Investments in Artificial Intelligence (AI) technology have ramped up over the last decade – and positively exploded in recent years. Today, there is more interest than ever in leveraging AI to revolutionize businesses, and the buzz has only gotten stronger with the introduction of ChatGPT and other open-source applications that are democratizing AI.
Unfortunately, many companies have struggled to fully realize the transformational return on investment that Artificial Intelligence seems to promise. In fact, in a 2019 survey conducted by MIT Sloan Management Review and Boston Consulting Group, seven out of 10 companies reported that their AI efforts and investments had little to no impact. And among the 90% of companies that had made some investment in AI, fewer than 40% had achieved business gains over the previous three years.
Simply put, experiments, tests, and isolated pilot programs only go so far, whereas large-scale deployments hold the key to maximizing AI impact and creating meaningful economic value. Many organizations’ AI initiatives are simply too cautious and small-scale, and like a self-fulfilling prophecy, limited results inevitably follow.
To extract full value from AI technology, businesses must fundamentally reimagine the way that humans and machines interact, collaborate, and complement each other in work environments. Nowhere is this more true than in the automotive industry, where vehicle retailers are facing increasing pressure to reinvent the customer experience while also increasing operational efficiency. Dealers need to go all in on A-powered automation to increase efficiency and augment team performance, tailoring their processes across every department for maximum effectiveness.
Check out Harvard Business Review’s comprehensive study to learn about the 10 actions taken by organizations that have successfully and effectively adopted AI at scale.