AI investment will soar to $232 billion by 2025

Business expenditure on AI and intelligent automation technology is expected to reach $232 billion in the next seven years, according to KPMG, an 18-fold increase on the $12.4 billion spent globally today.. The increased expenditure on such technologies, which include artificial intelligence (AI), machine learning and robotic process automation (RPA), is detailed in KPMG's latest report on automation, titled'Ready, Set, Fail?: Avoiding setbacks in the intelligent automation race'. It found that businesses will struggle to get a return on investment in AI projects unless they're signed off at the most senior level, while for automation to be effective it must be incorporated into a wider digital transformation of the business that is led by technology. "It's not clear whether most companies understand that intelligent automation is about changing business processes, and then restructuring the organisation around those new processes now driven by technologies that didn't exist before," the report read. "This means shifting the business and operating model from one of people supported by technology to one of technology supported by people. The study, which involved interviewing executives from a range of sectors in businesses around the world, was commissioned to understand why businesses deployed AI, the implications of deployment, and how this could be scaled. Researchers found that while most executives emphasised intelligent automation can digitally transform their businesses and staff roles, several challenges existed - including being unable to handle the pace of change, having to choose from hundreds of technology options, and having to define the future workforce. "If it's not done right, they may be disappointed at what they save on work that is automated," said KPMG's leader of cognitive automation initiatives, Cliff Justice. "Determining what can be scaled across multiple areas requires some strategic thought and testing of the concept in units that are small enough to succeed with repetitive tasks.