Early results of artificial intelligence for business: So far, so good

It is too early to tell whether artificial intelligence (AI) will live up to all the hype and promises surrounding it. But in the meantime, the results we’re seeing are encouraging. A just-released survey found that most organizations that use AI are still experimenting with the technology, with about 12% having the technology fully operational in a “mature” way. Mature AI sites are seeing a particularly strong competitive advantage.

gave the study Accenture, which covers 1,176 firms and 1,615 executives worldwide, estimates that the number of fully mature AI initiatives is expected to grow from 12% to 27% over the next two years. Currently, the majority, 63%, are still testing most of the water.

According to the authors’ study team led by Accenture’s Sanjeev Vohra, the 12 percent who have already mastered AI are seeing an average of 50 percent higher revenue growth. They collected another interesting metric: Among executives from the world’s 2,000 largest companies (by market capitalization), who discussed AI on their 2021 earnings calls, their firms’ share prices increased by 40%. The percentage increase was seen which is more than 23% in 2018. Leading companies are already seeing results — 42% said the return on their AI initiatives exceeded their expectations, while only 1% said the return did not meet expectations.

Vohra and his co-authors define AI maturity as “the degree to which organizations outperform their peers in a combination of AI-related core and differentiation capabilities. These capabilities include technology—data, AI, cloud— as well as organizational strategy, responsive AI, C-suite sponsorship, talent and culture.”

The report explores what the 12% members of this elite – mature AI adopters – do differently, and it goes far beyond technology implementation. Along with the science of AI, “our findings show that there is an art to AI maturity,” say the Accenture authors. “Achievers are defined not by the sophistication of a single skill, but by their ability to combine strengths in strategy, process and people.”

Here are five ways “AI Achievers” master their craft, as research has found:

Enthusiastic support from the C-suite: This is important, as AI initiatives compete with other initiatives for attention and resources. More than eight in ten, 83%, of AI Achievers are sponsored by executives, compared to veterans. According to Vohra and his co-authors, “Our research also suggests that the best AI strategies are bold, even when they start modestly.” “Bold AI strategies, in turn, help spur innovation.”

Heavy investment in skills and training: Accenture analysts say AI Achievers are “likely to invest heavily in making their workforce data and AI fluent.” “We found that 78% of AI adopters—compared to only 51% of veterans—have mandatory AI training for most employees, from product development engineers to C-suite executives. Among the achievers Almost half (44%) consistently have employees with high AI skill capabilities, while veterans (30%) have significantly fewer such employees on average.

They think in terms of “platforms”: This is called industrialization, built on reliable data flowing in and out. AI acquirers seek to “build an operational data and AI platform that leverages companies’ talent, technology and data ecosystems, allowing firms to balance experiences and processes.” It helps them “develop their AI applications and integrate AI into other applications.”

They design AI responsibly from the ground up: Increasingly, AI may need to adapt to laws, regulations and ethical principles. AI adopters are, on average, 53 percent more likely than their less mature counterparts to be “responsible by design: good at empowering employees and businesses and having a substantial impact on consumers and society. Designing, developing and deploying AI with intent.”

They prefer long-term and short-term AI investments. Vohra and his co-authors say AI adopters get more from AI “simply because they invest more in it.” In 2018, AI adopters devoted 14% of their total technology budget to AI, while in 2021 they devoted 28%. In 2024, they plan to dedicate 34%. “These companies know that they’ve only scratched the surface of their AI transformations and that the quality of their investment is as important as the quantity. For AI adopters, continued investment is largely This involves expanding the scope of AI to maximize impact, while cross-pollinating AI solutions and reusing resources in the process.”

Investments in AI are increasing. The survey shows that in 2021, 19 percent of surveyed companies will use more than 30 percent of their tech budget for AI projects. By 2024, the percentage of organizations investing more than 30% of their tech budget in AI will increase to 49%. The survey also reveals that nearly 75% of companies have integrated AI into their business strategies and reworked their cloud plans to achieve AI success.