The recent study, The Business Opportunity of AI, commissioned by Microsoft and conducted by IDC, highlights the immense potential and transformative power of AI across industries. This 2024 report underscores how generative AI is driving remarkable advancements for businesses and employees alike, accelerating productivity, enhancing customer interactions, and generating substantial ROI for companies worldwide. Here are the top five AI trends from IDC’s study that every business leader should be aware of as AI continues to evolve and reshape the global market.
#1 AI for Productivity Becomes Essential
According to the IDC study, productivity enhancement is the top priority for 92% of companies currently investing in AI. Companies are increasingly using AI to automate routine tasks, streamline workflows, and optimize employee output, resulting in greater productivity. For instance, global agency dentsu reports that employees now save 15-30 minutes per day on tasks like summarizing chats and generating executive summaries with Microsoft’s Copilot. This example demonstrates how AI can amplify efficiency, making it a vital asset for businesses focused on operational improvement.
For more on AI in productivity, explore our Technology Trends section at Times of Tech.
#2 The Rise of Custom AI Solutions
As AI fluency grows, companies are moving beyond off-the-shelf solutions to build custom AI models tailored to their industry-specific needs. IDC’s study finds a surge in demand for custom copilots and AI agents that address unique business challenges. Companies such as Siemens are already pioneering this trend. Their Industrial Copilot has simplified operations for customers facing complexities and labor shortages, making Siemens a leader in industrial-grade AI solutions. This trend reflects a maturity in AI adoption as businesses realize the strategic advantage of bespoke AI.
This trend aligns with recent insights published by Microsoft in a blog discussing IDC’s findings and the benefits of industry-specific AI adaptations. For an in-depth look, check the full article here.
#3 Generative AI Gains Momentum
Generative AI is expanding rapidly, with 75% of companies currently using it, a sharp increase from 55% last year. Industries like financial services, retail, and healthcare are seeing the highest ROI from generative AI. Providence, a healthcare provider, utilizes AI to streamline patient care workflows, allowing caregivers to spend less time on documentation and more on patient care. The AI advancements in sectors like healthcare highlight generative AI’s potential to transform service industries.
Read about how AI is shaping healthcare in our Health Tech section at Times of Tech.
#4 AI Leaders Outperform Competitors in ROI and Innovation
The IDC study emphasizes that companies leading in AI adoption are realizing extraordinary returns, with top firms achieving up to 10.3x ROI on AI investments. For example, Södra, a forest industry group, utilizes AI to interpret climate impact data, supporting thousands of decisions across their operations. The company has not only boosted sustainability efforts but also improved revenue. The rapid integration of AI into diverse sectors demonstrates that early adopters are reaping substantial benefits, positioning themselves as industry leaders.
For insights into how businesses are achieving high ROI with AI, visit our Business Innovation section on Times of Tech.
#5 Addressing the AI Skills Gap
Despite the enthusiasm for AI, finding skilled talent remains a significant challenge, with 30% of organizations reporting a lack of specialized AI skills. Microsoft, in collaboration with LinkedIn, has taken proactive steps by training over 14 million individuals worldwide in digital skills to bridge this gap. The University of South Florida (USF) is among educational institutions actively promoting AI learning by partnering with Microsoft to give students the opportunity to lead in the AI-driven workforce.
For more on AI education, head to our AI Learning and Careers section on Times of Tech.
In sum, IDC’s 2024 AI report emphasizes that AI is no longer just an emerging technology but a core driver of business transformation. Companies that leverage AI to enhance productivity, develop tailored solutions, and prioritize generative AI are poised to gain a competitive advantage. As businesses push forward on their AI journey, the skills needed to maximize AI’s potential remain crucial, presenting both challenges and opportunities for the future workforce.
For more details, explore the full findings of IDC’s study at Microsoft’s official blog.
