More businesses are finding artificial intelligence is helping them establish a more predictable supply chain and improve operational excellence by allowing workers to fill roles that AI can't replicate.
However, a new study also warns that AI can lead to diminishing returns when left unchecked.
Among early adopters of AI, more than 80 percent say they've gleaned a positive return on their investment in the technology, according to a recent report released by advisory services firm Deloitte. Companies in the technology, media and telecommunications industries, have experienced the most ROI at 20 percent, well above the median return among all AI adopters at 17 percent.
Some of the most common uses are in enterprise software, with 59 percent of respondents to the Deloitte poll acknowledging as such.
However, AI adoption hasn't come problem-free. Within the last two years, for example, nearly 1 in 3 business entities said they'd felt the effects of a cybersecurity-related incident that derived from AI instrumentation, the report said. Additionally, 40 percent said they worried about potential legal and regulatory complications associated with AI technology.
David Rudini, chief analytics officer at Deloitte, said businesses must first identify the goals of AI adoption first and foremost and then observe the net result. In short, do the benefits outweigh the real or perceived costs.
"In order to achieve true ROI from your AI investments, it requires defining specific business outcomes, and understanding the costs, cascading impacts, and talent implications at the onset," Rudini explained.
Once considered a future technology, AI has exploded in current-day usage, shoring up businesses' supply chains so they're seamless and uninterrupted, while making consumers' lives more convenient and hassle-free. According to a Gallup survey, 8 in 10 Americans use between one and six devices on a regular basis that feature AI functionality.