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Headline: AI Optimism Grows as BCG Reports Findings
Artificial Intelligence (AI) technology has become increasingly popular in recent years, and its usage is projected to continue its rise as organizations become more aware of its potential and competitive advantages. This optimism has been reflected in a recent report released by Boston Consulting Group (BCG), which finds that executives remain enthusiastic about the forecast for AI in the near future.
The study, which was conducted in collaboration with MIT Sloan Management Review and IBM iX, surveyed nearly 3,000 executives across various industries in 19 countries. Results revealed that 76% of executives reported using AI in some way, but greater optimism was seen among those that had adopted AI more than three years ago, with 95% responding that AI has had a “strong or very strong” impact on their business.
Further, when asked when their organization would get the most value from AI, the majority of respondents (79%) reported that the benefits would grow in 2021 or beyond. Their reasons for this expectation of larger benefits include increased data availability, better algorithms, and more applicability of AI technologies.
Aside from a continued optimism around AI, the report also identified areas where more progress is needed. Although executives claimed that customer experience was a major factor in driving their organization’s AI efforts (62%), only 27% of respondents “strongly agreed” that their AI initiatives provided a “meaningfully superior” customer experience. The blame seems to lie in the lack of operational scale (42%), integrated data and processes (38%), and AI-ready or AI-savvy talent (21%) that organizations possessed.
These findings represent a ray of hope for the future of AI, as organizations move towards gaining greater understanding of its capabilities and begin to tackle the implementation challenges they face. Companies that learn how to manage these challenges and optimize AI usage can certainly look forward to a flourishing AI future.
