Businesses missed out on a possible $4.26 trillion in revenue by failing to Use AI in the Decision Making Process
NEW YORK & LONDON–(BUSINESS WIRE)–#DecisionAugmentation–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.
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.
David adds “Signal AI has made early strides in addressing this business need by building a decision augmentation solution. By using AI to augment decision-making at an executive level we can help business leaders make confident decisions in the knowledge they have access to the data they need, when they need it. What Signal AI provides is an advanced step for decision makers, bringing tomorrow’s tech into the hands of business leaders today. It will allow them to get ahead in decision augmentation, which is expected to be the biggest AI initiative over the next ten years, and will eventually fundamentally change the way business leaders do their job.”
Signal AI, the leading global decision augmentation company, turning the world’s data into knowledge and empowering business leaders across a range of industries to make informed and confident decisions., surveyed 1,000 c-level executives in an organization size of 500 and above.
About Signal AI
Signal AI is a leading global decision augmentation company, turning the world’s data into knowledge and empowering business leaders across a range of industries to make informed and confident decisions. 40% of the Fortune 500 including Deloitte, Bank of America and Google use the Signal AI decision augmentation solution for real-time market and media intelligence to uncover trends, risks and opportunities and support critical decision-making.
Signal AI’s brain, named AIQ, comes to understand a decision maker’s context, monitors the world’s data and extracts knowledge from over 5 million news, blog, broadcast and regulatory documents each day and can surface the relationships between companies, people, products and topics as well as other concepts. Trained over time, Signal AI helps businesses and the people who work within them make more informed and confident decisions. https://www.signal-ai.com/
Seamus Conwell, 150Bond