In a recent EY AI Pulse Survey, U.S. business leaders revealed plans to dramatically increase their AI investments over the next few years. The survey, which gathered insights from 500 decision-makers across industries such as financial services, telecoms, and healthcare, highlighted that 95% of respondents are already investing in AI. Among these, those committing $10 million or more plan to double their investments by 2025.
The survey showed a balanced approach to AI investments, with 56% of companies building custom AI solutions and another 56% acquiring ready-made AI products. Organizations currently investing in AI are witnessing notable improvements, with 77% reporting enhanced operational efficiencies, 74% seeing boosts in employee productivity, and 72% experiencing better customer satisfaction.
Dan Diasio, EY’s global AI consulting leader, commented on the findings, stating, “The world in which we do business has been forever altered by the emergence of generative AI. Nearly all companies are investing in AI, but we’re seeing a divergence between companies experimenting in small ways and those making larger investments, with the leaders who continue prioritizing investments in AI increasingly ahead of the pack and experiencing positive returns.”
Companies investing 5% or more of their budgets in AI reported higher rates of return in areas such as employee productivity, cybersecurity, and product innovation compared to those investing less.
However, the survey also highlighted several risks and challenges in AI adoption. Only 36% of business leaders reported investing in data infrastructure, and 54% planned to increase ethical AI use over the next year. Moreover, just 32% have addressed bias in their AI models through governance frameworks, and only 37% are training employees on AI at scale. Although 83% of senior leaders prioritize attracting AI-skilled workers, they struggle to find suitable talent.
Traci Gusher, EY America’s AI, data, and automation leader, emphasized the importance of addressing these challenges: “Business leaders are beginning to shape their future by raising strategic AI investments. But the survey uncovered significant risks on the path to enterprise-wide AI adoption, including data infrastructure, ethical frameworks, and talent acquisition. These are key to fully maximizing AI’s abilities and will allow organizations to differentiate themselves in the marketplace.”
The findings underscore the transformative potential of AI in business while highlighting the need for robust infrastructure, ethical practices, and skilled talent to fully leverage its capabilities.
