Not so fast! AI isn’t saving companies much time or money, study says

The research paper, news site TechRadar reports, shows that for companies that have adopted AI, the statistics suggest that AI tools aren’t offering many significant benefits. — Pixabay

Not for the first time, AI evangelists’ lofty claims are running up against workplace realities. There’s no shortage of companies making bold promises when it comes to their tech: Google thinks it could save your workers 122 hours of tedious work per year, and save your company lots of money. A new startup called Mechanize is aiming at replacing everyone’s jobs – with who knows what impact on the economy.

But new research from the University of Chicago’s Becker Friedman Institute for Economics says AI tools from market leaders like Google and OpenAI have yet to actually deliver on any of these big promises, let alone displace people from their jobs. Though AI is developing really speedily as newer, more sophisticated tools keep being released, and the study data had a cutoff point in late 2024, the results are still worth considering before you push your team to start using AI tools on a regular basis.