← Back

Why now?

by Yana Vlatchkova — 19 Jan 2024

Advancement in AI tech & adoption → New era of working

  • AI is expected to improve employee productivity by 40% by 20351
  • In any given job, some tasks will be automated, some will be assisted–freeing people to do things that matter more–and some will be unaffected by the technology. There will also be a large number of new tasks for humans to perform, such as ensuring the accurate and responsible use of new AI-powered systems.2
  • 69% of customer support work can be either AI-assisted or fully automated at the moment.2
  • 83% of companies claim that AI is a top priority in their business plans.3
  • 48% of businesses use some form of AI to utilize big data effectively.3

Remote work → Accelerated need for async knowledge transfer

  • 82% of companies plan to allow employees to continue working from home for the foreseeable future.4 This amplifies the need for async collaboration and a centralized digital repository of knowledge that can be accessible by any employee anywhere at all times.
  • Waiting for answers from colleagues is measured to take up to 5.3 hours/ week per employee.

Increased turnover of employees → Loss of specific know-how & costly new onboardings

  • The average employee turnover rate reached 57.3% across all industries in 20215
  • 4.25 million people quit their jobs in January 2022, up from 3,3 million in 20216

Early days of AI & hallucinations → Mistrust in information & counter-productivity

  • Just 7% of people currently trust chatbots when making a claim7
  • RAG model + Vector database lowers the chance of hallucinations8
  • “The danger is that you can’t tell when it’s wrong unless you already know the answer” Arvind Narayanan, Computer Science Professor9
  • Hallucinations is not a problem that can be solved, human validation of AI-generated data will explode in the upcoming years “I probably trust the answers that come out of ChatGPT the least of anybody on Earth,” Sam Altman, CEO ofOpenAI

Only 10% of all company data is structured → AI can surface partial knowledge

  • Just 10% of data is considered "structured"10
  • 90% of data is unstructured, meaning that without the technology to process their data, companies are unable to extract meaningful and accurate knowledge from it. Therefore, companies could miss out on big part of their business opportunities to increase revenue.

Sources: 1. PWC / 2. Accenture / 3. AI statistics Report / 4. Gartner / 5. U.S. Bureau of Labor Statistics / 6. U.S. Bureau of Labor Statistics (BLS) / 7. Accenture / 8. Factset / 9. The New York Times / 10. Forbes