Only 12% companies are utilising AI to outpace their rivals: Report

Only 12 per cent of organisations that use AI are doing it at a maturity level to achieve a strong competitive advantage while the rest are still experimenting with the technology, a new report said

Artificial intelligence
IANS Bengaluru
2 min read Last Updated : Jun 14 2022 | 2:24 PM IST

Only 12 per cent of organisations that use artificial intelligence (AI) are doing it at a maturity level to achieve a strong competitive advantage while the rest are still experimenting with the technology, a new report said on Tuesday.

The research from Accenture puts the median AI maturity of organisations at a moderate score of 36, revealing most companies have significant opportunities to generate greater value with AI.

Tech firms globally already have a high AI maturity score of 54, which will rise moderately to 60 in 2024.

In contrast, carmakers and suppliers will leap from a moderate 39 today to 57 in two years -- betting on a significant surge in sales of AI-powered self-driving vehicles.

Similarly, retail companies will evolve in their AI Maturity from 38 today to 54 in 2024.

The 12 per cent of firms that are using AI to its maximum to outpace their competitors is dubbed "AI Achievers", with a score of 64 on the maturity scale.

"AI adoption rapidly matured during the pandemic, yet to create more value with AI and use it to reinvent the enterprise, companies require a clear leadership vision combined with effective change management and human capital reinvention," said Piyush N Singh, India Business Lead at Accenture.

According to the research, AI maturity is the degree to which organisations outperform their peers in a combination of AI-related foundational and differentiating capabilities.

These capabilities include the technology (data, AI, cloud) as well as organisational strategy, Responsible AI, C-suite sponsorship, talent and culture.

"To successfully scale the use of AI, the companies need to industrialise AI tools and teams and also nurture a culture of responsible AI design. But most importantly, they must invest in talent," said Prithvijit Roy, Managing Director, Applied Intelligence, Accenture in India.

Besides hiring for multidisciplinary AI-related skills, it is imperative to create data and AI fluency across the workforce through skilling and reskilling for a majority of employees.

The report showed that most companies (63 per cent) are 'AI Experimenters', barely scratching the surface of AI's potential with an AI maturity score of 29.

"We believe every part of every business must be transformed by technology, data and AI, in some cases resulting in total enterprise reinvention," said Sanjeev Vohra, global lead for Applied Intelligence at Accenture.

--IANS

na/svn/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Artificial intelligenceCompaniesAI technology

First Published: Jun 14 2022 | 2:23 PM IST

Next Story