Photo: Joe McKendrick<\/p>\n
Artificial intelligence is a must-have in todays economy. However, for the most part, its still not delivering business value in a profound way. Yet, everyone has high hopes. <\/p>\n
Thats the word from a survey of 2,555 executives published by MIT Sloan Management Review and Boston Consulting Group, which finds those companies achieving success with AI are those that pay close attention extremely close attention to organizational factors. <\/p>\n
A growing number of leaders view AI as not just an opportunity but also a strategic risk, the studys co-authors, led by Sam Ransbotham of Boston College, report. What if competitors, particularly unencumbered new entrants, figure out AI before we do? In 2019, 45% perceived this risk in their markets, up from 37% in 2017.<\/p>\n
The path to AI-driven success is not a smooth one, however. Many AI initiatives have been falling flat when it comes to business impact. Seven out of 10 companies surveyed report minimal or no impact from AI so far, the survey shows. <\/p>\n
Even among organizations leading the way with AI with significant investments, only about three in five report some business impact from AI. This means 40% of organizations making significant investments in AI do not report business gains from AI, Ransbotham and his team points out. <\/p>\n
Whats the problem? Organizational issues bog down AI initiatives, the survey shows. Companies that focus solely on the production of AI data, technology, tools are less likely to derive value than those companies that actively align business owners, process owners, and AI owners, the survey authors state. Leaders enable their organizations to consume AI as much as to produce AI.<\/p>\n
Ransbotham and his co-authors identified five common traits that the AI winners exhibit:<\/p>\n
While the AI leaders have these commonalities, there is no step-by-step process for achieving a sustainable and profitable AI initiative, the researchers caution. The key is to elevate AI efforts out of the labs and into the business mainstream where everyone can see and experience it. <\/p>\n
Executives must act strategically, they advise. Acting strategically means deciding what not to do. AI projects that focus on targeted solutions create a positive pressure for organizational integration on two levels: by forcing a level of data hygiene that yields greater integration across functions, and by revealing exciting opportunities for innovation that organizations can only realize if many disparate parts of the organization pull together.<\/p>\n
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Five Traits Of Artificial Intelligence Trailblazers - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Photo: Joe McKendrick Artificial intelligence is a must-have in todays economy. However, for the most part, its still not delivering business value in a profound way Continue reading