Three-quarters of the economic benefits from artificial intelligence are being captured by just one in five companies, a new study has found. PwC is shown.
Approximately 74% of the economic value of AI is captured by a small number of companies that are at the forefront of the race to monetize AI.
PwC’s Global AI Performance Study interviewed 1,217 senior executives from large listed companies in Ireland and overseas.
They were asked about the revenue and efficiency gains they see today with AI, as well as how to implement the technology.
We found that leading companies are two to three times more likely to use AI to identify and pursue growth opportunities and reinvent their business models.
They are twice as likely to redesign their workflows to incorporate AI, rather than simply adding an AI tool, and three times more likely (2.8x) to further advance AI governance while increasing the number of decisions made without human intervention.
david leePwC Ireland’s Chief Technology Leader commented:
“Leaders stand out because they align growth, not just cost savings, with AI and back up their ambitions with the foundations that make AI scalable and reliable.”
The study also highlights significant differences in how leading companies implement AI within their enterprises.
Companies with the best financial results from AI are almost twice as likely as other companies to say they are using AI in advanced ways. That is, they say they multitask within guardrails (1.8x) or operate in an autonomous and self-optimizing manner (1.9x).
AI leaders are increasing the number of decisions made without human intervention at a rate nearly three times faster than their peers (2.8x).
This automation is made possible by a focus on “trust at scale.” AI leaders are more likely than other companies to have mechanisms in place, such as a responsible AI framework (1.7x more than other companies) and a cross-functional AI governance committee (1.5x).
As a result of their efforts, employees are now twice as likely to trust AI output.
PwC says that without a change in approach, the performance gap between AI leaders and laggards is likely to widen further.
Martin DuffyHead of AI and Emerging Technologies at PwC Ireland concludes: “AI’s return on investment depends on execution discipline, including clear metrics, quick stopping or scaling decisions, and designs built for reuse.
“The value emerges when AI is integrated into everyday workflows, rather than being piloted in isolation.”
(Photo: Getty Images)
