Read more: See here MOUNTAIN VIEW, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- A new MIT SMR Connections report sponsored by ThoughtSpot , the AI-Powered Analytics company, explores how early adopters of generative AI for analytics are gaining a significant competitive edge, with many already experiencing positive results, and a majority seeing significant returns from their investments.
The report drew responses from 1,000 business and data leaders in multiple industry sectors across North America, Europe, and Asia-Pacific. Of the 1,000 global respondents, 67% are already leveraging generative AI for an analytics use case, with 26% planning to, and 7% evaluating its use.
Early Adopters Set New Competitive Benchmarks
According to the report, the early adopters find that the technology's ability to accelerate data-driven decision-making is a key benefit of implementation (44%), alongside its ability to improve products and services (44%), closely followed by how the technology can improve the quality of business insights (42%).
As the early adopters advance the number and scale of their deployments, they expect the competitive gap to widen between themselves and those only in planning mode. Over a third of early adopters (35%) project major revenue boosts, including almost half (48%) expecting a 100% return on investment (ROI) within three years, and over one in ten (12%) expecting their ROI to exceed 300% within the same period. The findings underscore the business imperative for generative AI in analytics, and the technology's potential to deliver unprecedented business value.
The Path to Generative AI Success in Analytics
The success of generative AI implementation hinges on key factors: evolving skill sets, fostering strong collaboration between business and data teams, and selecting the right tools to support business strategy.
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