Video: AI Presents Business Opportunities and Challenges

A shortage of talent and data-management issues loom large for businesses seeking to explore AI adoption.

Reading Time:

Topics

Artificial Intelligence and Business Strategy

The Artificial Intelligence and Business Strategy initiative explores the growing use of artificial intelligence in the business landscape. The exploration looks specifically at how AI is affecting the development and execution of strategy in organizations.

In collaboration with

BCG
See All Articles in This Section
Like what you're reading?
Join our community
Member
Free

5 Free Articles per month, $6.95/article thereafter. Free newsletter.

Subscribe
$89 $44/Year

Unlimited digital content, quaterly magazine, free newsletter, entire archive.

Sign me up

Organizations that struggle to integrate artificial intelligence (AI) solutions into their business are far from alone. As joint research between MIT Sloan Management Review and The Boston Consulting Group illustrates, few organizations understand what’s required to adopt AI, and only 23% of the organizations we surveyed have adopted the technology beyond the pilot stage. In fact, less than one in five organizations have integrated AI into just some of their processes and offerings. And just one in 20 organizations has integrated AI throughout their organization.

Two of the biggest barriers to corporate adoption of AI are access to talent and usable data. Many companies are unable to hire AI talent without draining corporate coffers because competition for small numbers of AI experts is fierce. Many of the most talented AI experts go from graduate school to one or more of the estimated 1,900 AI startups worldwide, which attract billions of investment dollars from corporate venture funds and other investors.

For more context on industry’s slow adoption of AI, watch this video from MIT SMR executive editor David Kiron’s recent keynote at AI World.