Companies using artificial intelligence are seeing results; the highest performing of that bunch are seeing even better results in their scaling of AI uses.
A recent survey conducted by the McKinsey Global Institute points to lessons businesses can learn from the ultra-high performers, The Wall Street Journal reports.
Most of the survey’s 2,300 respondents are seeing investment returns, with 63% of companies reporting revenue increases when AI was used. The highest-revenue growth, however, was seen when AI was used in marketing and sales, product development and in supply chain management. Forty-four percent also reported cost savings, mainly in manufacturing, spending analytics and logistics optimization.
AI is growing in almost every industry. Outside of the tech realm, the automotive industry reported a 76% growth in the use of AI and the telecom industry reported 72% adoption.
The survey report breaks down how some of the highest-performing companies use AI to their benefit:
• Aligning AI strategy to business goals;
• Investing in AI talent and training;
• Retraining of workforce vs reductions;
• Collaborating across business functions;
• Establishing company-wide standards;
• Creating plans to mitigate cybersecurity risks
“With the research showing that companies now use AI more often than not, the technology appears to have reached another stepping stone in its ascent in business,” the survey concludes. Read the full report here.
