It Pays To Break Artificial Intelligence Out Of The Lab, Study Confirms

Yes, artificial intelligence (AI) is proving itself to be a worthwhile tool in the business arena -- at least in focused, preliminary projects. Intelligent chatbots are a classic example. Now it's a question of how quickly it can be expanded to deliver on a wider basis across the business -- to automate decisions around inventory or investments, for example. There's progress on this front, as shown in McKinsey's latest survey of 2,360 executives, which shows a nearly 25 percent year-over-year increase in the use of AI in various business processes -- and there has been a sizable jump in companies spreading AI across multiple processes. A majority of executives in companies that have adopted AI report that it has increased revenues in areas where it is used, and 44 percent say it has reduced costs, the survey's authors, Arif Cam, Michael Chui, and Bryce Hall, all with McKinsey, state.