McKinsey report confirms companies experimenting with AI, return on investment is elusive
Most organisations are still a long way from fully harnessing artificial intelligence, according to new research from McKinsey. While 88% of companies are now using AI in at least one business function, only a third succeed in implementing the technology organisation-wide.
The research, titled ‘McKinsey Global Survey on the state of AI’, paints a picture of cautious optimism combined with persistent challenges. Organisations are grappling with the question of how to move from experimental applications to creating lasting value.
Strikingly, 62% of the companies surveyed are currently experimenting with so-called AI agents – systems able to autonomously carry out tasks or sub-tasks.
The figures show that companies are achieving results at an individual level. Only a small proportion managed to scale up experiments organisation-wide. One in three respondents reported being engaged in this process, usually large companies. Small businesses, in contrast, made limited progress in taking such a significant step.
And significant it certainly is, according to employees. Many expect AI will lead to job losses at their employer.
Respondents also report specific cost and revenue benefits for particular applications. Moreover, 64% said AI had boosted their capacity for innovation. But when it came to the impact at company level – financial gain, in particular – only 39% report tangible results.
For organisations to truly capitalise on AI, McKinsey argues, they will need to thoroughly re-examine their processes. The question is not whether AI has added value, but how companies are going to unlock it.
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