viralamo

Menu
  • Technology
  • Science
  • Money
  • Culturs
  • Trending
  • Video

Subscribe To Our Website To Receive The Last Stories

Join Us Now For Free
Home
Technology
McKinsey survey: AI boosts revenue, but companies struggle to scale use
Technology

McKinsey survey: AI boosts revenue, but companies struggle to scale use

23/11/2019

The latest McKinsey Global Survey released today found that artificial intelligence is having a positive impact on business outcomes, with 63% of respondents reporting an increase in revenue after adoption of the technology. However, only 30% of companies apply AI to multiple business units, up from 21% last year.

Still, overall AI adoption is on the rise — in standard business practices it’s up near 25%, according to the online survey of 2,360 business leaders from a range of industries and global regions.

The report also found a number of striking differences between companies deploying several AI systems to business operations and those that are not.

Companies that are considered high performers or AI power users by the study on average apply the technology to 11 use cases compared to three use cases at other companies using machine intelligence. The high performers were also more likely to report revenue increases from AI applications of over 10%.

“Overall, 44% of respondents report cost savings from AI adoption in the business units where it’s deployed, with respondents from high performers more than 4 times likelier than others to say AI adoption has decreased business units’ costs by at least 10%, on average,” the report reads.

Revenue growth was most likely to come from AI applications in marketing, sales, supply chain management, and product development.

That result echoes a Microsoft-commissioned business executive study released earlier this year about the AI opportunity gap. It’s also in line with an Accenture study that found roughly 16% or more of companies have figured out how to deploy AI at scale and more than 70% of companies risk being put out of business by competitors applying AI at scale.

More than 80% of respondents said they plan to retrain a portion of their workforce in the next three years, but high-performance AI companies were more likely to have retrained many of their employees in the past year.

“Seventy-two percent of respondents from AI high performers say their companies’ AI strategy aligns with their corporate strategy, compared with 29% of respondents from other companies. Similarly, 65% from the high performers report having a clear data strategy that supports and enables AI, compared with 20% from other companies,” the report reads.

High-performing AI companies also differ from others when it comes to attitudes about AI risks like equity and fairness, physical safety, cybersecurity, and national security.

According to the survey, 80% of high-performance respondents consider the risks to personal privacy compared to less than half of all other respondents.

On the subject of risk, 39% of respondents recognized a need for explainability, but only 21% said they’re actively addressing the issue.

Job loss

AI has not resulted in recent major job loss, as more than a third of total respondents reported less than a 3% change in their workforce, and only 5% of respondents reported a change greater than 10%.

But that could change, as 34% of respondents said they expect AI will decrease the size of their workforce. Conversely, 21% of respondents said they expect AI will grow the size of their workforce. Respondents from telecom or automotive industries have seen the deepest job cuts due to AI and are expected to lead in this category in the future, according to the report.

A Brookings Institution report released earlier this week found that AI exposure is highest among high-wage, white collar jobs like tech, while industries like food service, education, and health care are virtually immune to positive or negative impacts of AI.

Source link

Share
Tweet
Pinterest
Linkedin
Stumble
Google+
Email
Prev Article
Next Article

Related Articles

Beat Saber is now an Oculus studio after Facebook acquisition
TechCrunch ist jetzt Teil der Verizon Media-Familie. Wir (Verizon Media) …

A smaller, cheaper version of Qoobo, the robotic cat pillow, is on the way

TechCrunch’s Favorite Things of 2019
TechCrunch ist jetzt Teil der Verizon Media-Familie. Wir (Verizon Media) …

CrunchMatch simplifies networking @ TC Sessions: Robotics + AI 2020

Leave a Reply Cancel reply

Find us on Facebook

Related Posts

  • Fast & Furious: Crossroads lives video games a quarter-mile at a time
    A billion medical images are exposed online, …
    11/01/2020
  • PlayStation 5 gets Godfall looter-slasher from Gearbox Publishing
    Citing concern over COVID-19, Y Combinator moves …
    08/03/2020
  • SenseTime researchers create a benchmark to test face forgery detectors
    NIST benchmarks show facial recognition technology still …
    09/09/2020
  • Rainbow Six: Siege has over 55 million registered players
    Rainbow Six: Siege has over 55 million …
    06/02/2020
  • No password required: Mobile carrier exposes data for millions of accounts
    No password required: Mobile carrier exposes data …
    09/04/2021

Popular Posts

  • 10 Real Historical Events That Inspired ‘Game …
    22/05/2022 0
  • Top 10 Most Singular Encounters with Unidentified …
    24/04/2022 0
  • 10 Creepy Apocalyptical Predictions – Listverse
    25/04/2022 0
  • 10 Meetings That Shaped History – Listverse
    25/04/2022 0
  • The first “Meta Store” is opening in California in May
    The first “Meta Store” is opening in …
    25/04/2022 0

viralamo

Pages

  • Contact Us
  • Privacy Policy
Copyright © 2022 viralamo
Theme by MyThemeShop.com

Ad Blocker Detected

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

Refresh