The healthy mass of corporate America is enthusiastically embracing AI, and stakes technology will bring about unrealized productivity gains. However, according to Fintech Company Ramp’s trading data, adoption may be levelled.
RAMP’s AI index estimates the US business adoption rate for AI products based on RAMP’s card and bill pay data, leveling it at 41% in May after nearly 10 months of growth. According to RAMP, as of May, 49% of large companies had deployed AI in some way, and 37% of small and medium-sized businesses.
RAMP’s AI index is not a perfect measure. We only look at a sample of company spending data from around 30,000 companies. Additionally, indexes use merchant names and line items details to identify AI products and services, which may lead to miss out on spending that has been grouped together in other cost centers.
However, it is certainly true that businesses are beginning to realize that there are limits to what AI can do today.
Last month, Klarna, who said it would work to replace hundreds of support agents with AI, was forced to hire some workers after the company’s cuts led to “low-quality” customer service. According to S&P Global, the share of companies that have abandoned most of their generative AI pilot projects has risen to 42% from 17% last year.