Consider artificial intelligence in your growth strategy, firms urged

Companies that will incorporate artificial intelligence (AI) in their business strategy this early will not only see their profits double but will also get to experience better customer engagement, as well as see their employees become more productive.

A survey conducted by Microsoft among 1,605 business leaders in 15 Asian countries, including the Philippines, showed that organizations that had already adopted AI had seen “tangible improvements” in at least 22 percent of the key aspects of their businesses.

“They forecast further improvements of at least 1.5 times in the three-year horizon, with the biggest jump expected in higher margins, accelerated innovation and more productive employees,” said Randy Roberts, head of operations of IDC Philippines, which led the study.

That is why Roberts said it was important for companies, include those in the country, to include AI in their business process since early adopters would “clearly have an advantage” in their respective industries.

So far, only around 10 percent of the 109 business leaders surveyed in the country have included AI systems in the core part of their business strategy, while another 35 percent have started experimenting on it.