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AI is helping businesses grow faster than ever before

(Image credit: Image Credit: Geralt / Pixabay)

Artificial Intelligence (AI) is helping businesses grow their profits faster and separate themselves from the competition, a new report by Enterprise Strategy Group and Oracle argues.

The report, based on a poll of 700 finance and operations leaders in 13 different countries, says that emerging technology like AI, but also blockchain and IoT, when used in finance and operations, help businesses grow their annual profits 80 per cent faster.

Errors have been reduced by more than a third (37 per cent), on average, and almost three quarters (72 per cent) of businesses that use AI better understand overall business performance.

As a matter of fact, AI is such a big deal that the vast majority of execs (83 per cent) believe it will completely automate financial close processes within half a decade. At the same time, digital assistants increase productivity by more than a third (36 per cent) and speed up financial analysis by 38 per cent.

For Juergen Lindner, senior vice president, SaaS product marketing at Oracle, businesses that ignore these new technologies and choose not to adapt them – risk becoming irrelevant sooner rather than later.

John McKnight, EVP of Research and Analyst Services of Enterprise Strategy Group says that emerging technology exceeds expectations in most cases.

“Furthermore, the research shows that emerging technologies complement and amplify the benefits of one another, which underscores the importance of taking a holistic approach,” he added.

The full report can be found on this link.