Dec 26, 2019

A majority of executives whose companies have adopted AI report that it has provided an uptick in revenue in the business areas where it is used, and 44 percent say AI has reduced costs, according to McKinseys November Global AI Survey Report.

Among the encouraging findings:

On the downside, only a small share of companies across industries are attaining outsized business results from AI. Moreover, McKinsey finds that some core practices are necessary to capture the value of analytics at scale, including aligning business leaders on AIs potential across each business domain, as well as investing in talent and developing skillsets.

Even AI-high performers have work to do. Only 36 percent of respondents from these companies say their frontline employees use AI insights in real time for daily decision making, and just 42 percent systematically track a comprehensive set of well-defined key performance indicators for AI.

Adoption by business people is a function of ease of use and value, but also executive leadership and culture. Rationalizing your use case plans against the landscape of applications, tools, platforms, data science and IT capabilities at your disposal will make the most of your investments so you can focus on the softer skills side of AI value.

DISCUSSION QUESTIONS: Do you think retailers overall are doing enough to ensure their investments in AI will pay off? Are retailers doing the right things to scale? Do you think we will see the impact of AI adoption in 2019s results?

"The balance with which the retail industry has applied AI across the full consumer experience, and the results they are experiencing, are encouraging."

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Will we see AI's impact on 2019 holiday results? RetailWire - RetailWire