REPORT: The transformational benefits of AI
A recent study proves that “with explosive data growth, increasing computer processing power, and strengthening AI technology foundations, leading businesses are putting AI into practice, generating enviable results.” ROSS takes a closer look.
In our recent article on the history of AI, we explained that artificial intelligence has been around for a very long time. But who is benefiting from AI right now? The consulting firm Capgemini set out to answer this question by analyzing “more than 50 AI use cases regarding their adoption, complexity and benefits, [and] surveyed senior executives from nearly 1,000 organizations around the world that are already implementing AI.” The firm also spoke to academics, executives at global companies, startups and vendors. They published their findings in a report titled Turning AI into concrete value: The successful implementers’ toolkit.
Here is what they found, in numbers.
1. AI drives benefits across the board
Research shows that AI is already transforming how organizations do business, manage customer relationships and fuel groundbreaking innovation. HarleyDavidson, for example, used AI to increase sales leads by 2930% in only three months. (here)
2. The transformational benefits of AI
The firm’s research shows that “AI delivers significant transformational benefits, from reducing churn to increasing regulatory compliance. More than 7 out of 10 organizations surveyed for this research are gleaning significant benefits in various areas of operations. […] As AI drives operational efficiency, it allows employees to spend more time focused on the customer.”
3. AI creates jobs
Contrary to what you sometimes hear in the news, this report proves that AI is creating new job roles in many organizations, not killing them. “4 out of 5 executives in our survey of large organizations say AI has created new job roles. Most of the new jobs are also at a senior level. 2 in 3 new jobs (67%) were being created at the grade of manager or above.”
4. Adopt big!
Over one-third of the companies “adopt AI applications at a larger scale — across business units, functions, or geographies. Progress is most advanced in telecom, retail and banking.”
5. Identify your AI leadership
Not surprisingly, “organizations with a dedicated AI head outperform firms with no clear leadership. Firms with a dedicated AI lead observed a 17% increase in inbound customer leads using AI vis-a-vis just 9% increase for firms having no clear AI leader. Only about a third (37%) of organizations implementing AI have a dedicated AI head or lead in their firm.”
6. Data and skills are paramount
The report found that organizations with the right combination of data and skills derive significantly greater benefits from AI than those who have yet to develop them. “The key finding of our research is that organizations deploying AI at scale are reaping its benefits.”
7. Defining AI
The definition Capgemini used in this report is that “AI includes speech recognition, natural language processing, semantic technology, biometrics, machine and deep learning, swarm intelligence, and chatbots or voice bots.” Here is a summary of most of the prominent technologies that are classified as AI.
You can find the original report here. *All graphs used in this article are reproduced with permission and are credited to “Capgemini Digital Transformation Institute, State of AI survey, N=993 companies that are implementing AI, June 2017,” unless otherwise stated.
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