Chief information officers and tech insiders interviewed by the WSJ Leadership Institute said enterprise leaders remain enthusiastic about AI, companies are likely to pay more attention to how quickly their investments in AI generate business value and companies are less likely to pursue open-ended experiments.
Experts interviewed for the report also said the stock market sell-off is unlikely to change what enterprises are going to buy, and the stock market decline may give enterprises a stronger position in negotiation.
The PYMNTS Intelligence report “The Enterprise AI Payback Curve: Adoption Accelerates as Returns Take Shape,” published in August, found that firms in the financial services, healthcare and media sectors rate AI a success and have pushed payback expectations out five to six years.
“Nearly all companies across the three industry groupings say AI is performing quite well in the functions where it’s deployed and rate their return on investment over the past 12 months as positive,” the report said. “Almost all firms say they’re now getting at least some financial return on their uses of new AI, but almost none say the investment has fully paid off. Just 5% to 10% say they’re currently getting a full return. At least half of firms in every industry group date full payback at five to six years.”
Another PYMNTS Intelligence report, “New Data Shows How Tech Sectors Are Turning AI Into Strategy,” published in June, found that firms in the cybersecurity, software-as-a-service and payments sectors are at the forefront of AI adoption, although they each deal with different obstacles such as change management, oversight and security.
“Taken together, the findings show that enterprise AI is about fit,” the report said. “Firms that scale the fastest match AI to the parts of the business where it can do the most useful work.”
PYMNTS reported Wednesday (Oct. 28) that Microsoft is seeing enterprises move beyond AI experiments toward systems that handle business processes.
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