Vast majority of executives plan to increase budgets for AI

The promise of artificial intelligence (AI) is irresistible to executives and shareholders: huge savings can be made on employees with AI agents. Consequently, company executives plan to sharply increase their budgets for AI agents who can automate work tasks this year.

Nearly half of respondents said their companies were increasing the AI budget by 10% to 25%, and about a quarter planned to increase the budget even further. So says a May survey by consulting firm PwC this year, in which 308 executives gave their answers.

Customer service first

Not surprisingly, the function using AI agents the most is customer service: 57 percent of companies already use or plan to use AI agents in that area. The categories of sales and marketing and IT and cybersecurity followed closely behind with 54 and 53 percent, respectively. However, 12 percent said they were not planning an increase.

The survey shows that there are still many AI skeptics. About a fifth of respondents said their company does not use AI agents at all. These executives take a wait-and-see attitude toward AI.

More than just cost savings

The PwC survey reveals that the drivers behind these investments go beyond mere cost savings. 78% of executives believe AI agents will have a significant impact on their business results, with an expected focus on driving innovation. This means that AI is seen not only as a way to improve efficiency, but also as a strategic tool to develop new products, services and business models.

However, implementing AI agents is not without risks. The biggest concern of those surveyed is integration complexity (69%). This highlights the need for a thoughtful implementation strategy and investment in the right expertise. Concerns about accuracy and reliability (67%) and privacy and data security (65%) are also significant. This is a valid point, given the need for responsible AI and the protection of customer data.

Focus on 'human-in-the-loop'

The survey shows that companies are taking different approaches to implementing AI agents. 40% of respondents said they take a “human-in-the-loop” approach, in which AI agents work with human employees.

This is an interesting trend because it emphasises enhancing human capabilities rather than complete automation. 28 percent of respondents opt for complete automation, while 23 percent focus on automating specific tasks.

Experimenting and learning

Expectations around AI agents are high, but initial results show that significant cost savings and efficiency are not always immediately achievable. It is important to realise that AI implementation is an iterative process in which learning and adaptation are crucial.

For organisations looking to experiment with AI and AI agents, here are some tips:

• Start small: Start with a pilot project in a defined area, such as a specific task within customer service.

• Focus on data: Get good data, because AI agents learn from data. Invest in data quality and availability.

• Involve employees: Implement AI not for employees, but with employees. Their input is essential for a successful implementation.

• Be realistic: Don't expect instant miracles. AI agents require time and training to perform optimally.

• Monitor and evaluate: Monitor results closely and regularly evaluate the effectiveness of AI agents. Adjust the strategy based on the results.

• Stay informed: The AI landscape is constantly changing. Stay on top of the latest developments and opportunities.

It is too early to draw definitive conclusions about the impact of AI agents, but early signs point to a potentially transformative technology. Through careful experimentation, learning and adaptation, organisations can reap the benefits of AI and strengthen their competitive position.

View the research results from PwC's AI Agent Survey