The Stanford AI Index 2024: 5 Takeaways For Business
What progress has the EU made on the AI Act in 2024?
In 2024, the EU made progress on the AI Act by establishing the European Artificial Intelligence Office and adopting a risk-based approach for AI regulation6. The Parliament approved the Act in March 2024, followed by the Council's approval in May 2024. The Act is fully applicable 24 months after entry into force, with certain parts, such as the ban on AI systems posing unacceptable risks, applying six months after the entry into force2.
How did AI usage impact costs and revenues in 2023?
In 2023, AI usage led to cost reductions in 42% of organizations surveyed by McKinsey, while 59% reported revenue increases. This indicates that more organizations were able to generate a practical return on investment from AI, with an increasing uptake of AI across organizations at 55% in 2023 compared to 50% in 2022.
What does the 2024 Stanford AI Index report cover?
The 2024 Stanford AI Index report covers various aspects of the AI industry, including AI performance in different tasks, cost reductions and revenue increases due to AI, AI's impact on worker productivity, increasing regulations in the field, and AI adoption across industries36. The report provides valuable insights for businesses looking to increase return on investment with AI.