U.S. companies are likely to be missing out on upwards of $4.26 trillion in revenue a year by failing to use AI in their decision making process, according to a new report conducted by Signal AI. The report also finds that a minimum of $2.84 trillion in revenue of the Fortune 500 was linked to decision making in 2020.
The global report featuring 1,000 c-level executives finds that 95.70% of business leaders also believe AI decision augmentation will transform decision making.
The findings show that 91.6% of respondents say companies should leverage AI to augment their decision-making, and that 79.3% of companies are already using AI to make decisions.
The report also found that:
- 96.1% of business leaders believe they can improve their business decision making process.
- 80.10% leaders feel they have too much data to weigh up when making decisions.
- 62.9% of business leaders spend upwards of 40 hours a week exclusively on making decisions.
- 69.2% leaders named data as the biggest influence on your business decisions, above instinct.
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Speaking on the report, CEO of Signal AI David Benigson says: “The remit of the modern decision maker at global companies has only grown over time, with more responsibility and pressure to deliver than ever before. We’re seeing tangible data now that shows these executives don’t feel they have the tools they need to succeed, to make decisions as efficiently and effectively as possible.”
Signal AI has made early strides in addressing this, building a Decision Augmentation solution, applying its proprietary AI to surface actionable insights for more informed decision making. Decision Augmentation technology uses artificial intelligence and human training to learn and understand the needs of a decision maker. It then applies that understanding to identify, extract and surface relevant knowledge in real time from diverse and extensive sources. Gartner predicts that by 2030, Decision Augmentation will surpass all other types of AI initiatives to account for 44% of the global AI-derived business value.