I am a big believer in the impact of AI and am an advocate for board members and senior executives to get educated and take action now.
McKinsey conducted a global survey of more than 2,000 executives to understand the current state of AI in business and highlight what the top performing companies are doing. These results support my contention that this is one of the most important things a company can focus on.
Here are some of the highlights:
- 25% increase in the use of AI year over year
- 44% report a reduction in costs related to AI use, with the primary benefits found in manufacturing and supply chain
- Some companies are creating a significant gap in business results between themselves and their laggard competitors
- AI high performers are doing more job retraining
- 63 percent of respondents report revenue increases from AI adoption, mostly in sales and marketing
- High performers are nearly three times liklier than those from other companies to report revenue gains of more than 10 percent
- In marketing and sales, respondents most often report revenue increases from AI use in pricing, prediction of likelihood to buy, and customer-service analytics
- In product and service development, revenue-producing use cases include the creation of new AI-based products and new AI-based enhancements
- In supply-chain management, respondents often cite sales and demand forecasting and spend analytics as use cases that generate revenue
- High performers are more than four times likelier than others to say AI adoption has decreased business units’ costs by at least 10 percent