Wake-up Call for AI: Why Many
Companies Will Miss Their AI Goals
for 2024

In 2024, AI investments are definitely on the rise. Seventy percent of companies in Germany and Europe have increased their budgets for AI projects in 2024, averaging nearly 30 percent more compared to the previous year.

The manufacturing sector in particular has realized that GenAI, beyond its role in internal or service activities, also has positive effects on product development, procurement, and business models. However, the diverse application potential of AI is being increasingly recognized across all industries. Whereas in previous surveys it was mainly internal areas and customer service that were mentioned, AI applications are now either already in use or planned for 2024 in almost every corporate division. 

Previously known mainly as an efficiency booster, AI is now attributed significant influence in the dimensions of decision support, sales potential, and overall performance. 

An ambitious to-do list that comes with a sense of urgency

When asked about what companies are currently working on and their plans for 2024, a substantial package emerges. Three-quarters of companies intend to use the upcoming months to intensively analyze the utilization potential available to them. Both during the analysis phase and the subsequent implementation, the majority are planning on seeking external support. 

Three out of four companies are also aiming to conduct comprehensive leadership training with a focus on AI. Cross-organizational further training measures and targeted hiring of AI experts are planned in the same percentage. And what is reassuring is that an equal number of companies are committed to developing a specific roadmap for enterprise-wide utilization of AI applications and for scaling up. 

Furthermore, there are five additional measures pursued by at least half of the companies, including establishing a foundational GenAI department or investing in AI-specialized start-ups. This multitude of lofty goals is undoubtedly influenced by a sense of urgency exerted by owners, investors, employees, and the public.