AI digital adoption advances, says McKinsey, “but foundational barriers remain.”
That was the result of their global November 2018 survey on artificial intelligence (AI) adoption within enterprises.
The global management consulting firm found that few companies actually have in place the “foundational building blocks” that enable AI to generate value at scale.
We want to know, do you?
The benefits of AI
McKinsey’s research shows early evidence of large-scale AI adoption bringing lucrative returns.
Their case studies demonstrate how AI is shaping different functions across the entire value chain. They also show great impact on a variety of stakeholders, such as multinational corporations, governments, community organizations, and start-ups.
AI is shown as creating value in four areas:
- Enables companies to better plan and forecast demand, optimize research and development, and increase resources
- Improves ability to produce goods and provide services at a lower cost and higher quality
- Delivers products to customers at the appropriate price and with the correct information
- Provides personalized and convenient user experience
AI digital adoption enhances the customer experience (CX)
According to Adobe’s Digital Trends report, 2018 was the year of the customer experience (CX).
Walmart is one company using AI to improve their CX. Lauren Desegur at WalmartLabs says: “We’re…enhancing the shopping experience through machine learning.
“We want to make sure there is a seamless experience between what customers do online and what they do in our stores.”
With more enterprises undergoing digital transformation, AI digital adoption has become a strategic tool for enterprises prioritizing the customer experience.
AI digital adoption improves the user experience (UX)
AI is also creating a better user experience for enterprises providing digital tools and products.
WalkMe’s AI improves the user experience of its customers’ digital products.
Let’s say your organization supplies complex digital equipment to its customers. Your customers have to undergo a certain amount of training before being able to use your products effectively.
What if AI could do that for you?
That’s how WalkMe’s Digital Adoption Platform (DAP) works. It’s an intelligent algorithmic layer that can be applied to any digital system. It uses advanced analytics to understand individual user behavior and provide helpful guidance actually at the time of need.
This rapidly accelerates the time it takes to onboard customers to your digital technology. So, training costs are reduced for you and the user experience is improved for them.
Why you need to consider AI digital adoption now
McKinsey’s 80 page report entitled Artificial Intelligence: The next digital frontier? points out that “wide application of artificial intelligence technology will bring great returns to businesses.”
The report also notes that, outside of the tech industry, AI digital adoption is still in an early experimental phase. Few companies have actually deployed AI solutions.
But those that have — so called “early adopters” — will reap much greater rewards than those who are waiting until the technology is more mainstream.
Enterprises need to consider their AI digital adoption now.
The truth of the matter is that AI has been around for decades, in some guise or another.
Today, businesses are focusing on AI systems such as robotics and automated transportation, virtual agents, and machine learning. But much of the groundwork for the creation of these systems began in the 1980s.
While the technology itself has progressed rapidly in recent years, adoption for some reason has not.
AI has been transformative for the few businesses that have acted fast. Rephael Sweary believes this trend is far from over: “if there’s one technology that will continue to dominate this year on into 2019, it’s AI.
“Whether it’s personal virtual assistants in healthcare or fraud detection systems in banking, there are a multitude of applications that AI is upending.”
But enterprises need to act now, or else they risk being left behind.
Harvard Business Review warns enterprises not to drag their feet. System development time, integration time, and the time it takes to develop meaningful interactions between humans and AI could set you back years.
When it comes to digital innovation within enterprises, there is a risk of acting without due consideration for the strategic merit of the implementation. But there is also such a thing as moving too slow.
AI is making waves when it comes to improving efficiencies and reducing cost centers. Organizations need to consider carefully why AI digital adoption should be a priority — and they need to figure it out fast if they want to reap the rewards.