1. There’s a growing consensus about the need for businesses to embrace AI. McKinsey estimated that generative AI could add between $2.6 to $4.4 trillion in value annually, and Deloitte’s “State of AI in the Enterprise” report found that 94% of surveyed executives “agree that AI will transform their industry over the next five years.” The technology is here, it’s powerful, and innovators are finding new use cases for it every day.
2. But despite its strategic importance, many companies are struggling to make progress on their AI agendas. Indeed, in that same report, Deloitte estimated that 74% of companies weren’t capturing sufficient value from their AI initiatives.
3. Nevertheless, companies sitting on the sidelines can’t afford to wait any longer. As reported by Bain & Company, a “larger wedge” is being driven “between those organizations that have a plan [for AI] and those that don’t—amplifying advantage and placing early adopters into stronger positions.”
4. So, what’s holding companies back from capturing AI’s value? While there are plenty of barriers to AI adoption, from our experience, three tend to be the most common causes for concern. Here’s what those barriers entail, and why leveraging automation as the ‘muscle’ that allows you to operationalize the ‘brain’ of AI is the most effective approach to realize value from the technology.
