The explosive advancements in artificial intelligence (AI) technology in recent years have created an intense environment for business leaders.
Very few corporate executives had meaningful AI experience prior to this recent revolution, and with AI developments continuing at an exponential pace, trying to get up to speed can seem like drinking from a massive firehose—and that’s on top of all their other responsibilities.
Standing Still is Not an Option
To make matters worse, businesses aren’t learning AI in a vacuum. All of their competitors, both existing and potential, are also investing heavily in understanding and implementing the latest AI tech. This means companies can’t sit still or play wait-and-see when it comes to AI adoption.
The tremendous efficiency and scale that can be created through AI means that companies that wait too long to jump on board could be left in the dust. This has left many global business leaders scrambling to figure out AI.
Steep Upside for AI Tech Companies
Accenture is just one example of a company interested, and investing in, AI technology. As Ryan Hogg reported in an article for Fortune, the company has collected $4.2 billion in generative AI sales since September 2023.
CEO Julie Sweet says her travel schedule has been hectic as she’s connected with 30 of her peers in Europe, Southeast Asia, Australia, and the U.S.
Sweet notes that “Clients are seeking to do more in AI, but they are in such different places.” In banking for example, while some are ready to deploy AI others are still trying to understand how they might leverage the technology most effectively.
But Some Hesitance Among Investors
Sweet also notes that many companies are a bit timid to invest significant amounts of money into AI, meaning funding for the new tech is often insufficient.
As AI continues to rapidly advance, businesses will continue to struggle grapple with this dynamic, game-changing tool. Those who succeed in harnessing the power of AI stand to outperform their competitors, but as AI continues to advance and evolve, even these successful adopters will need to stay on their toes.
Lin Grensing-Pophal is a Contributing Editor at Hr Daily Advisor.
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