Achieving success in AI adoption was never going to be easy, but the past few years have brought significant progress, with McKinsey & Company reporting that many businesses are starting to see the value, including impact on revenues. Put simply, we may be entering a new phase on the artificial intelligence journey.
In 2020, there was actually “no increase in AI adoption,” according to McKinsey’s The State of AI (published in November of that year); rather, companies were “capturing value from AI at the enterprise level” in terms of revenue and cost reductions, with some even attributing 20% or more of their earnings before interest, taxes, depreciation, and amortization (EBITDA) to AI.
Following the Covid-19 outbreak, PwC has found that 52% of businesses accelerated their AI adoption plans, with 86% saying that it was becoming a “mainstream technology” in 2021. Many companies are now embarking on AI journeys, but there’s a difference this time: they’re not going into it blind. It’s now a more familiar technology, and rather than being a “bright, shiny object,” is becoming central to organizations.
The problem with AI adoption
The journey to achieving full value from AI will be longer and messier than in most technology transformations. The data, tech and talent involved will impact various functions across your organization, as well as those you partner with.
Continue reading: https://www.entrepreneur.com/article/416119
In 2020, there was actually “no increase in AI adoption,” according to McKinsey’s The State of AI (published in November of that year); rather, companies were “capturing value from AI at the enterprise level” in terms of revenue and cost reductions, with some even attributing 20% or more of their earnings before interest, taxes, depreciation, and amortization (EBITDA) to AI.
Following the Covid-19 outbreak, PwC has found that 52% of businesses accelerated their AI adoption plans, with 86% saying that it was becoming a “mainstream technology” in 2021. Many companies are now embarking on AI journeys, but there’s a difference this time: they’re not going into it blind. It’s now a more familiar technology, and rather than being a “bright, shiny object,” is becoming central to organizations.
The problem with AI adoption
The journey to achieving full value from AI will be longer and messier than in most technology transformations. The data, tech and talent involved will impact various functions across your organization, as well as those you partner with.
Continue reading: https://www.entrepreneur.com/article/416119
