Blog

The Case for Increased Investment in Vertical AI

05.30.2024 | Mike Troy
 

New research highlights factors that separate winners from losers in the race to win with predictive and generative AI

Optimism about increased value creation is fueling investment and the rapid identification ROI across industries.  The result is a virtuous loop and emergence of an enterprise AI SaaS “super cycle” comparable to prior periods when technological innovation led to a decade of disruption. 

Evidence of this can also be found in the strong financial performance and earnings announcement commentary from companies such as Google, Amazon, and SymphonyAI partners Oracle and Microsoft, collectively known as “hyperscalers” due to their massive cloud computing businesses. Each of those companies recently expanded relationships with Nvidia, a company whose powerful chips and data centers are in high demand as generative AI gains momentum in what’s been described as the new Industrial Revolution.

Why expectations are elevated 

Promising performance metrics drive increased investment and optimism in predictive and generative AI. As investments exceeded performance expectations early on, new use cases were identified to achieve greater impact across all industries including retailer and consumer goods, financial services, media, industrial, and ITSM. SymphonyAI’s swift introduction of copilots has allowed customers to access the productivity-boosting potential of predictive and generative AI. 

According to a recent Gartner® report, “Hype and legitimate excitement about artificial intelligence is driving intense interest from CIOs in AI-powered and AI-augmented applications, and IT services projects intended to deliver such value. “About three in four CIOs intend to boost their budget for AI in 2024. Almost all of the remainder will maintain 2023 spending levels.” 

The report continues, “Historical data reveals that the richest opportunity for technology and service providers (TSPs) will come with their ability to aid organizations in being in the fraction that successfully achieve their ambitions.” 

Many AI vendors in the market today provide only general-purpose AI platforms that require extensive development and customization. However, with specific vertical AI applications that use tailored and optimized deep domain workflows, knowledge fabric, and LLMs/SLMs, enterprises can unleash the real power of AI to successfully address tangible business challenges. 

Closing the ambition/achievement gap 

Organizations looking to use AI to achieve goals anticipate high adoption of AI, but the reality has been very different. Gartner® noted “the ambition to adopt artificial intelligence within 12 months of the survey date on which the Tech CEO Insight report is based, has since 2019, hovered between 17% and 25%. However, the subsequent year to any given survey, the actual growth in adoption has never exceeded 5%.” 

This finding perhaps is not surprising considering stated intentions can often differ from actions for a variety of reasons. To help organizations accelerate adoption, SymphonyAI provides a powerful combination of central IP and generative and predictive AI that make up the Eureka Gen AI platform along with deep domain expertise and datasets specific to each industry vertical. This strategy gives SymphonyAI customers solutions that address well-established use cases that are core to their business, provide security and scalability, and are robust and enterprise-class. 

Copilots create value, increase AI optimism 

SymphonyAI is seeing significant adoption of AI software around the world in the major industry verticals. In less than a year, 10 role-focused copilots, were introduced, all powered by the award-winning Eureka AI predictive and generative platform engineered to support rapid development of deep, domain-specific AI solutions.  

Businesses worldwide recognize the transformational power of these predictive and generative AI solutions to radically enhance productivity and accuracy while freeing up users from repetitive tasks so they can focus on more strategic priorities. The reason why is SymphonyAI’s unique product development playbook. Hyper-focused on customer value, SymphonyAI solutions are built around customer-specific and rely on deep industry-specific knowledge fabric captured in LLMs/SLMs, knowledge graphs, skills, and models. This gives SymphonyAI customers the ability to rapidly and successfully adopt AI and generative AI to achieve measurable business impact with rapid ROI. 

For example, financial institutions can accelerate investigations of fraud detection by up to 70%, retailers can improve forecast accuracy by 98% and businesses of all types can reduce total cost of IT ownership by 45%. 

Such impressive numbers are attainable and in relatively short order, a point Gartner® recognized in its recent Tech CEO Insight report that speaks to the anticipated pace of change and related challenges to realizing abundant value creation opportunities. 

“All verticals have a 12-month ambition that significantly exceeds double the current GenAI adoption rate,” according to Gartner®. “Consequently, organizations in every vertical will face serious challenges in achieving their ambition unless they consider tactical features in existing applications or intend substantial investment in IT services or software.”  

Closing the gap between ambition and adoption as quickly as possible will accelerate the virtuous cycle of value creation that supports strategic investments needed to remain relevant and competitive in fast-changing markets.


Gartner, Tech CEO Insight: Adoption Rates for AI and GenAI Across Verticals, By Whit Andrews, 11 March 2024 

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

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