McKinsey Global AI Survey: AI proves its worth, but few scale impact
Most companies report measurable benefits from AI where it has been deployed; however, much work remains to scale impact, manage risks, and retrain the workforce. A group of high performers shows the way.
Adoption of artificial intelligence (AI) continues to increase, and the technology is generating returns.1 The findings of the latest McKinsey Global Survey on the subject show a nearly 25 percent year-over-year increase in the use of AI2 in standard business processes, with a sizable jump from the past year in companies using AI across multiple areas of their business.3 A majority of executives whose companies have adopted AI report that it has provided an uptick in revenue in the business areas where it is used, and 44 percent say AI has reduced costs.
The results also show that a small share of companies—from a variety of sectors—are attaining outsize business results from AI, potentially widening the gap between AI power users and adoption laggards. Respondents from these high-performing companies (or AI high performers) report that they achieve greater scale and see both higher revenue increases and greater cost decreases than other companies that use AI.4 The findings, however, provide a potential road map for laggards, showing that the AI high performers are more likely to apply core practices for using AI to drive value across the organization, mitigate risks associated with the technology, and retrain workers to prepare them for AI adoption.
Further, our results suggest that workforce retraining will need to ramp up. While the findings indicate that AI adoption has generally had modest overall effects on organizations’ workforce size in the past year, about one-third of respondents say they expect AI adoption to lead to a decrease in their workforce in the next three years, compared with one-fifth who expect an increase, and AI high performers are doing more retraining.
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