It’s not an exaggeration, but a demonstrable fact: artificial intelligence (AI) and analytics are transforming how business does business. From back office automation to front office transformation, from changed skills, cultures and ways of working to new go-to-market strategies and business models, AI is everywhere.
When a set of technology tools can do so much — and requires so much organizational change — it can be hard to know what goals to set and what paths to take or accelerate. Many companies today are still prioritizing AI’s “traditional” role: to make operations more efficient and productive. The majority report that these efforts are paying off. But in a sign of AI’s maturity, over two-thirds report benefits today from AI initiatives to improve the customer experience. Roughly half are seeing payoffs from AI to drive innovation, revenue growth, cost savings, better decision-making, employee training and risk management.
Where companies expect AI payoff — and whether they are getting it
Q: What are the primary goals of your company’s AI strategy? To what degree have your AI investments in the following areas lived up to expectations — Currently realizing benefits from AI.
Source: PwC AI Predictions 2021. Base: 1,032
Yet for many executives who aren’t AI specialists, key questions remain: How does AI work, exactly — and what kind of work can it do? How can you make your AI more trustworthy, so that it helps you make decisions that are both accurate and fair?