AI -Myths & Reality BCG Survey

A new study by BCG GAMMA, the BCG Henderson Institute, and the MIT Sloan Management Review suggest that in order to see significant financial returns, organizations need a multidimensional, complex relationship with AI — one that involves several methods of learning and different modes of interaction.

Businesses everywhere are recognizing the power of AI to improve processes, meet customer needs, enter new spaces, and, above all, to gain a sustainable competitive advantage. With this recognition has come an increased adoption of — and investment in — AI technologies.

A global survey of more than 3,000 executives revealed that more than half of respondents are deploying AI: six out of ten have an AI strategy in 2020, up from four out of ten in 2018. AI solutions are more prolific and easier to deploy than ever before, and companies around the globe are seizing on the opportunity to keep up with this exciting trend. Yet despite their efforts — to hire data scientists, develop algorithms, and optimize processes and decision making — most companies aren’t seeing a significant return on their investments.

Currently, companies have only a 21% chance of achieving significant benefits with these fundamentals alone, though incorporating the ability to iterate on AI solutions with business users nearly doubles the number, to 39%.

But it’s the final stage of AI maturity, of successfully orchestrating the macro and micro-interactions between humans and machines, that really unlocks value. The ability to learn as an organization — by bringing together human brains and the logic of machines — is what gives companies a 73% chance of reaping the financial benefits of AI implementation.

MIT Sloan School of Management Review in collaboration with BCG GAMMA publishes fantastic reports slashing myths & establishing facts.

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