Header Ads

This Survey on Artificial Intelligence Has Many Deep Insights for C-level Executives

Artificial intelligence is becoming the next big thing in the tech world. AI got actual acceleration after Facebook allowed businesses to deploy their own chatbots on its Messenger platform, and many other tech giants like Google, Microsoft and Apple released their own AI-powered applications like personal assistants. And AI is also a driving force behind driverless cars.
This Survey on Artificial Intelligence Has Many Deep Insights for C-level Executives

A recent survey conducted by McKinsey and Company that brought in 3,073 C-level executives from different industries, 60 case studies across 14 sectors and 10 countries, and through an exclusive digital research program, identified 10 key insights that help AI-aspirant CEOs better build their AI solutions. Here we have made that 10 insights into 4 insights to tell you it in short:

AI should come after digitization

Artificial intelligence is a data-driven technology. Without data, there is no intelligence. According to the survey, companies who tasted more success with AI had already been using some form of digital technologies like Cloud infrastructure and big data. High-tech, telecom, and automation development company India led the list. In fact, companies can’t easily taste success with AI without digital transformation experience. The possibility of achieving success with AI were 50% higher for companies who already experienced digital transformation than who were not.

The biggest challenges are people and processes
A majority of respondents found that tuning employees and processes to the adoption of artificial intelligence is key to achieve a success with AI initiatives. So reskilling employees and restructuring processes had been a tough challenge for them to taste AI success.

AI adoption is still in nurturing stage – businesses still have a huge opportunity

In fact, the corporate adoption of AI technologies is still in nurturing stage. Total investment in AI reached almost $39 billion in 2016. This is really a big investment, but the most companies make strictly calculated investments and expect to scale up upon the results. This is even a good idea for businesses who are looking to adopt AI. 20% of survey respondents use one or more AI technologies in their key business areas and only half of them use three or more. Robotics and autonomous vehicles, computer vision, language, virtual agents, and machine learning formed the most of them.

Among them, the AI technologies like neural-based machine learning and natural language processing are becoming focal-points of AI technology suites among adopters. Among the industries, telecom and financial companies’ representatives in the survey expected to increase their AI tech spend by more than 15% per year in the coming three years, which is seven percentage points greater than the cross-industry average.  

They gained revenue increases

30 percent of early AI adopters in the survey gained revenue increases, harnessing AI to gain market share or increase market size for their products and services. They expect to increase their profit margin by up to 5 points more than rivals. Some were able to increase the same amount of profits with AI that they were able to gain from big data and advanced analytics.

This Survey on Artificial Intelligence Has Many Deep Insights for C-level Executives

Conclusion:

AI is becoming a big change in the business world. Forward-thinking businesses are keen to harness the power of it. But the most important thing for any forward-thinking business who wants to become the early adopters of AI is the required expertise in the field. Today there are many mobile apps development company India and other technology companies added AI to their service portfolio to leverage ongoing trends. In case if you’re looking to build AI solutions, it is better collaborate with such companies or dedicated AI companies that helps you easily achieve early-mover advantage with AI.

Sadesh, an experienced content writer working in an iPhone and Android apps development company in India. I like to write content based on technology, Startups and latest technological innovations that people like to know and share with others.


Powered by Blogger.