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Companies Delaying AI Integration Risk Falling Behind, Report Finds

As artificial intelligence (AI) becomes more prevalent in the workplace, companies that wait to incorporate the new technology risk falling behind, according to the 2023 Technology Report by Bain & Company.

Bain said that three-quarters of executives who participated in the study reported that AI has already met or exceeded expectations.

Model Accessibility Drives AI Industry Growth

The AI surge is the result of decades of system development, but the year 2022 was instrumental in making the technology accessible, according to the report. ChatGPT was released to the public in 2022 and acquired 100 million users within two months. Accessibility to AI reduces the cost of the technology, allowing businesses to experience its benefits at a low cost.
The widespread adoption of AI improves productivity and efficacy across all industries. The industry with the highest rate of AI adoption or evaluation is system integrators, with 89% adopting or evaluating AI. Following closely behind at 86% and 85%, respectively, are the marketing/advertising and technology industries. 78% of organizations across all industries are employing or evaluating at least one of the top six foundation model use cases.

AI Integration Is Commonplace Across Numerous Industries

Source: Bain and Company Technology Report 2023

Speed is important for people who want to use AI.

The report found that AI can increase productivity, improve the customer experience, shorten the time it takes to create a product, add new features to an existing product, and lower costs. People who used AI said that the speed at which companies can release new goods was a big benefit.

One of the best things about AI is that it shortens the time it takes to get a product to market, which was said by 76% of executives.
AI is still in its early stages, but the survey found that AI tools could speed up 20% of worker jobs without lowering their quality! Cutting down on the time needed to finish tasks while keeping the quality good could lead to more work getting done and lower costs.

“Wait-and-see” strategy could leave you behind the competition

With each new version of AI, the things it can be used for grow, giving early adopters an edge over others.

David Crawford, global head of Bain’s technology group, said, “In this fast-paced world, companies that wait and see when it comes to AI risk falling behind.” People who are already using AI at work will get ahead of people who aren’t using it yet, and those who are late will miss out on possible future benefits, the study said.

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