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Wait-and-See Could Be a Costly AI Strategy
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Journal Article
Wait-and-See Could Be a Costly AI Strategy
2018
Overview
From the dexterity of Amazon's Kiva robots to the facial recognition in Apple's iPhone X, artificial intelligence (AI) is increasingly sophisticated and accessible. It also promises to be a rich source of profit uplift -- up to 10% of revenue, depending on your industry. Nevertheless, more than 95% of companies have not embraced AI technology to reinvent how they do business. Even though there are many unknowns regarding AI's capabilities and uses, our research at the McKinsey Global Institute suggests that following a wait-and-see strategy for too much longer could be a costly mistake. The corporate diffusion of new technologies typically follows an elongated S curve -- slowly rising at the start, steeply climbing in the middle, and then flattening again as the technology becomes commonplace. Our surveys suggest that the level of competitive intensity surrounding AI could be intense, accelerating the speed of diffusion. Early AI adopters told us that their companies are more focused on using AI for top-line growth than for internal efficiency.
Publisher
Massachusetts Institute of Technology, Cambridge, MA
Subject
