
Did you know that 59% of organizations have reported an increase in revenue thanks to the implementation of artificial intelligence?
This is just one of the interesting statistics found in the Artificial Intelligence Index Report 2024. In this new blog post, we briefly share the most relevant insights from the latest AI report published by the Stanford Institute for Human-Centered AI at Stanford University. This report, spanning over 500 pages, offers a comprehensive overview of the AI world, aiming to understand the latest developments and trends, covering topics from business to ethics and public opinion.
The main insights:
AI is becoming an important factor in business efficiency:
The new McKinsey survey present in the report reveals that 42% of organizations report having reduced costs thanks to AI implementation. Additionally, 59% of the surveyed organizations have seen an increase in revenue due to AI implementation.
Artificial intelligence outperforms humans in some tasks, but not in all:
AI has surpassed human performance in various benchmarks, including image classification, visual reasoning, and English comprehension. However, it still lags in more complex tasks, such as competition-level mathematics, higher-level visual reasoning, and planning.
Investments in generative AI are skyrocketing:
Despite a drop in private AI investments last year, funding for generative AI has surged, nearly increasing eightfold compared to 2022, reaching $25.2 billion.
Artificial intelligence makes workers more productive and leads to higher-quality work:
In 2023, several studies assessed AI’s impact on work, suggesting that AI enables workers to complete tasks more quickly and improve the quality of their work. These studies also demonstrated AI’s potential to bridge the skill gap between low- and highly-skilled workers. However, other studies warn that using AI without adequate supervision can lead to a decrease in performance.
Concerns are growing:
Over the past year, the percentage of people who believe AI will dramatically impact their lives in the next three to five years has increased from 60% to 66%. Additionally, 52% express nervousness about AI products and services, a rise of 13 percentage points from 2022. In America, Pew data indicates that 52% of Americans feel more concerned than excited about AI, up from 37% in 2022.
A more responsible AI:
The adoption of responsible practices by companies globally is on the rise. The report indicates that 65% of organizations have adopted responsible AI measures for data governance, 66% for security, 84% for data privacy, and 81% for transparency. This trend underscores the growing recognition by companies of the importance of ethical considerations in AI development and implementation.
Organizations use generative AI mainly for marketing and sales:
Among those who report using generative AI, the most common applications include text document generation, personalized marketing, text document synthesis, and image or video creation.
Increased legislation:
There is a noticeable trend of increasing legislative activity related to AI in various countries, reflecting the growing importance of establishing regulations and guidelines for AI development and deployment.
Conclusion
The future of AI is multifaceted and difficult to predict, with numerous possible scenarios evolving rapidly. As AI continues transforming industries, businesses must stay ahead of these changes and harness AI’s potential effectively.
At Neodata, we are committed to guiding businesses through this AI-driven transformation. Our expertise in data-driven solutions, advanced analytics, and AI technologies enables us to provide tailored strategies that meet your unique business needs.
Ready to transform your business with AI? Contact Neodata at info@neodatagroup.ai to discover how we can help you harness the power of AI and data analytics to achieve your business goals.
AI Evangelist and Marketing specialist for Neodata
