It’s too early to know if artificial intelligence (AI) will live up to all its predictions and promises. But in the meantime, the results we see are gratifying. A recent survey shows that most organizations that use AI are still experimenting with technology, with about 12% working with technology as a fully-fledged technology. Adult AI sites are seeing a huge competitive advantage.
Accenture’s research, which includes 1,176 companies and 1,615 executives worldwide, estimates that the number of fully fledged AI initiatives will rise from 12% to 27% over the next two years. At the moment, the majority, 63%, are still mostly testing the water.
Already 12% of those who master AI are seeing an average 50% higher revenue compared to their peers, according to the study’s author team, led by Accenture’s Sanjeev Vohra. They gathered another interesting metric: Among the executives of the world’s 2,000 largest companies (by market capitalization), those who discussed AI in their 2021 profit calls had a 40% chance of raising their company share prices, up from 23% in 2018. Leading companies are already seeing results: 42% said the profits from their AI initiatives exceeded expectations, and only 1% said the profits did not live up to expectations.
Vohra and his co-authors define the maturity of AI as “the degree to which organizations exceed their peers in a combination of basic competencies and characteristics associated with AI.” These capabilities include technology (data, AI, cloud) and organizational strategy, responsible AI, C-suite support, talent and culture. ”
The report examines what 12% of the elite members — the adult achievements of AI — do differently, and goes beyond technology implementations. Along with AI science, “our findings show that there is also the art of AI maturity,” say the Accent authors. “Achievers are not defined by the sophistication of any skills, but by their ability to combine strengths between strategies, processes and people.”
Here are five ways for AI Achievers to master their profession, as found in the study:
Enthusiastic C-suite support: This is essential because AI initiatives compete with other initiatives for care and resources. More than eight out of ten of AI Achievers, 83%, have the support of executives compared to experimenters. “Our research also suggests that the best AI strategies tend to be bold, albeit a modest one,” according to Vohra and co-authors. “Brave AI strategies, on the other hand, help drive innovation.”
Major investments in talent and training: AI Achievers “are likely to invest heavily in data generation and AI fluency among their employees,” Accent analysts said. “We found that 78% of those who achieve AI, compared to 51% of experimenters, have mandatory AI training for most employees, from product development engineers to C-suite managers. 30%) have significantly fewer employees on average.
They think in terms of “platform”: Call it industrialization, built on reliable data coming in and out. Those who achieve AI “seek to build a data and AI operating platform that leverages companies’ talent, technology, and data ecosystems, enabling companies to balance experimentation and execution.” This helps them “produce their AI applications and integrate AI into other applications”.
They design AI responsibly from the start: Increasingly, IAs may need to comply with laws, regulations, and ethical standards. Those who achieve AI have an average of 53% more than those who are underage “to be responsible for design: design, develop and deploy AI with good intentions to empower staff and businesses and have a direct impact on customers and society”.
They prioritize long-term and short-term AI investments. Those who get AI benefit more from AI “simply because they invest more in it,” Vohara and its authors say. In 2018, those who get AI spent 14% of their total technology budget on AI, while in 2021 they plan to spend 34% on 2024. “These companies know that they have only scratched the surface of their AI transformation and that the quality of their investment is just as important as the quantity.
Investments in AI are on the rise. In 2021, 19% of companies surveyed used more than 30% of their technology budgets for AI projects, according to the survey. By 2024, the percentage of organizations that invest more than 30% of their technology budget in IA will rise to 49%. Nearly 75% of companies have integrated AI into their business strategies and have upgraded their cloud plans to make AI a success, the survey also shows.