AI tools may enable more accurate predictions, personalised interactions and more efficient processes, according to new research by CNN International Commercial and B2B International.

At a recent industry event, I found myself surrounded by cutting-edge innovations. From solar panel cars and 3D asset printers to the European outing of Tesla's Cyber Truck. It was a showcase of what’s next in climate tech, luxury tech, robotics, and beyond. A few years ago, the metaverse would have been the top talking point, but this time, Artificial Intelligence (AI) had the spotlight. Discussions on data protection and cyber security were also prominent, with these areas often going hand in hand.

Whilst some of the AI on display may have been more style than substance, AI is more than a buzz word. It’s something we use every day without even realising. From chatbots to streaming recommendations, even the auto-correct as I write this is powered by AI. And the rise of AI is reshaping the business landscape, enhancing customer experiences, and making businesses more efficient.

The newest research from CNN International Commercial and B2B International, revealed nearly half of business decision makers believe AI will become even more critical in the next couple of years1.

AI tools are here to revolutionise businesses by enabling accurate predictions, personalised interactions and more efficient processes. AI is being leveraged to predict consumer trends, manage supply chains, create personalized marketing strategies, and so much more. It’s no wonder that six in 10 business decision makers have introduced advanced technology in the past year2.

Enhancing human decision-making

One of the real values of AI in business lies in its ability to support and enhance human decision-making, allowing for more strategic and informed choices.

Business decision-makers have a vast array of responsibilities and pressures. Our new research shows that whilst profitability and customer services remain top priorities – decision-makers juggle multiple other priorities ranging from digital transformation and cybersecurity through to sustainability and audience expansion3.

According to a study by Oracle, many business leaders feel overwhelmed by the volume of data, and their lack of trust in it has stopped them from making decisions, 70% prefer a robot to make decisions for them4. In many ways, this reflects the growing need for AI to streamline processes. And whilst we are yet to see how disruptive AI will be, innovation leads to new opportunities.

Ensuring AI is implemented correctly can build trust with employees and consumers. Many consumers are unsure of AI – what it is, where their data is being stored or how to trust it. Whilst AI can provide more relevant information and useful content, it requires human oversight, particularly in an era of deepfakes and misinformation, and according to a study by Salesforce, 68% of customers say advances in AI make it more important for companies to be trustworthy5. It’s up to decision-makers to implement AI responsibly.

Combatting cyber-attacks

With AI and advanced technologies becoming more embedded in business, it's no surprise that Cybersecurity is a key area of focus and our research found that a staggering 81% of business decision-makers see this as a priority6.

Cyber-attacks are becoming more frequent and more sophisticated. Cybersecurity Ventures predicts the cyber-insurance market to exceed $34nm by 2031 as cyber-attacks urge business leaders to insure against loss7. And our own data revealed that 66% of business decision-makers have expressed concern about potential cyber threats and a further 30% are extremely concerned8.

Cybersecurity is at the core of business strategy. It isn’t just about protecting data and financial payouts; it is about maintaining trust with customers, stakeholders and suppliers which can take years to recover from if lost.

At a time when trust and reputation play an essential role in decision-making, safeguarding these are essential. Although there are still a lot of unknowns, AI’s importance to business decision-making can’t be overstated. As AI continues to evolve, so must we. Responsibly enabling AI for accurate predictions, personalised interactions, more efficient processes and so much more bring us closer to our consumers, leading to long-term business growth.

To gain more insight into The Business Decision Makers’ Mindset, and explore the key trends, download the full whitepaper here.

References

1. The Business Decision Maker’s Mindset 2024 commissioned by CNN International and conducted by B2B International. Q: Which, if any, of the following topics will become more important in the next year or two? (Artificial Intelligence). N=1,913. Nov-Dec 2023. Business Decision Makers in14 global markets.

2. The Business Decision Maker’s Mindset 2024 commissioned by CNN International and conducted by B2B International. Has your organization done or planned to do, any of the following in the past 12 months? (Introduced Advanced Technology net). N=1,913. Nov-Dec 2023. Business Decision Makers in14 global markets.

3. The Business Decision Maker’s Mindset 2024 commissioned by CNN International and conducted by B2B International. Q: How important will each of the following business objectives be to you over the next 12 months? N=1,913. Nov-Dec 2023. Business Decision Makers in14 global markets.

4. Oracle, 2023. DKC Analytics conducted and analyzed this survey with a sample procured using the Pollfish. N=14,250 Employees and Business leaders (data shown = business leaders only)

5. Salesforce “State of the Connected Customer” report. N=11,000 consumers and 3,300 business buyers. May 3, 2023, - July 14, 2023. countries across six continents. Third-party panelists.

6. The Business Decision Maker’s Mindset 2024 commissioned by CNN International and conducted by B2B International. Q: How important will each of the following business objectives be to you over the next 12 months?. Top 2 box: Net: Extremely important and important. N=1,913. Nov-Dec 2023. Business Decision Makers in14 global markets.

7. Cybersecurity Ventures. Predicts the cyber-insurance market will grow from approximately $8.5 billion in 2021 to $14.8 billion in 2025, and exceed $34 billion by 2031, based on a CAGR of 15 percent over 2020 to 2031

8. The Business Decision Maker’s Mindset 2024 commissioned by CNN International and conducted by B2B International. Q: Still thinking about the business decisions that you are responsible for, how concerned are you about each of the following in the coming 12 months? N=1,913. Nov-Dec 2023. Business Decision Makers in 14 global markets.