AI: From hype to profitability

Artificial Intelligence (AI) is touted as the next big thing, but many have wondered if the hype around AI will increase employees’ productivity and business profitability.

However, several recent studies found AI is doing precisely that.

The most significant impact was seen in novice and low-skilled workers who benefited from the AI technology’s ability to disseminate tacit knowledge and help them move down the experience curve.

Here are the findings of several recent studies:

• The National Bureau of Economic Research (NBER) found that the use of generative AI led to a 14% boost in issues resolved per hour for customer support agents. This study surveyed the performance data of over 5000 agents.
• Harvard Business Review Analytic Services found that companies using AI have a 50% higher rate of growth and a 30% higher rate of profitability than companies that do not.
• Forbes found AI can enhance customer service representatives’ productivity by up to 40%, reduce time-to-hire by up to 90%, and cost-per-hire by up to 50%.
• PWC announced its research shows AI can improve the productivity of data analysts by up to 60%, sales representatives by 50%, and financial advisors and lawyers by 30%.
• Accenture found that AI can increase labour productivity by up to 40% in industries such as manufacturing and retail and 30% for customer service agents.

AI Masterclass

In light of the potential impact of AI on productivity, Moneyweb teamed up with the Institute for Technology Strategy and Innovation (ITSI) and North-West University Business School to offer a ground-breaking new AI course.

Since its launch in March, the interest has been overwhelming.

The AI Masterclass is a four-day virtual course specifically designed for executives, senior managers, and professionals seeking to boost their productivity and that of their organisations. It is very practical and aims to transfer the skills to employees, which will immediately make them more productive.

The course features an impressive line-up of presenters with notable qualifications and expertise in their respective fields.

• Pieter Geldenhuys is a renowned futurist and innovation expert with an MBA in Futures Studies from North-West University.
• Nevo Hadas, a seasoned entrepreneur and digital strategist with an MBA from the University of Cape Town, is experienced in AI and its applications in business.
• Ryk van Niekerk, Moneyweb editor and RSG Geldsake presenter, holds an MBL from Unisa specialising in disruptive innovation and an MPhil in Digital Journalism from the University of Stellenbosch.

The course is registered at North-West University as a Category B programme, qualifying for skills development levy deductions.

The live online classes cost R26 800 (including Vat) per participant, while the online self-pacing classes and live workshops cost R17 420 (including Vat) per participant. Volume discounts are available for five or more participants per cohort.

Annual Moneyweb Insider Gold subscribers receive a 10% discount on the AI Masterclass.

Check out www.AIMasterclass.co.za for the available dates and to register.