The research conducted by Mckinsey about AI adoption in companies showed that a digital base is necessary before implementing AI; which means that if a company is thinking about implementing this technology before other digital technologies, it might not be a good idea. However, it is necessary to start working on such projects as soon as possible because competitors are fast.
A solid base of core and advanced digital technologies is necessary. In addition, it is important that all heads of the company have an awareness of the importance of digital culture. The research showed that executives are conscious about competitive threats behind AI and due to that, companies are twice as likely to embrace AI as they were to adopt new technologies in past technology cycles.
Despite the awareness about the importance of AI, there are few companies who have started AI implementation – less than ten percent. Only half of these companies are power users of AI and a quarter have tested to a limited extent.
The Mckinsey model tested the extent to which underlying clusters of core and advanced digital technologies affected the likelihood of a company adopting AI. Companies with a solid digital base are more likely to have implemented AI. The survey has shown the same thing; companies are more able to adopt AI depending on the knowledge gained from applying and mastering existing digital capabilities to do so.
This research suggests that waiting carries risks to companies. AI investments have been improving profits; as a result, companies are using these profits to invest more into AI applications.There is not a wide range of companies which have invested in AI, but there are many companies which have a strong digital base and can move more quickly to adopt AI. Companies with a less favorable digital foundation will need to focus on digital transformation efforts.