Over 80% of Companies Claim AI Has Not Boosted Productivity in a Survey of 6,000+ Executives from the U.S. and Europe
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According to a report by the National Bureau of Economic Research, despite billions of dollars invested in AI by companies, over 80% have not seen a boost in productivity. A survey of over 6,000 CEOs and executives from the U.S., UK, Germany, and Australia found that over 80% of companies reported 'no impact' from AI on employment or productivity over the past three years. About two-thirds of executives claimed to use AI, but the average weekly usage was only 1.5 hours, with 25% of respondents not using it at all. A survey by ManpowerGroup shows that AI usage will increase by 13% by 2025, but employee trust in AI will decline by 18%. There is debate in the economic community, with an MIT professor suggesting that AI may only boost productivity by 0.5% over the next decade, while executives expect a 1.4% increase in the next three years. IBM also plans to increase hiring of junior staff. Despite this, AI is still seen as a disruptive technology favored by executives, expected to attract 61% of global venture capital funding by 2025, with companies like Microsoft continuing to increase investment. Their AI head even predicts that AI will replace white-collar jobs within 18 months.