Show Me The Money: 86% Of GenAI Early Adopters Achieve Over 6% Revenue Growth
Fabulous news for GenAI, in this break-through survey!
Google Cloud’s global research shows a big 6+% ROI for GenAI users globally. The survey of 2500 c-suite leaders within enterprises with more than $10 mn in revenue is a game-changer!
The survey found that 61% of executives are harnessing the power of generative AI, with at least one application in production.
💥SHOW ME THE MONEY:💰 Among these early adopters, 86% of those reported an increase in revenue, estimated at more than 6%. 34% had a more than 10% gain!
So, do I believe it? Yes, I do, and I think that this will be the definitive survey on GenAI ROI for some time to come.
👉TAKEAWAYS
🔹 ROI: 74% of enterprises using gen Al report ROI within the first year, with 86% of those reporting increased revenue noting a 6% or more increase.
🔹 C-level sponsorship: 91% of organizations with robust C-level support also report an increased revenue estimate of 6% or more.
🔹 Speed of business: 84% of organizations can move a gen Al use case from idea to production in less than six months. This can enable CEOs to see revenue increases within a year.
🔹 Productivity: Almost half (45%) of executives who reported improved productivity indicated that employee productivity has at least doubled as a result of gen AI rollouts at their organizations.
🔹 Security: 56% of executives reported that gen AI has bolstered their organization’s security posture, with 82% of those exes citing improved ability to identify threats and 71% reporting a reduction in time to resolve a security issue.
🔹 Business growth: 77% of execs reporting business growth said they have improved leads and customer acquisition as a result of gen AI solutions.
🔹 User experience: 85% of executives reporting an improved user experience indicated specifically that user engagement has increased from gen AI, and nearly the same number reported improved user satisfaction (80%).
👊STRAIGHT TALK👊
“Money talks,” and if 86% of early GenAI adopters are not just recouping their GenAI investment but pulling in returns of 6%+, we should all take a second look at what they are doing. (see chart above)
This survey is impressive, and while I am a natural skeptic, I am inclined to believe the results, even though Google Cloud is heavily incentivized to hype GenAI.
I give Google Cloud credit for making the case that “GenAI is no longer a theoretical concept but a game-changer with the potential to revolutionize the business landscape.”
Despite the good news, a significant adoption gap remains: 39% of enterprises overall have yet to implement the technology in production, with 21% actively testing, 12% evaluating use cases, and 5% not starting.
Note that the survey showed the biggest lag in adoption was in regulated industries like financial services. I’m not surprised!
Beyond the real money gains from using GenAI, it is encouraging that employees like using it! The gains in user experience are key because they ensure further adoption of GenAI solutions.
This survey is definitely good news for GenAI!
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