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Global AI Survey: AI proves its worth, but few scale impact

Global AI Survey: AI proves its worth, but few scale impact

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SUMMARY

The majority of companies studied for this report on AI adoption reported measurable benefits from AI where it has been deployed but at the same time there is still a lot do when it comes to scaling impact, risk management, and retraining staff, the study says.

The McKinsey Global Survey on this topic revealed a 25% yearly increase in the use of AI in standard business processes. The research showed a significant rise compared to the past year in organizations using AI in various business areas. Revenue has seen a rise in those areas where AI has been used according to most executives whose companies have adopted AI. Costs have also seen a reduction in those organizations, the findings reveal.

The study indicates that around one-third of surveyors say they expect AI adoption to lead to a decrease in their workforce over the next three years, while one-fifth expect an increase. What's described in the paper as AI high performers are carrying out more retraining.

According to the study, surveyors are most likely to report revenue increases from AI use cases in marketing and sales, product and service development, and supply-chain management The results indicate increases in AI adoption in almost all sectors in the past year. Retail is the industry that has seen the largest increase, with over half of respondents noting that their organizations have embedded one AI capability or more in one or several functions or business units.

Regarding risks associated with AI, the study shows that only very few organizations acknowledge many of the risks of AI use. But even less are doing something to protect against the risks. Less than 50% of respondents indicated that their companies identify and prioritize risks associated with AI use, the document notes.

 

OUTLINE

Returns from AI

AI adoption

AI risks

Workforce

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Global AI Survey: AI proves its worth, but few scale impact
Region
Global
Published
Nov. 15, 2019
Publisher
McKinsey & Company
Author(s)
Arif Cam, Michael Chui, Bryce Hall
Price
FREE
Language
ENGLISH

Content

Number of Pages
39
Number of Tables
0
Number of Exhibits
6
Topics
ai
Tags
AI, AI adoption, AI development, AI investments, AI survey, artificial intelligence, global, McKinsey, survey
Author(s)
Arif Cam, Michael Chui, Bryce Hall
Methodology
Not available.
EVALUATION

What makes this report an excellent read is its great findings on AI adoption accompanied by outstanding graphs.

Positives:

  • Appealing layout
  • Good graphs
  • Clear language
  • Insightful findings
  • Hyperlinks

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