After decades of promises and some frustrations, artificial intelligence (AI) is finally starting to offer real-life benefits to companies, according to McKinsey consultancy, which are already present in retail for inventory control and replenishment, to forecast demand. of electricity in the utilities market or being applied by autonomous car manufacturers.
Among the factors spurring this new wave of AI development are growing computer power, AI algorithms and models that are becoming more sophisticated, and perhaps most important of all, the world is generating unimaginable volumes of the fuel. that powers AI systems: data. Billions of gigabytes of data are generated every day, collected by networked devices, from web browsers to turbine sensors. For all this investment, much of AI adoption outside of the tech sector is in the early and experimental stages. Few companies have implemented it at scale.
The analysis report by the McKinsey Global Institute, “Artificial Intelligence: The Next Digital Frontier?”, includes a survey of more than 3,000 AI-conscious companies around the world. The consultancy points out that early adopters of AI tend to be closer to the digital frontier and are the largest companies within their sectors, which use the technology to increase revenues as well as reduce costs and have the full support of executive leadership. . Companies that have not yet adopted AI technology at scale or in a core part of their business have no doubts about the returns they can expect from an AI investment.
However, early evidence suggests that AI can deliver real value to companies that want to use it across all operations and within their core functions. In this survey, early adopters of AI that combine strong digital capability with proactive strategies have higher profit margins and expect the performance gap with other companies to widen over the next three years.
To download the study “Artificial intelligence: the next digital frontier?”, click here.
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