AI’s market excitement and business opportunity have forced more companies to revisit their strategy and make deeper investments in technology to catalyze growth, streamline operations, and curate innovative products and services. While becoming an AI-first company is unrealistic for most organizations, adopting an AI-first mindset is feasible and can help unlock unprecedented opportunities for growth.
The path to an AI-first mindset is a strategic journey that demands careful planning, agile execution, and an unyielding commitment to continuous learning. The speed at which technical capabilities increase and ongoing economic disruptions require action and strong partners. Companies that embrace an AI-first mindset will do business faster, better, and cheaper, but they will also be at greater risk. Adopting an AI-first mindset is more complex than flipping a switch; it requires strategic planning and execution. Because the odds are NOT forever in your favor, nurturing this approach is critical to winning in the market.
In 2024, enterprises worldwide spent approximately $40 billion on generative AI solutions, according to a recent IDC report. This represents a significant increase from the previous year, as enterprise spending on generative AI grew by 30% from an estimated $16 billion in 2023. Despite the massive spending increase, a new global Boston Consulting Group study reveals that during the past two decades, only 26% of corporate transformations successfully created value in both the short and long terms. In an era of technological advancements, geopolitical tensions, and economic turmoil, standing still is akin to moving backward.
Despite the long odds of success, AI can help companies do better. According to McKinsey research, the impact on operations is estimated to be as high as $10 trillion to $15 trillion. So, to help combat market hype and operational value with dismal success rates, 72% of executives purposely exercise restraint with generative AI investments. Only 27% in the 2024 Accenture Pulse survey said their organizations are ready to scale up generative AI, and 44% said it will take more than six months.
Since transitioning into an AI-first company is a moonshot at best for most companies, how can organizations adopt an AI-first mindset to improve performance and become market leaders? Read on for six steps to shepherd your organization along this transformative path.
Executives cannot hide from AI. The surge in market interest and the potential for business advancement has forced companies to reevaluate their strategies and invest more deeply in technology. Although transforming into an AI-first company is not practical for most companies, embracing an AI-first mindset is achievable and can pave the way for unparalleled growth opportunities. The journey is a strategic process that requires meticulous planning, flexible execution, and a steadfast dedication to continuous learning. The rapid advancement of technical abilities and persistent economic disruptions necessitate immediate action and robust partnerships. Firms that adopt an AI-first mindset can conduct business more quickly, efficiently, and cost-effectively, but they will also face greater risks.
To understand how best to enable your organization to harness the power of AI and drive sustainable business growth, let’s talk.
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