Research estimates that generative AI (Gen AI) could add between $2.6 trillion and $4.4 trillion worth of value to the global economy annually, and the technology has seen dramatic growth in recent months.
The adoption of AI is growing rapidly in the technology industry, with data from the UK Office for National Statistics showing that 65% of technology companies are currently using AI solutions. Data analyzed by CX Network shows that the use of AI to improve operations in the technology sector is growing by 25% from the end of 2023.
The use of AI to optimize business operations across technology sectors jumped from 52% to 65% between December 2023 and March 2024, according to the survey results.
Using AI to improve business operations
The IT and communications sector also reported an 11% increase in AI adoption to improve operations since last year, but the sector's efforts to use AI to deliver and personalize products and services to customers have stalled, with the number of companies adopting AI optimization remaining steady at 27% in Q4 2023 and Q1 2024.
“Market conditions, tightening budgets, and more technology choices than ever before are combining to put enormous pressure on businesses to achieve the best possible ROI from their technology investments,” said Sam Richardson, customer engagement consultant at Twilio.
“In 2024, we will see a deeper and more mature understanding of powerful technologies such as AI and the role it plays in their operations. For example, our research shows that currently only 34% of UK organizations have customer engagement at the heart of their AI strategy. In fact, almost all respondents to the survey cited improved operational efficiency (57%) and organizational growth (56%) as the main driver behind their AI adoption and investment.
“Used correctly, AI can help enable data-driven personalization. However, AI technology will only deliver ROI in terms of personalization if organizations first organize their data. Brands not only need to collect customer data and store it in a unified, accessible and understandable way, but also filter and sort this data so that brands can leverage quality insights.”
Gen AI drives exciting experiences in driving CX
Using generative AI to create better, more personalized customer experiences helps companies increase customer satisfaction, loyalty, and revenue. According to Andrew Carothers, senior CX leader at Cisco, as customer demand for more personalized immediacy continues to grow, it is nearly impossible for companies to engage with customers in the right place, at the right time, and on the right channel without the power of automation and AI.
“Gen AI is taking the world by storm right now, and it's exciting to see its potential application in CX (customer experience),” he says. “If used correctly, it has incredible potential to help CX professionals and their organizations deliver more personalized, memorable experiences to their customers.”
