Business AI maturity comes down to mastering a set of key capabilities in the right combinations, not only in data and AI, but also in organizational strategy, talent and culture.
According to Accenture, in 2021, among executives of the world’s 2,000 largest companies (by market capitalization), those who discussed AI on their earnings calls were 40% more likely to see their firms’ share prices increase.
Yet the most recent Accenture research suggests that only 12% of companies have advanced their AI maturity enough to achieve ‘superior growth’ and business transformation. On average, 12% of “AI achievers” attribute 30% of their total revenue to AI.
Have one of our technical ninjas come onsite to perform a quick evaluation of your current technology environment to find any issues or threats that are costing your business.
Digitally Transform Your Business Today!
What is AI Maturity?
AI maturity measures the degree to which organizations have mastered AI-related capabilities in the right combination to achieve high performance for customers, shareholders and employees.
This includes “foundational” AI capabilities like cloud platforms and tools, data platforms, architecture and governance that are required to keep pace with competitors.
It also includes “differentiation” AI capabilities, like AI strategy and C-suite sponsorship, combined with a culture of innovation that can set companies apart.
There are four types of companies with respect to AI maturity:
- AI Achievers: show advanced AI maturity enough to achieve ‘superior growth’ and business transformation
- AI Builders: show strong foundational capabilities and average differentiation capabilities
- AI Innovators: show strong differentiation capabilities and average foundational capabilities
- AI Experimenters: those with average capabilities in both categories, make up the majority (63%) of those surveyed.
The key AI takeaways from Accenture research:
- 75% of companies have already integrated AI into their business strategies and have reworked their cloud plans to achieve AI success.
- Nearly a third (30%) of all AI pilot initiatives are subsequently scaled to deliver wide-range outcomes, with 42% of business leaders noting that AI projects exceeded their expectations.
- AI transformation will take less time than digital transformation, on average, 16 months faster.
4. The share of a company’s revenue that is “AI influenced” more than doubled between 2018-2021 and is expected to triple between 2018 and 2024 roughly.
5. The most AI maturity industries are technology, automotive and aerospace and defense. According to Accenture, while industries like tech are currently far ahead in their respective AI maturity, the gap will likely narrow considerably by 2024. There is enormous room for growth in AI adoption across all industries and an enormous opportunity for those companies that choose to seize it.
6. AI Achievers are 3.5 times more likely than Experimenters to see their “AI-influenced” revenue surpass 30% of their total revenues. AI Achievers distinguish themselves by demonstrating high performance across a combination of capabilities, consistently turning pilots into production, and focus beyond financial metrics.
7. Advancing to the rank of “AI Achiever” requires focus and commitment.
The research identified five focus areas:
- Champion AI as a strategic priority for the entire organization, with full sponsorship from leadership
- Invest heavily in talent to get more from AI investments
- Industrialize AI tools and teams to create an AI core
- Use AI responsibly, from the start
- Prioritize long and short-term AI investments
Accenture research concludes that AI Achievers have moved past cloud migration to innovation and have capitalized on cloud’s scale and computing power to tap into new data sources and AI technologies.
However, it’s not the technology but rather their approach with applications of AI that sets this 12% of companies apart. AI Achievers know that AI maturity is as much about people as it is about technology.
To learn more about Accenture’s research, you can visit here.