AI Budgets and Investments

Rohan Sharma

Chapter Chapter 11 in AI and the Boardroom, 2024, pp 127-133 from Springer

Abstract: Abstract With AI becoming a mainstream tool, how can organizations make investments that drive real value? More than 60% of businesses are now utilizing AI, yet effective investment decisions are what determine whether AI becomes a strategic asset or a wasted opportunity. This chapter explores how companies are strategically investing in AI to automate processes, improve decision-making, and foster innovation. We examine investment trends such as AI-powered automation and AI’s role in enhancing decision-making, all while considering the challenges of logical reasoning and missioncritical applications. The chapter also offers a practical checklist for boards and executives to assess AI budgets—ensuring investments align with business goals, manage risks, and create both operational efficiencies and new revenue streams. Key takeaway: To unlock AI’s potential, allocate your AI budget strategically across infrastructure, talent, and innovation, always with an eye on ROI and scalability. How well are your AI investments aligned with your organization’s strategic objectives?

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:979-8-8688-0796-1_11

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DOI: 10.1007/979-8-8688-0796-1_11

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