AI marketplace adoption will likely follow a typical S curve pattern with a relatively slow start in the early years, followed by a steep acceleration as the technology matures and firms learn how to best leverage AI for business value.
To get a better sense of the current state of AI adoption, McKinsey recently conducted a global online survey on the topic, garnering responses from over 2,000 participants across 10 industry sectors, eight business functions and a wide range of regions and company sizes.
AI opportunities can be found across the firm, but only 21% report using AI across multiple business functions.
Many respondents said that their organizations lack the necessary skills and practices to create value from AI at scale, including identifying key strategic opportunities and obtaining the data required by AI applications.
Across business functions, value was highest in manufacturing and risk management, where 80% report receiving significant or moderate value, followed by supply chain management and product and service development at 76%. The survey asked about 11 core practices that would enable organizations to better realize the potential value of AI at scale.
Only 27% said that they have access to the internal and external talent necessary to support AI work; 26% said that their senior leaders demonstrate commitment to AI initiatives; 18% said that their company has a strategy in place for accessing and acquiring the necessary data for AI work; 17% said that their companies have mapped out the potential AI opportunities across the organization; and 15% said that their company has the right technological infrastructure in place to support AI systems.
“The implications of continuing digitization are significant without a strong digital backbone, a company’s AI systems will lack the training data necessary to build better models and the ability to transform superior AI insights into behavioral changes at scale.”
This article was summarized automatically with AI / Article-Σ ™/ BuildR BOT™.