Expectations of AI are 'sky-high' but the reality doesn't match

ARTIFICIAL intelligence is being used across almost every industry, from finance and healthcare to retail to travel. Yet many companies lack an understanding of how to fully utilize AI technology to grow revenue and create exceptional customer experience. Expectations of how AI can improve business performance are "sky-high" according to a report released by MIT Sloan Management Review and The Boston Consulting Group. The survey polled 3,000 business executives, managers and analysts in 112 countries and 21 industries, with results finding 84 percent believe AI will allow their companies to gain or sustain a competitive advantage. However, 36 percent of those polled admitted to having very little understanding of AI at all. The survey also revealed that fewer than 39 percent of all companies who intend to use AI to enhance business growth have an AI strategy in place.