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Business and Artificial Intelligence: Organizations See the Benefits, but Execution is Hard
Business ambitions for how to use artificial intelligence have not yet lived up to their expectations in terms of execution. A report by Boston Consulting and MIT Sloan Management found that 85 percent of businesses think that using artificial intelligence will provide them competitive advantage, but only about 20 percent about been able to incorporate any kind of artificial intelligence into their operations.
The study divided organizations into four categories based on their competence in artificial intelligence: pioneers, investigators, experimenters and passives. Among the companies surveyed, their distribution fell into those categories as follows: 19%, 32%, 13% and 36%. Those businesses with more internal AI skill sets are more likely to develop their own systems, while other companies are more inclined to purchase packaged software or outsource development.
Philipp Gerbert, a Boston Consulting Group senior partner, said that “the gap between ambition and execution is large at most companies. We also found large gaps between today’s leaders—companies that already understand and have adopted AI—and laggards. Leaders not only have a much deeper appreciation of what’s required to produce AI than laggards, they are also more likely to have senior leadership support and a developed business case for AI initiatives.”
