Companies Waiting To Integrate AI Risk Being Left Behind, Report Finds

As artificial intelligence (AI) becomes commonplace for many in the workplace, companies waiting to adopt the new technology risk being left in the dust, Bain & Co.’s 2023 Technology Report warned.

Three-quarters of executives in the study reported that AI already has met or exceeded expectations, Bain said.

Model Accessibility Drives AI Boom Across Industries

The AI boom is a result of decades of system building, but 2022 was crucial in making the technology accessible, the report said. In 2022, ChatGPT was made available to the public and gained 100 million users in two months. AI accessibility minimizes the technology's cost, allowing companies to enjoy the benefits at a low price tag. 

AI adoption extends across industries, improving productivity and efficiency. The sector with the highest rates of AI use is system integrators, as 89% are adopting or evaluating AI. Following closely behind are the marketing/advertising industry at 86% and the technology industry at 85%. Across all industries, 78% are using adopting, or evaluating at least one of the top six foundation model use cases.

Speed Is Key for AI Adopters

Benefits of AI include maximizing productivity, an improved customer experience, reduced product development time, and introducing new product features, while reducing costs, the report found. A notable gain reported by those who integrated AI was the speed at which companies can introduce products.

Seventy-six percent of executives said that AI was shortening the time before a product hits the market, making it a key advantage of AI adoption.?

While AI is still in its early days, AI tools at their current capacities could speed up 20% of worker tasks without diminishing quality, the survey found. Reducing time invested in completing tasks while preserving quality could contribute to higher productivity and lower costs.

'Wait-and-See' Approach Risks Lagging Competition

As the technology evolves, the possible applications of AI expand, giving early adopters an edge against competitors.

“In this fast-moving environment, companies that take a wait-and-see approach in terms of AI are at risk of being left behind,” said David Crawford, global head of Bain's technology practice. Those already integrating AI into work processes will outpace those delayed in adopting the tech—with the latter missing out on potential future gains, the report said.