Today, innovation-driven businesses are investing significant resources in artificial intelligence (AI) systems to advance their AI maturity journey. According to IDC, worldwide spending on AI-centric systems is expected to surpass $300 billion by 2026, compared to $118 billion in 2022. In the past, AI systems have failed more frequently due to a lack of process maturity. About 60-80% of AI projects used to fail due to poor planning, lack of expertise, inadequate data management, or ethics and fairness issues. But, with every passing year, this number is improving.

We assessed the AI maturity of more than 2,700 companies in three areas: AI use cases, AI capabilities, and the company's digital foundation. The 2,700 business leaders we surveyed on AI maturity were located in 21 countries in Asia, Europe, and North America and covered nine industries: consumer goods, energy, financial services, health care, industrial goods, insurance, the public sector, technology, and telecommunications. We aggregated the raw scores in 26 categories, equally weighted them, and ranked each company on a scale from 0 to 100 to determine its overall performance on our AI² Acceleration Index. We consider the top 25% of companies to be advanced in AI; the bottom 25% are those that are behind in AI and have not yet succeeded in their transformation to "AI @ scale." Even though we found that scaling use cases is key to generating and sustaining value from AI, most companies do not yet leverage the full potential of this approach, scoring only 35 to 45 out of 100 possible points.

Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies--including insurance carriers--are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics. Insurers are seeing tangible results from their current AI initiatives. Our AI maturity research shows that carriers' share of cost savings generated through AI more than doubled between 2018 and 2021.

NEW YORK--(BUSINESS WIRE)--While the majority of organizations that use artificial intelligence (AI) are still experimenting with the technology, only 12% are using it at an AI maturity level that achieves a strong competitive advantage, according to new global research from Accenture (NYSE: ACN). "The Art of AI Maturity: Advancing from Practice to Performance" uncovers strategies for AI success through a holistic framework, which includes a new index to express company AI maturity on a 0-100 scale. According to the research, AI maturity is the degree to which organizations outperform their peers in a combination of AI-related foundational and differentiating capabilities. These capabilities include the technology -- data, AI, cloud -- as well as organizational strategy, Responsible AI, C-suite sponsorship, talent and culture. The research puts the median AI maturity of organizations at a moderate score of 36, revealing most companies have significant opportunities to generate greater value with AI.

Bill Vaughan once said that, "The price of power is responsibility for the public good". In today's world, artificial intelligence can be termed as a currency--one aspect of which drives innovation and productivity while the other aspect evinces concerns surrounding biases, privacy, replacement of humans by automation and more. The ever growing momentum of these concerns is further proof that the existing guidelines do not address them adequately. However, that gap may be bridged with'Responsible AI' that aims to address these concerns and create solid frameworks on accountability, aiming for interpretability, fairness, safety and privacy. Companies today are adopting a more extensive approach where responsible AI is the foundation of corporate social responsibility (CSR).

Organisations that have reached a higher level of AI maturity than others have mastered a set of capabilities across technology, organizational strategy, talent and culture. In an interaction with Dataquest, Prithivijit Roy, Managing Director, Accenture Applied Intelligence (AAI) explains why AI is everyone's business and how organisations can advance their AI maturity. DQ: Where are enterprises in their AI adoption journey currently? What are the challenges they face? Prithivijit Roy: Each industry is in different stages of their AI adoption journey, according to Accenture's latest research on AI maturity.

According to study results by Fivetran, 86% of companies struggle to trust AI to make all business decisions without human participation. In contrast, 90% of enterprises rely on manual data procedures. The companion paper, "Achieving AI: A Study of AI Opportunities and Obstacles," explains the problems businesses confront in today's AI ecosystem. The paper investigates how, even though 87% of businesses identify AI as the future of business and aim to expand their investment in it, a lack of trust in machine-led decision-making is a significant obstacle caused by technical challenges and a lack of education. Only 14% of respondents believe their companies are "advanced" in AI maturity.

AI maturity comes down to mastering critical capabilities in the right combinations--not only in data and AI but also in organizational strategy, talent, and culture. The AI transformation is occurring much faster than the digital transformation, because early successes have increased faith in AI as a value driver. There is a significant incentive to move rapidly. According to new research from Accenture, 'The art of AI Maturity', 63% of 1,200 companies were identified as "Experimenters," or companies stuck in the experimentation phase of their AI lives. They risk losing money since they haven't fully tapped into the technology's potential to innovate and revolutionize their industry. The companies with the highest advanced AI are already using this money.

The State of AI and Machine Learning Report is an annual exploration of the strategies implemented by companies large and small, across industries and continents as they advance in their AI maturity. The 8th edition of this report highlights the prevailing approaches to data management and security, responsible AI, and the significant role played by external data providers in advancing progress. As companies are advancing in AI maturity, we see an even bigger focus on ethics and data diversity.

Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Here's what businesses can learn from the small group of organizations that already use artificial (AI) to their competitive advantage. If the world's largest companies were people, most would be in their teenage years when it comes to using Artificial Intelligence (AI). According to new research from Accenture on AI maturity, 63% of 1,200 companies were identified as "Experimenters," or companies that are stuck in the experimentation phase of their AI lives.