Many technology leaders associate artificial intelligence primarily with making processes more efficient. New research from Accenture shows that those who do so severely underestimate the technology's role in generating business value. Having analyzed the performance of 1,200 companies across 16 industries and 15 countries, we found that a small group of organizations (12%) outperforms their peers on AI and, as a result, enjoys 50% greater revenue growth.
These AI achievers have reached a much higher level of AI maturity than others. They master a set of AI capabilities in the right combination, including the technology (data, AI, and cloud), organizational strategy, responsible AI, C-suite sponsorship, talent, and culture. Essentially, AI achievers have moved beyond “pilot-it-is” -- a common occurrence where the perfection of a product or tool becomes detrimental to scaling technology – into integrating AI across their businesses.
For example, to harness AI for their growth initiatives, a major retail pharmacy built about 100 high-value AI products that create detailed customer profiles and help the company better optimize inventory and prices. The company has been committed to its data- and AI-led transformation since 2020 with no intention to slow down anytime soon.
On the other end of the spectrum are AI experimenters. This group accounts for the majority (63%) of companies. It includes industries heavy with legacy technology, such as banks, which will likely take only small steps toward AI maturity. For instance, we expect only 11% of the health care and insurance industries and 12% of the financial sector to reach achiever status by 2024, compared to 50% of the technology sector in the same time frame.
Continue reading: https://www.informationweek.com/big-data/ai-is-now-mature-enough-to-drive-revenue-growth
These AI achievers have reached a much higher level of AI maturity than others. They master a set of AI capabilities in the right combination, including the technology (data, AI, and cloud), organizational strategy, responsible AI, C-suite sponsorship, talent, and culture. Essentially, AI achievers have moved beyond “pilot-it-is” -- a common occurrence where the perfection of a product or tool becomes detrimental to scaling technology – into integrating AI across their businesses.
For example, to harness AI for their growth initiatives, a major retail pharmacy built about 100 high-value AI products that create detailed customer profiles and help the company better optimize inventory and prices. The company has been committed to its data- and AI-led transformation since 2020 with no intention to slow down anytime soon.
On the other end of the spectrum are AI experimenters. This group accounts for the majority (63%) of companies. It includes industries heavy with legacy technology, such as banks, which will likely take only small steps toward AI maturity. For instance, we expect only 11% of the health care and insurance industries and 12% of the financial sector to reach achiever status by 2024, compared to 50% of the technology sector in the same time frame.
Continue reading: https://www.informationweek.com/big-data/ai-is-now-mature-enough-to-drive-revenue-growth
