Companies Find That AI Projects Have Had 'Dismal' Financial Results

to the public back in late 2022, many people in business were gripped with an intense case of FOMO and started trying to stuff AI into practically everything, from

"In 2023, global leaders expected to see significant positive impacts across business operations, automation and efficiency, and customer experience with generative AI initiatives," the report reads, "Unfortunately, the financial benefits of implemented projects have been dismal. 42 percent of companies have yet to see a significant benefit from their generative AI initiatives.

Researchers at Lucidworks gathered survey responses from over 2,500 business heads in North America, Europe, Middle East, Africa, and the Asia-Pacific region for this study, and found that only 63 percent are planning spending increases on AI products this year. That's a swift drop from last year, when 93 percent of surveyed companies were planning to increase their spending on AI.

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