More Than 60% of Companies Are Only Experimenting with AI, Creating Significant Opportunities for Value on their Journey to AI Maturity, Accenture Research Finds
08 June 2022 - 7:59PM
Business Wire
While the majority of organizations that use artificial
intelligence (AI) are still experimenting with the technology, only
12% are using it at an AI maturity level that achieves a strong
competitive advantage, according to new global research from
Accenture (NYSE: ACN).
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Most companies are still experimenting
with AI. (Graphic: Business Wire)
“The Art of AI Maturity: Advancing from Practice to Performance”
uncovers strategies for AI success through a holistic framework,
which includes a new index to express company AI maturity on a
0-100 scale. According to the research, AI maturity is the degree
to which organizations outperform their peers in a combination of
AI-related foundational and differentiating capabilities. These
capabilities include the technology — data, AI, cloud — as well as
organizational strategy, Responsible AI, C-suite sponsorship,
talent and culture.
The research puts the median AI maturity of organizations at a
moderate score of 36, revealing most companies have significant
opportunities to generate greater value with AI. The research
highlights a small group (12%) of organizations that already use AI
to outpace their competitors. This group is dubbed AI
Achievers, with a score of 64 on the maturity scale, almost
doubling that of others and correlating with 50% higher revenue
growth than their peers.
The analysis further shows that most companies (63%) are AI
Experimenters, barely scratching the surface of AI’s potential
with an AI maturity score of 29. AI Innovators (13%),
scoring 50, and AI Builders (12%), at 44, are somewhat
advanced in their level of AI maturity, but are still leaving the
full value of AI untapped.
“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. “AI Achievers are showing their
peers what’s possible when you release the full potential of talent
and technology, working in tandem, supported by a clear vision and
commitment to change. But even this most mature group has plenty of
room for growth. And while most industries have AI Achievers, they
vary greatly in how AI-mature they are overall and the leaps they
will make.”
Examples for the current and projected future state of AI
maturity by industry include the following:
- Tech firms already have a high AI maturity score of 54,
which will rise moderately to 60 in 2024, but still position them
at the pinnacle of AI maturity across all industries.
- 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. Notably, many retail
companies show a deeper commitment to AI transformation than other
industries. Walgreens Boots, as part of its efforts to create a
more data-driven organization that can offer customers highly
personalized digital service, migrated from legacy databases to
advanced cloud databases and analytics. The company also built more
than 100 high-value AI products that create detailed customer
profiles and help it better optimize inventory and prices.
Regardless of industry, the impact of AI on businesses is
growing and accelerating. The world’s largest companies that
discussed AI on their earnings calls in 2021 were 40% more likely
to see their share prices increase — up from 23% in 2018. Moreover,
investments in AI are on the rise. In 2021, 19% of the surveyed
companies used more than 30% of their tech budgets for AI projects.
By 2024, the percentage of organizations investing more than 30% of
their tech budgets in AI will increase to 49%.
Subsequently, the machine learning models utilized for the
research suggest that the share of AI Achievers will increase
rapidly from the current 12% to 27% by 2024. In the same timeframe,
the overall AI maturity score will rise from 36 today to 50.
“Adopting AI at scale and embedding it deeper in all aspects of
business is no longer a choice, but a necessity and opportunity
facing every industry, organization and leader,” Vohra said. “While
the science of AI is ground-breaking and inspiring, harnessing it
fully is an art that leaders must continually practice. Our report
provides actionable recommendations for how to advance AI maturity
to join the ranks of the AI Achievers.”
About the Research
The research, titled “The Art of AI Maturity: Advancing from
Practice to Performance” is based on financial and non-financial
data of 1,176 firms that use AI and survey data from 1,615
executives, conducted August – September 2021, in 16 industries
(Aerospace & Defense; Automotive; Consumer Goods &
Services; Chemicals; Energy; Financial Services; Healthcare;
Industrial Equipment; Life Sciences; Natural Resources; Public
Services; Retail; Technology; Telecommunications, Media &
Entertainment; Travel & Transport; Utilities) and 15 countries
(Australia, Brazil, Canada, China, France, Germany, India, Israel,
Italy, Japan, Singapore, South Africa, Spain, UK, US). The data fed
into machine learning models, which determined companies’
performance across a set of AI-related capabilities — primarily
“foundational” capabilities, which companies need to compete on AI,
and primarily “differentiation” capabilities, which give companies
a competitive edge with AI. Results of the two models were combined
into a single index that measures AI maturity on a scale of 0-100.
A detailed description of the methodology and sample can be found
in the appendix of the research report (available for download
here).
About Accenture
Accenture is a global professional services company with leading
capabilities in digital, cloud and security. Combining unmatched
experience and specialized skills across more than 40 industries,
we offer Strategy and Consulting, Technology and Operations
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Our 699,000 people deliver on the promise of technology and human
ingenuity every day, serving clients in more than 120 countries. We
embrace the power of change to create value and shared success for
our clients, people, shareholders, partners, and communities. Visit
us at accenture.com.
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Jens Derksen Accenture +49 175 57 61393
jens.derksen@accenture.com
Enxhi Myslymi Accenture +1 703 947 3595
enxhi.myslymi@accenture.com
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