In Spain, the Madrid metro is used AI To monitor its network and reduce energy consumption by 25%. In the United States, the beverage company uses artificial intelligence to increase sales by analyzing retailers and markets. In Europe, an energy company trains its engineers and managers in a dual-digital factory powered by artificial intelligence. In the Middle East, the AI-powered virtual communication assistant speaks to 1.65 million customers per month in Arabic and different dialects.
Undoubtedly, AI It is being fully embraced worldwide, with all industries perceiving it as the next big thing in technology. However, a report by Accenture asserts that 63% of companies using AI are just scratching the surface.
On June 8, 2022, Accenture submitted the report The art of maturing artificial intelligence. The report concludes that the majority of organizations using AI are still experimenting with this technology. Only 12% use it at maturity.
AI Achievers vs. AI Experiments
According to Accenture, about 30% of AI Achievers’ total revenue is related to AI. AI Achievers also enjoyed 50% greater revenue growth on average during the 2019 pandemic era.
“In 2021, among the CEOs of the world’s 2,000 largest companies (by market capitalization), those who discussed AI in their earnings calls were 40% more likely to see their company’s stock prices — up from 23% in 2018,” Accenture says. .
In all, Accenture has identified four groups: “AI Achievers”, “AI Builders”, “AI Innovators” and “AI Experimenters”. Achievers, Builders, and Innovators collectively represent only 37% of the organizations surveyed. And ‘artificial intelligence experimenters’ roughly double these numbers.
AI Achievers turns experimental AI models into production projects to solve real-world business problems. They also use their metrics and data to take action, for example by measuring and reducing greenhouse gas emissions or the consumption of natural resources. Leading AI companies build their data and AI core instead of buying them. They also have an integrated AI strategy and encourage innovation through their culture.
More than half of the companies surveyed using artificial intelligence are not taking full advantage of the technology. “AI experts,” 63% hired by Accenture, lack the required mature AI strategies and do not have the capabilities for AI operations.
Witt Andrews, Gartner Senior Vice President Analyst, told TechRepublic that while many organizations have prepared at least one AI project, the challenge they now face is how to lead their digital future through AI.
Gartner agrees that AI has the potential to allow organizations to remain competitive, and to reimagine products and services. Gartner says that IT leaders need to know how hype around AI is and find how to apply the technology to solve real problems.
A new Accenture report predicts that companies mastering artificial intelligence will double from 12% to 27% in the next two years. To master AI, companies are looking beyond data and AI tools, such as machine learning. They are embracing an AI organizational strategy, investing in talent and infrastructure and building an AI culture.
We see: Artificial Intelligence Ethics Policy (TechRepublic Premium)
High and low industries using artificial intelligence
On a scale of 1 to 100, the Accenture report says the average AI maturity score for all industries is just over 35 points. Tech industries are the most advanced with an AI maturity score of 54 and are expected to rise to 60 by 2024. The gap between technology and all other sectors is large, but Accenture expects to narrow that gap significantly by 2024.
Industries that excel in using AI include:
- the cars
- outer space
Industries that are below average include:
- Banks and capital markets,
- Health Care
- Public services
Accenture is highlighting AI-powered self-driving vehicles in the automotive sector, AI remote and navigation systems developed by aerospace and defense companies, and drug development in the life sciences industry as game-changing trends.
We see: Metaverse Cheat Sheet: Everything You Need to Know (Free PDF) (TechRepublic)
The art of mastering artificial intelligence
Accenture says AI priorities, investments, AI tools, responsible use of AI, and long- and short-term AI strategies are five key points that can help organizations master AI. Companies that excel in AI are not just looking to master a single point, but they are pooling their strength to outperform absolutely.
The AI Achievers program puts AI as a priority across their entire organisation. Eighty-three percent of “artificial intelligence experts” have full patronage from leaders. CEOs create a thoughtful innovation culture. Forty-eight percent of successful people include innovation in their organizational strategies, while only 33 percent of experimenters do the same.
AI Achievers also invest in talent. Seventy-eight percent of achievers include mandatory AI training for all their workers, from product development to C-suite executives. This builds strong AI knowledge that enables AI collaboration across the entire company.
Manufacturing AI tools and teams that build an AI core is also a priority for “Achievers”. Talent, technology, and data environments come together in cloud operations to drive migration, scaling, growth, innovation, progression, and performance. “AI centers are in turn run by specialized multidisciplinary teams of machine learning engineers, data scientists, data experts, and systems engineers,” Accenture says.
Witt Andrews, Gartner VP Analyst, explains that AI investments should cover different practices. “Examples include formal programs to connect software engineering and AI teams, a plan to hire internal and external talent, and a top-down commitment that all new IT projects and major upgrades must include AI,” Andrews says.
This means investing resources in doing so in every aspect of their digital operation. They have to push experiments towards production. For now, that means centralized systems. “Eventually, those centralized systems will sink into business in general,” Andrews adds.
The responsibility of AI is another differentiating factor. When an AI project adheres to laws, regulations, and ethics from the start, it can empower employees, businesses, and customers, while also having an impact on society.
Long-term and short-term investments are also top priorities for AI achievements. Leading in artificial intelligence requires strong investments. AI leaders get more AI, simply because they invest more than other groups. They also understand that AI is a journey that has no climax, and there is a need for continuous investment, research and development.
“AI achievements are thriving. Across industries, they have moved in the past to move to the cloud to innovate. They have leveraged the size of the cloud and computing power to take advantage of new data sources and widely available AI technologies. But AI is not the secret to superior performance,” the company concluded. She is behind The Art of AI Maturity report that the way they approach AI is what makes them different.