More than 60% of companies are just scratch the surface of AI

People working in front of laptops.
Image: Headway via Unsplash.

In Spain, the Madrid metro uses WHO to monitor its network and reduce energy consumption by 25%. In the US, a beverage company uses AI to drive sales by analyzing retailers and markets. In Europe, an energy company trains its engineers and managers in an AI-powered digital twin factory. In the Middle East, telecom AI-powered virtual assistants speak to 1.65 million customers a month in different Arabic and English dialects.

No doubt, WHO is being fully adopted around the world, with all industries recognizing this as the next big thing in technology. However, a report from Accenture assures that 63% of companies using AI are just scratching the surface.

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

AI Achiever vs AI Tester

Graph of AI achievers versus testers.
The art of maturity, tone.

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

“In 2021, among the executives of the world’s 2,000 largest companies (by market capitalization) who discussed AI on their earnings calls were likely to see the stock price rise. Their company’s shares are 40% higher – up from 23% in 2018,” Accenture said.

In total, Accenture identified four groups: “AI Achievers”, “AI Builders”, “AI Innovators” and “AI Testers”. Achievers, Builders, and Innovators combined, represent only 37% of the organizations surveyed. “AI testers” almost doubled these numbers.

“AI Achievers” turns AI pilots into production projects to solve real-world business problems. They also use their metrics and data to take action, for example by measuring and reducing greenhouse gas emissions or natural resource consumption. The leading companies in the AI ​​field build their AI core and data instead of buying it. They also have a holistic AI strategy and encourage innovation through their culture.

More than half of the companies surveyed using AI are not making full use of the technology. “AI testers”, which Accenture places at 63%, lack the necessary mature AI strategies and are incapable of AI operations.

Whit Andrews, renowned VP analyst at Gartner, told TechRepublic that while many organizations have been striving for at least one AI project, the challenge they face today is how to drive the future. their digital through AI.

Gartner agrees that AI has the potential to enable organizations to stay competitive and reimagine products and services. But IT leaders need to see through the hype surrounding AI and find ways to apply the technology to solve real-world problems, Gartner said.

A new Accenture report predicts that companies proficient in AI will double from 12% to 27% in the next two years. To master AI, companies look beyond data and AI tools, such as machine learning. They embrace AI organizational strategy, invest in talent and infrastructure, and build an AI culture.

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Top and low ranked industries due to AI usage

Graph from Accenture AI report.
The art of maturity, tone.

On a scale of 1 to 100, the Accenture report says the average AI maturity score for all industries is slightly above 35 points. The tech industries are the most advanced with an AI maturity score of 54, expected to grow to 60 by 2024. The gap between technology and all other sectors is substantial, but Accenture projects This gap is expected to narrow significantly by 2024.

Industries that excel in using AI include:

  • Technology
  • Car
  • Space
  • Defense

Industries that fell below average include:

  • Banking and capital markets,
  • Health care
  • Public services
  • Energy

Accenture highlights AI-powered self-driving vehicles in the automotive sector, AI-powered navigation and remote control systems developed by aerospace and defense companies, and drug development in science life, is a game-changing trend.

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The Art of Mastering AI

Live team meeting.
Image: Christina Wocintechchat via Unsplash.

Accenture says AI priorities, investments, tools, responsible use of AI, and long- and short-term AI strategies are the five key points that can help organizations master AI. Companies that excel in AI don’t just seek to master one point, but combine their strengths to outperform them all.

“AI Achievers” make AI a priority across their entire organization. Eighty-three percent of “Artificial Intelligence Achievers” have full funding from leaders. CEOs are creating a culture of intentional innovation. Forty-eight percent of Achievers embed innovation in their organizational strategy, while only 33% of Testers do the same.

“AI Achievers” is also investing in talent. Seventy-eight percent of Achievers include mandatory AI training for all their employees, from product developers to C-suite executives. This creates powerful AI knowledge that enables AI collaboration across the company.

The industrialization of AI tools and AI core building teams is also a priority for “AI Achievers”. Talent, technology, and data come together in cloud processes to drive migration, scale and growth, innovation, progress, and performance. “The AI ​​cores are in turn managed by dedicated interdisciplinary teams of machine learning engineers, data scientists, data domain experts, and systems engineers,” said Accenture.

Whit Andrews, VP Analyst at Gartner explains that investments in AI should include a variety of activities. “Examples include formal programs to link software engineering and AI teams, plans to hire internal and external talent, and a top-down commitment that all new IT projects and The big level must incorporate AI,” Andrews said.

“That means investing resources to implement it in every aspect of their digital operations. They have to push the experiments to production. For now, that means central systems. Ultimately, those central systems will sink into the overall business,” adds Andrews.

AI accountability is another differentiator. When an AI project adheres to laws, regulations, and ethics from the outset, it can empower employees, businesses, and customers, while impacting society.

Long-term and short-term investments are also a priority for AI Achievers. Leading in AI requires aggressive investments. AI leaders are getting more out of AI, simply because they invest more than other teams. They also understand that AI is a journey without a peak and needs constant investment, research and development.

“AI Achievers is thriving. Across industries, they have turned the past of cloud migration to innovation. They leveraged the scale and computing power of the cloud to tap into new data sources and widely available AI technology. But AI is not their secret to achieving outstanding performance. The company behind the “The Art of Maturity of AI” report concludes that the way they approach AI sets them apart.

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