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Artificial intelligence in the company matures and focuses on profitability

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Artificial intelligence in the company matures and focuses on profitability

Physical robotics, facial recognition and natural language generation are less adopted, but McKinsey expects all three to gain traction over the next few years. Especially natural language generation after the launch of ChatGpt from OpenAI and its rivals, starting with Sparrow from Google (expected soon).

Ai is used above all to optimize processes and therefore reduce costs, mostly in the field of supply chain. AI, with intelligent analysis of market data, is also helping to increase revenues by improving the ability to develop successful products, advertise (market) and sell them, notes McKinsey. Since 2018 you have seen a gradual increase in investment in artificial intelligence.

According to McKinsey, over 50% of organizations will spend more than 5% of their budget on AI in 2022, up 12% from 2018 data. 63% of organizations said they will increase AI investment in next three years, although this percentage could decrease with the economic crisis, analysts estimate.

Italy on the rise

McKinsey doesn’t give a breakdown of investment by country; but the data coming from the new report by the Observatories of the Milan Polytechnic show how Italy is still experiencing a phase of strong growth. Sign of the delay accrued compared to the average of the McKinsey sample. In 2022, the artificial intelligence market in Italy reached 500 million euros (+32% compared to 2021), estimates the Polytechnic. 73% is commissioned by Italian companies (365 million euros) and 27% is project exports (135 million).

“In 2018, manufacturing and risk were the two functions where the majority of respondents said they saw value in using AI,” said Michael Chui, a partner at the McKinsey Global Institute and author of the report. Today, the largest revenue effects are found in marketing and sales, product and service development, and corporate strategy and finance, while respondents report the largest cost benefits from AI in supply chain management.

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