Is artificial intelligence ready to ride the wave?

The Boston Consulting Group (BCG) has a great article in Artificial Intelligence: Preparing to Ride the Wind, part of its Executive Perspectives series. This article brings together a collection of trends, charts, lists, and insights to help C-suite executives better understand AI as an essential technology investment.

Scaling artificial intelligence is important because most companies fail. According to a BCG report, only 11% of companies have discovered the value of artificial intelligence.

Why aren’t companies taking AI beyond pilots?

The answer is a bit complicated. AI is designed to mimic human behavior and must also work with humans to achieve scale. This intersection is where the magic happens.

If you’re not sure where to start, consider an executive brief and script. Rely on big data and see every aspect of your company that AI can change, from managing talent to regulatory and ESG areas.

Here are some ideas to get started:

• Optimization reduces operating costs
• Personalization increases revenue
• Automation reduces Cost of Service
• Predictive operations and maintenance to save costs

Artificial intelligence can be viewed as a business transformation that goes beyond strategy-relevant technologies. If you implement a new ERP system or move to a new product category, you need to plan, implement, test, and scale.

For every executive taking holistic action in designing and deploying AI solutions, there is another executive taking small steps to build capabilities. No matter which camp you're in, stay ahead of the curve by staying up to date on the latest happenings, opportunities, and pitfalls.

The BCG report gives a surprising recommendation, which is to find inspiration from raw numbers, embrace change, stay agile, and be ready to reimagine business processes at any time. It always depends on people supporting, changing, accepting and thriving. These are things digital natives are very good at.

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