Google Gen AI’s ROI Global survey shows that Generation AI is more than just a new technology; it is, according to the tech giant, a “key driver of business transformation.”
By integrating it wisely into their organizations, Google says businesses can achieve significant financial returns, improve efficiency and support growth.
The report states: “For CEOs, the message is clear: next-generation AI is a critical tool for staying competitive in a rapidly changing marketplace.”
Key information
The survey found that gen AI is helping to fuel “rapid financial growth,” with 74% of companies using gen AI reporting a return on investment within the first year. Of those 74% of companies, 86% saw a 6% or greater increase in revenue.
The report continues to highlight the ability of generative AI to help businesses “keep up with the times.” 84% of organizations can move a generative AI application from idea to production in less than six months. This allows CEOs to see a potential increase in revenue within a year and can significantly shorten the innovation cycle and improve business agility.
When it comes to enterprise-wide productivity, the report states that 45% of organizations reporting improved productivity have seen employee productivity double or more as a result of gen AI, while 63% say gen AI has directly driven business growth. Additionally, 85% of those reporting improved user experience also report measurable improvements in user engagement.
Carrie Tharp, vice president of global solutions and industries at Google Cloud, commented: “Executive support and strategic alignment are critical. By connecting financial and technology drivers, organizations can ensure that AI strategies are not only innovative, but also tightly aligned with core business objectives.”
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“This strategic alignment is the key to escaping the dreaded ‘pilot purgatory’ and accelerating towards tangible business impact.”
Seven takeaways for your organization
Based on all the findings of Google’s global study, the tech giant suggests that seven priority areas have emerged.
1 – Create unified support within senior management
Establish a clear vision that articulates strategic goals, identifies use cases, and defines expected benefits and outcomes. Get buy-in from your peers and appoint a senior leader who can champion the adoption of next-generation AI.
2 – Start with quick wins
Focus on use cases that directly address business needs, align with measurable goals, and can quickly deliver results, such as customer service and employee productivity.
3 – Focus on key areas of the business
For best ROI, integrate gen AI into core operations, not just specific departments. Develop a strategy that aligns core business functions with technology implementation goals.
4 – Keep a close eye on your data
Leverage readily available enterprise data to customize and deploy next-generation AI models more efficiently. Also, invest in ongoing data infrastructure and management.
5 – Invest in transformative projects
Move beyond short-term experiments or pilot projects and prioritize business transformation.
6 – Develop your AI talents
Consider the skills your employees need to develop and deploy effective AI solutions, and invest in hiring, training, and developing those skills. Ensure you have the right capabilities and tools to enable employees to work with a wide range of AI skill levels, such as no-code, low-code, and full-code agents.
7 – Aim to strengthen enterprise security with next-generation AI
Invest in AI-powered security solutions that leverage machine learning to help identify threats, analyze vulnerabilities, and automate responses.
