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Over 60% of companies are just scratching the surface of AI

  • 8 days ago

In Spain, the Madrid Metro uses AI to monitor its network and reduce energy consumption by 25%. In the U.S., a beverage company uses AI to drive sales by analyzing retailers and markets. In Europe, an energy company trains its engineers and managers in a digital twin factory powered by AI. In the Middle East, a telco’s AI-powered virtual assistant speaks to 1.65 million customers every month in different Arab dialects and English.

Undoubtedly, AI is in full adoption around the world, with all industries recognizing it as the next big thing in tech. However, a report from Accenture, assures that 63% of companies using AI are only scratching the surface.

On June 8, 2022, Accenture presented the report The Art of AI Maturity. The report concludes that the majority of organizations using AI are still experimenting with the technology. Only 12% are using it at maturity level.

AI Achievers vs. AI Experimenters

According to Accenture, about 30% of the total revenue of “AI Achievers” is linked to AI. “AI Achievers” also enjoyed 50% greater revenue growth on average during the 2019 pandemic era.

“In 2021, among executives of the world’s 2,000 largest companies (by market capitalization), those who discussed AI on their earnings calls were 40% more likely to see their firms’ share prices increase—up from 23% in 2018,” Accenture says.

In total, Accenture identified four groups: “AI Achievers”, “AI Builders”, “AI Innovators” and “AI Experimenters”. Achievers, Builders and Innovators combined, represent just 37% of surveyed organizations. “AI Experimenters” almost double these numbers.

Continue reading: https://www.techrepublic.com/article/over-60-of-companies-are-just-scratching-the-surface-of-ai/

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