McKinsey report reveals how artificial intelligence can deliver real value to companies
Management consultancy firm McKinsey has identified how companies can rely on artificial intelligence to help drive earnings, as the technology begins to deliver real benefits to early-adopters.
McKinsey Analytics' report details just how fast the artificial intelligence industry is growing - with giants such as Google and Baidu dominating, tech companies spent between $20-30bn on AI in 2016.
90% of that investment was spent on research and development and deployment, whilst the remaining 10% was on AI acquisitions.
In McKinsey's survey of 3,000 C-level executives, only 20% of respondents said that their company currently uses AI at scale or in a core part of their business.
Additionally, many firms say they are currently unaware and uncertain about any possible business returns, with AI being deployed commercially in just 12% of cases.
The report also finds that companies who are early adopters of AI that combine strong digital capability with proactive strategy typically "have higher profit margins."
Companies that fail to embrace the growing AI trend look set to see the gap between them and early adopters continue to grow, with the latter already gaining significant competitive advantages.
AI also brings urgent challenges to business, says the report: the workforce has to be reskilled to work alongside AI and robotics, as opposed to competing with it.
Progress will also need to be made on the ethical, legal and regulatory challenges that currently face the implementation of artificial intelligence.
Searching for the Top 100 Leaders in Technology
The search is on for the Top 100 Leaders in Technology 2021 – nominated by readers of Technology magazine and open to all.
The initiative has been launched and nominations are now open, with the final, prestigious Top 100 due to be announced during Technology and AI LIVE running 14-16 September, beamed from London to the world.
This latest, definitive list of the leading executives and influencers in the industry will be announced at the event and shared across social media channels, this website, and presented in a special supplement that honours all of those named in our annual list.
The Top 100 Leaders follows on from the well-received Top 100 Women in Technology that BizClik Media Group (BMG) – publishers of Technology magazine, AI magazine and a growing portfolio of industry-leading titles – produced in March this year to coincide with International Women’s Day.
“The Top 100 Women recognised the incredible and influential women driving our industry,” says Scott Birch, editorial director, BMG. “The success of that initiative encouraged us to recognise the Top 100 Leaders – individuals championing everything that we love about technology and embracing best practice that’s good for business.”
Nominations are already coming in, with some notable highlights including:
Rhonda Vetere - Herbalife
Bryan Smith - Expedient
Nominate your Top 100 Leader HERE
The deadline for nominations closes on Sunday 1 August 2021, and it is free to nominate. The Top 100 Leaders will be announced across our platforms and at the LIVE event.