Despite the hype, a Census Bureau poll found that only 3.9% of all U.S. businesses reported using AI to produce goods and services. The slow pace of AI implementation has left 66% of business leaders dissatisfied with their organization's progress on AI, according to BCG. The top reason for this frustration is the lack of talent and skills needed to implement the technology. BCG's Vlad Lukic warns against waiting too long to establish an AI strategy, as early adopters will create significant efficiencies and customer experiences that will be hard to catch up with.
Key takeaways:
- AI is a major topic of discussion at the World Economic Forum in Davos, with many CEOs referring to their operations as “AI-first.” However, there is also skepticism, with some suggesting that the hype around AI may have peaked.
- Despite the hype, a BCG study reveals that 90% of more than 1,400 executives surveyed worldwide are either waiting for AI to move beyond the hype or are experimenting with it in small ways within their companies.
- There is a lack of clarity on how to control AI, causing fear among companies about losing control of a technology that is still not fully understood. This puts executives in a position of wanting to implement AI quickly, but also needing to figure out which AI products and companies are reliable.
- The top reason executives are frustrated with their company’s progress on AI is a “lack of talent and skills” needed to implement the technology. Almost 60% of executives said they had limited or no confidence in their executive team’s proficiency in generative AI, according to BCG.