New Delhi: As customers integrate Artificial Intelligence (AI) into their own processes, job roles are expected to shift, with engineering, sales and marketing functions among those most likely to benefit from AI over the next 18 months, a new report said on Tuesday.
According to a new report by Bain & Company, 75 per cent of over 570 executives surveyed said AI has already met or exceeded their expectations.
“Software leaders expect the technology to generate significant opportunities to increase top line growth and customer retention.
“Our research shows that, in this fast-moving environment, companies that adopt a wait-and-watch approach in terms of AI are at risk of being left behind,” said David Crawford, global head, Bain’s Technology practice.
About 89 per cent of software companies are already using AI to differentiate their products, which is 15 percentage points higher than other sectors.
The report found that early adopters of AI are already seeing results and productivity gains as companies explore new ways to use AI for their businesses.
Moreover, the report said, companies will need more engineering talent for AI and ML, particularly with experience building or integrating LLMs, as they introduce AI in their processes.
Generative AI will change the way companies market and sell their products and services as it enables significant automation across every step of the customer life cycle.
In particular, according to the report — demand and lead generation, digital self-service sales, customer success, and other support activities all have the potential to benefit from the types of automation that generative AI enables.
“Top funds are not waiting to see how generative AI changes this space. They are biasing toward action to capitalize on the potential of their incumbent software assets,” Crawford said.
When it comes to investor appetite, the report showed that most investors agree that AI will have a significant effect on the technology sector.
In fact, investors’ enthusiasm for AI is high, with AI and ML investments leading venture growth in the first half of 2023.
However, most investors think that the evolution of the competitive landscape remains to be seen.