Generative AI, the powerful technology that can create human-like text, images, and more, is already delivering impressive results for businesses that have adopted it. According to a new survey from Google Cloud and the National Research Group, 74% of organizations are currently seeing a return on their investments in generative AI.
Key points
The survey, which polled 2,508 senior leaders at global enterprises, found that among those companies that have generative AI in production, a remarkable 86% have seen their annual revenue increase by 6% or more. That's a significant boost to the bottom line, and it's happening in a relatively short timeframe – the survey found that 84% of organizations are able to transform a generative AI use case idea into a production-ready solution within just six months.
“Generative AI is not just a technological innovation; it's a strategic differentiator,” said Oliver Parker, vice president of Google Cloud's global generative AI go-to-market efforts.
The benefits of generative AI go beyond just revenue growth. The survey found that 45% of executives who have implemented the technology reported that employee productivity has at least doubled as a result. Generative AI is also helping to boost security, with 56% of executives saying it has improved their organization's security posture.
When it comes to driving business growth, 77% of executives said generative AI has helped them improve leads and customer acquisition. And on the customer experience front, 85% reported an increase in user engagement, while 80% saw improved user satisfaction.
These impressive results are driving a reinvestment cycle in generative AI, with nearly half of respondents (49%) planning to reinvest their gains to further improve operating profit margins. The top three areas for investment are aligning business and technology to support user adoption (47%), upskilling the workforce and attracting new AI talent (46%), and investing in data quality and knowledge management (43%).
“The most successful organizations aren't just implementing gen AI. They're fostering a culture of innovation through experimentation,” Parker added. “By reinvesting early gains in technology, talent, and data, these companies are building a sustainable AI ecosystem, creating a flywheel of innovation that will continue to drive growth and competitive advantage in the years to come.”