New search for Goldman Sachs shows low-key use of artificial intelligence (AI) in corporate America.
Only 6.1% of companies use AI to produce their products or services, according to a study by the banking giant cited in Seeking Alpha. report Sunday (December 15). That’s up from 5.9% in the third quarter.
Finance and insurance companies showed the highest AI adoption rate, while the information, manufacturing and manufacturing industries And education companies have reported a decrease in AI adoption.
“We continue to see significant impacts on labor productivity in the limited areas where generative AI has been deployed,” the Goldman report said. “Academic studies imply a 23% increase in productivity, while business anecdotes imply slightly larger gains, around 30%. »
Goldman also expects continued growth in investments in AI, particularly in semiconductor industrywhere analysts expect revenue to increase 37% by the end of next year.
Companies with more than 250 employees have seen a 10% adoption rate and will likely see an uptick. of adoption over the next six months.
Research by PYMNTS Intelligence found that despite increased use of generative AI (GenAI), many financial executives report limited returns on their investmentswith only 13% of CFOs saying they are seeing a “very positive” return on investment, compared to 27% in March.
“Additionally, 65% of CFOs cite limited ROI as a drawback in implementing AI in their organization,” PYMNTS wrote last month.
“This decline in ROI sentiment suggests that even if CFOs recognize the potential of technologythey are still grappling with the full impact of this crisis on their financial results. Companies with a more positive ROI invest more in GenAI. Mid-market companies with strong ROI increase their AI budgets by 19%, compared to just 6.2% for those with negligible ROI. »
Meanwhile, the Goldman report reveals that small and medium-sized businesses (SMEs) have doubled their AI adoption rate.However many of these companies are concerned about cybersecurity and finding beneficial uses for the technology.
PYMNTS explored integrating AI into SMB financial management in a recent conversation with payments experts including Sarah Actoncustomer director at BILL. His message to SMEs hesitant about digital transformation was simple: “Automate, automate, automate”.
Acton emphasized that the long-term benefitssuch as saving time and reducing risks, far outweigh the investment. As SMEs face an increasingly complex landscape, automation, AI And Trusted partnerships are crucial, this report says.
