In Japan, an automation company uses robotic workers to operate its factories 24/7, producing essential components, operating production floor machinery non-stop, and facilitating continuous monitoring of all operations.
Worldwide, at-home genetic tests use AI to analyze genetic code to determine a person’s predisposition for certain diseases, arming them with the knowledge to adjust their lifestyle and play an active role in their healthcare.
These are just a few examples that demonstrate the popularity and adoption of AI technology around the world, with most industries recognizing that AI is the future of business. However, a recent report from Accenture reveals that 63% of companies using AI are not leveraging it to the fullest. That means that most companies are only at the tip of the AI iceberg and will need intentional strategies and tactics to go from “AI Experimenter” to “AI Achiever.”
The Benefits of Being an AI Achiever
According to the Accenture report, AI Achievers are those companies that use AI to solve business problems in the real world, and also use their data to take action. These companies also tend to have an AI strategy at the core of their business and encourage innovation as part of their culture. Rather than buying core AI technologies, these achievers are building them.
And these achievers are living up to the term. About 30% of the total revenue of “AI Achievers” is linked to AI and they saw 50% greater revenue growth on average during 2019. Additionally, the report noted that in 2021, executives of the world’s 2,000 largest companies who discussed AI on their earnings calls were 40% more likely to see their firms’ share prices increase.
Unfortunately, the majority of companies fall into the “Experimenter” category, which means they’re not taking full advantage of AI technology. This is often the result of a lack of mature AI strategies and a capability to run AI operations. But AI has the potential to help companies stay competitive and take their products and services to the next level which means businesses need to develop and implement the strategies needed to become AI Achievers.
How to Master AI
The Accenture report found that AI Achievers typically have implemented these five strategies: 1) AI priorities 2) AI investments 3) AI tools 4) responsible AI use and 5) long and short-term AI strategies. And the key to implementing these five strategies is not looking to master only one of them, but to combine strengths to do great across the board.
AI Achievers also prioritize AI throughout their organization. This means that leadership is fully bought in and is creating a deliberate culture of innovation. They’re also making investments in AI – from employee training to recruiting great talent. Both tactics contribute to an AI literacy that allows for better and more effective collaboration across an organization.
Building an AI core through the industrialization of AI tools and teams is also a priority for mastering AI. Fusing technology, data environments, and talent in cloud processes allows organizations to power progress, migration, performance, and scaling and growth. AI investments should span across every aspect of an organization’s digital operations, including formal programs to link software engineering and AI teams and an org-wide commitment that all new IT projects and upgrades will include elements of AI.
AI responsibility is another important factor in becoming an AI Achiever. It’s critical that laws, regulations, and ethics are at the center of all AI projects from the start. This way, the business and employees are empowered to leverage AI technology while also benefiting society.
Becoming an AI leader means making aggressive investments. AI Achievers get more from AI simply because they’re investing it in more than others. They also understand that it requires a long-term view of their investments – it’s a journey that has no end and requires continual research, development, and investment.
Work with an OG to Become an AI Achiever
Leveling up your AI game isn’t easy, and it’s likely something that your business can’t do alone. But with these five strategies, and a little help from one of the OG’s of AI, it is possible to become an AI Achiever and transform your business. At Ascent Core, AI is our bread and butter, and we’re working hard to learn and innovate to help our clients achieve their AI goals. Check out our AI capabilities to see how we can help you. And then, let’s talk!