Artificial Intelligence (AI) integration into business processes is set to reshape job roles, with engineering, sales, and marketing being the most prominent beneficiaries of AI advancements over the next 18 months, according to a new report by Bain & Company.
Based on a survey of over 570 executives, the report reveals that 75% believe AI has met or exceeded their expectations. Software leaders anticipate AI to create significant opportunities for bolstering top-line growth and improving customer retention.
David Crawford, Global Head of Bain's Technology practice, warns that companies adopting a wait-and-see approach towards AI risk lagging behind in this rapidly evolving landscape.
The study found that 89% of software companies are already leveraging AI to differentiate their products, surpassing other sectors by 15 percentage points. Early adopters of AI are already witnessing productivity gains, as they explore novel AI applications for their operations.
Furthermore, the report highlights the growing need for engineering talent with AI and Machine Learning (ML) experience, particularly in building or integrating Large Language Models (LLMs) into company processes.
Generative AI is predicted to revolutionize how companies market and sell their products and services, automating various stages of the customer life cycle, including demand and lead generation, digital self-service sales, customer success, and support activities.
Investors are showing keen interest in AI, with AI and ML investments taking the lead in venture growth in the first half of 2023. However, investors are cautious about the evolving competitive landscape in the AI sector.
In summary, AI integration is poised to reshape job roles, with engineering, sales, and marketing experiencing the most significant impact. Early AI adopters are already enjoying productivity gains, but companies need to invest in engineering talent to fully harness AI's potential. Generative AI is set to automate various customer-focused processes, and investors are enthusiastic about AI's growth potential, albeit with a watchful eye on the competitive landscape.
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