Recent reports suggest that utilizing artificial intelligence in the workplace has the potential to reduce operational costs by up to 30%, as well as improving business efficiency by 40%.
With this in mind, a survey of 3,000 US business owners and managers set out to determine how many are already utilizing AI in the workplace, and which tasks are most commonly being replaced with automated tools. Taking their findings, they also examined just how much money AI is saving businesses already in 2024.
Key findings:
- Almost a third (31%) of those surveyed have saved between $101 and $500 by replacing tasks with automated tools.
- A significant 83% of businesses owners and managers surveyed said they utilize artificial intelligence to assist with predicting customer behavior, followed by three quarters (76%) of participants that use AI to automate repetitive tasks.
- A quarter (25%) of those surveyed regularly use AI to cut costs in the workplace.
How much money businesses have saved by implementing AI
| Rank | Amount saved ($) | Businesses savings using AI (%) |
| 1 | $0 | 7% |
| 2 | $1 – 100 | 23% |
| 3 | $101 – 500 | 31% |
| 4 | $501 – 1,000 | 15% |
| 5 | $1001 – 5000 | 12% |
| 6 | $5001 – 10,000 | 7% |
| 7 | $10,000 + | 5% |
Out of those surveyed who do use AI to cut costs in the workplace, almost a third (31%) have been able to save between $101 and $500 by replacing tasks with automated alternatives.
The second highest saving amount has been revealed to be up to $100, with almost a quarter (23%) of respondents believing AI has helped cut costs in their business.
Although AI has many uses, it can benefit businesses by predicting customer behavior and automating repetitive tasks. This not only saves time, but can also reveal potential spending habits.
One in eight (12%) survey participants even revealed that they have saved between $1001 and $5000 since implementing AI into their business.
Five per cent of respondents across the United States claimed that since replacing tasks with AI, they’ve been able to save over $10,000.
Many businesses could reach this huge saving by utilizing AI efficient tasks such as budget planning, using newer revenue streams, and forecasting accurately to reduce costs.
Less than ten percent (7%) reported that AI hasn’t cut business costs down at all.
The most common tasks that US business owners and managers are replacing with AI
| Rank | Task | US Businesses replacing task with AI (%) |
| 1 | Predicting customer behavior | 83% |
| 2= | Automating repetitive tasks | 76% |
| 2= | Budget planning | 76% |
| 4 | More accurate forecasting | 73% |
| 5 | Improving customer experience | 67% |
Of those surveyed who use AI to cut business costs, 83% of US business owners and managers surveyed admitted to using AI to predict customer behavior.
By applying artificial intelligence algorithms, businesses are able to gain further insight into customer behavior that they wouldn’t have been able to access previously. This has been shown to help businesses accurately forecast customer behavior, by understanding their buying patterns and spending habits.
Ranking closely behind is automating repetitive tasks (76%). Automating repetitive tasks allows employees to focus on more important tasks in hand, rather than spending a large amount of time on manual tasks.
Budget planning (76%) ranks as the joint second task that businesses are utilizing artificial intelligence for, enabling businesses to make informed and strategic financial decisions.
*Conducted by AIPRM
