The State of AI 2024

The future for AI is incredibly exciting. Here’s how we make it a reality.

By Kayla Spiess

Set to pump over $10 trillion into the global economy by the end of the decade, AI has officially emerged as arguably the driving force in the future of business as we know it.?

AI isn't just disrupting industries; it's rewriting their playbooks. From retailers using AI to optimize pricing and offer better value, to logistics companies reducing emissions through AI-powered route optimization, to biotech firms accelerating drug discovery with AI, the evidence is clear: AI is reshaping the business landscape. Marketers are also leveraging AI to better understand and target their customers, personalize their messaging, and create more effective campaigns. And with continued investment in AI research and development, the most exciting developments are still to come."

Yet despite all of this promise, numerous challenges still need to be navigated by the business community to successfully adopt AI and unlock its potential to the fullest.

AI success hinges on a variety of factors – from talent to executive buy-in to having a well-thought-out implementation strategy. Each of these areas needs to work in concert to make sure that every dollar and minute dedicated to bringing AI initiatives to life, is spent wisely and delivers the maximum impact. Unfortunately, for many businesses today, this simply isn’t the case- yet.

Businesses routinely face a myriad of external and internal hurdles as they look to ramp up AI adoption. Data management challenges, legacy technology limitations and misalignment on priority initiative outcomes are just a handful of the intricacies that business decision-makers need to overcome. Addressing these issues will help build tools that deliver ideal impact on Day 1 and enable organizations to adapt, expand and remain innovative for years to come. If not, businesses will continue to be stuck in the cycle of throwing money into AI initiatives with little ROI to show for it.

The good news is that it doesn’t have to be this way.

To turn this status quo on its head, and to help organizations realize their AI potential and confront their challenges head-on, we have launched the 2024 State of AI Report.

Polling over 300 C-Suite and senior AI decision-makers at organizations with over $500 million in revenue across the US and UK, the Searce 2024 State of AI Report brings to light some of the largest pain points and hot button issues that AI insiders at some of the world’s largest organizations face on a daily basis as they look to meet their organization’s AI goals including:

• AI Initiative Success Rates.
• Gen AI Growth and Popular Use Cases.
• Anticipated AI Spending Growth.
• The “Build vs. Buy” Approach.
• Key Reasons for Adopting AI, and more.

To learn more about these pressing issues and how businesses can catalyze a new era of AI adoption success, check out the 2024 State of AI Report today.