How Businesses can Develop an AI Strategy according to MIT Technology Review
MIT Technology Review published a report "A Playbook for Crafting AI Strategy that explores the current state of enterprise AI adoption and offers a playbook for businesses to develop an AI strategy.
The report "A Playbook for Crafting AI Strategy" from MIT Technology Review discusses the current state of AI adoption in businesses and provides guidance for developing an AI strategy. It highlights that while there are optimistic predictions about AI's impact on economic growth and automation, many businesses face challenges in scaling AI from pilot projects to enterprise-wide deployment. Only 5.4% of U.S. businesses were using AI to produce a product or service in 2024.
Key findings include:
AI Ambitions and Deployment: Although 95% of companies are using AI and 99% expect to do so in the future, most have only implemented AI in one to three use cases. Half of the companies aim to fully deploy AI across all business functions within two years, making the current year crucial for establishing the necessary foundations.
AI Readiness Spending: AI spending has been modest, but is expected to rise significantly in 2024, particularly in areas like data readiness, strategy, cultural change, and business models. Many companies plan to increase their spending by 10 to 49%.
Data Liquidity and Quality: Seamless access to and analysis of data from various sources is crucial for AI deployment. However, data quality remains a significant limitation, especially for larger firms with legacy IT infrastructures.
Cautious Approach to AI: Nearly all organizations prefer to ensure safe and secure AI deployment over being the first to use AI. Governance, security, and privacy concerns are major factors slowing down AI deployment.
Overall, the report emphasizes the importance of strategic planning and organizational changes to successfully integrate AI across business operations.
Download the full report: A playbook for crafting AI strategy By MIT Technology Review Insight