Business adoption of artificial intelligence has surged globally in the past year, according to a study released last month by McKinsey & Company titled “The state of AI in early 2024.”

In February and March, McKinsey surveyed 1,363 executives from various global regions, industries, company sizes, functional specialties, and tenures. Roughly 72% of respondents reported using at least one AI application.

Per the survey, respondents report adopting generative AI mainly in marketing and sales, product and service development, and information technology departments.

Most respondents reported spending less than 6% of the total digital budget on generative AI despite its widespread adoption.

Moreover, the survey also examined the cost savings from generative AI across different business functions.

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