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As part of Solutions Review’s Contributed Content Series<\/a>\u2014a collection of contributed articles written by our\u00a0enterprise tech thought leader community<\/a><\/span>\u2014Chloe Stephenson<\/span><\/span>, the Senior Product Strategy Manager at <\/span><\/span>Certinia<\/span><\/span><\/a>, explains why a pragmatic AI strategy might be the key to maintaining business resiliency amidst economic uncertainties.<\/strong><\/em><\/p>\n Even during the most challenging economic times, technology investments can be crucial for businesses that want to stay ahead of the curve and emerge from the downturn stronger than ever. Companies are more likely to experience <\/span>dramatic gains or losses<\/span><\/a> during economic downturns than in normal years because of strategic investments or inaction. <\/span>I<\/span>nvesting in AI and automation technology <\/span>could prove fruitful through<\/span> efficiency-related gains<\/span>, especially if done pragmatically<\/span> targeting your business’s most impactful use cases.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n Integrating AI into core operations\u2014like service delivery and resource planning\u2014can significantly transform organizations’ operations<\/span>.<\/span> These efficiency and productivity improvements can <\/span>result in significant cost savings. AI<\/span>\u00a0can also help companies better understand customers’ needs and preferences<\/span> to i<\/span>mprove<\/span> sales and customer satisfaction KPIs<\/span>. AI has g<\/span>rowing <\/span>adoption rates, but there is still room for increased adoption and usage in the enterprise. According to <\/span>McKinsey’s State of AI report<\/span><\/a>, <\/span>7 percent<\/span> of business and professional services respondents use AI regularly for work, while 41 percent have tried it at least once.<\/span>\u00a0<\/span><\/p>\n Despite this business potential, AI can also be risky, especially during economic uncertainty. The cost of developing and implementing AI solutions can be high, and there is no guarantee the investment will pay off. <\/span>PWC’s most recent <\/span>Pulse Survey<\/span><\/a> ranked “investing in new technologies” as the top strategic business change for the next 12 to 18 months, with 46 percent of respondents saying they’ll invest in generative AI specifically. Interestingly, the same report found that 88 percent of executives struggle to capture value from their technology investments. <\/span><\/p>\n Common challenges include a lack of understanding of AI technology, a shortage of skilled AI talent, and a lack of integration between AI systems and existing business processes. The risk of AI investment is compounded by the fact that many businesses are not well-equipped to adopt AI effectively. With a healthy dose of pragmatism and<\/span> proactive skepticism (no one wants to fall foul of AI washing),<\/span> you can mitigate that risk and focus on <\/span>emerging AI use <\/span>cases that help your <\/span>services business<\/span> gain a competitive edge in the face of economic uncertainty.<\/span>\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/solutionsreview.com\/business-process-management\/files\/2023\/10\/insightjam_logo.jpg\"){kind=logo}
<\/a>The global economy is currently facing many challenges, including <\/span>rumblings of a potential<\/span> recession. In the United States, the Federal Reserve has been raising interest rates to combat inflation, but this is also hurting economic growth. Meanwhile, Germany is on track to enter its second recession this year, and the <\/span>Institute for Fiscal Studies<\/span><\/a> predicts that Britain will see a “moderate” recession in 2024. As a result, many businesses in the United States and those with global operations are <\/span>looking to profitability rather than growth to drive earnings. They are<\/span>\u00a0looking for innovative ways to mitigate the risks of <\/span>an economic downturn<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\nCurrent State of the AI Investment Landscape<\/span><\/b>\u00a0<\/span><\/h3>\n
The Pragmatic Approach to AI<\/span><\/b>\u00a0<\/span><\/h3>\n
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