Companies going slow on AI risk falling behind: Bain report
artificial intelligence (AI) in their operations are at risk of falling behind, as the emerging technology has the potential to accelerate 20% of worker tasks without compromising quality, Bain and Company said in a survey report on Tuesday.
The Global Technology report, which surveyed over 570 executives, found that 89% of software companies are already employing AI to distinguish their products. Also, early adopters of AI are reaping rewards in terms of productivity gains as companies continue to explore novel ways to integrate AI into their business operations.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitHowever, the report underscores a consensus among investors on AI’s substantial impact on the technology sector, with AI and ML investments taking the lead in venture growth in the first half of 2023. Still, it said, most investors remain cautious about the future evolution of the competitive landscape.
Data from the report showed that deal value for AI- and ML-led ventures accounted for 28% of the total deal value globally during January-June this year, double from 14% in the second half of 2022 and up from 13% in first half of 2022. It said that January-June 2023 saw a total deal value of $111 billion.
“Top funds are not waiting to see how generative AI changes this space. They are biasing toward action to capitalise on the potential of their incumbent software assets,” said David Crawford, global head of Bain’s technology
