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Businesses are spending millions on AI technology

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Among enterprises that have already adopted artificial intelligence (AI) solutions, more than half spent north of $20 million on the technology in the past 12 months alone, according to new reports from Deloitte.

Based on a poll of 2,737 IT and line-of-business executives, the State of AI in the Enterprise report claims enterprises spent funds acquiring both new technology and increasing their talent pool. The report divides the respondents into three distinct categories: Seasoned Adopters, Skilled and Starters.

Among Seasoned Adopters (a quarter of the entire poll base), two thirds (68 percent) spent more than $20 million last year. Many (81 percent) also said they broke even on the technology in less than two years.

In terms of their AI portfolios, most firms in this category are focused on machine learning, deep learning and natural language processing.

The majority are interested in deploying artificial intelligence for its ability to facilitate more efficient processes and data-driven decision making.

Artificial intelligence is a somewhat controversial technology, as some people fear it may result in them losing their jobs. However, others perceive it as a driver of workforce productivity, as it can eliminate time-consuming, repetitive tasks and thereby free up time for creative pursuits.

Among decision-makers, artificial intelligence is seen as a revolutionary technology as it can draw meaningful insights from their data pools, enabling them to make better-informed decisions.