- Item type
- Periodical
- Language
- English
- Source
- Harvard Business Review. Summer2021 Special issue, p10-19. 10p. 1 Color Photograph, 1 Diagram.
- Publication date
- 01/06/2021
- ISSN
- 00178012
Artificial intelligence seems to be on the brink of a boom. It’s now guiding decisions on everything from crop harvests to bank loans, and uses like totally automated customer service are on the horizon. Indeed, McKinsey estimates that AI will add $13 trillion to the global economy in the next decade. Yet companies are struggling to scale up their AI efforts. Most have run only ad hoc projects or applied AI in just a single business process. In surveys of thousands of executives and work with hundreds of clients, McKinsey has identified how firms can capture the full AI opportunity. The key is to understand the organizational and cultural barriers AI initiatives face and work to lower them. That means shifting workers away from traditional mindsets, like relying on top-down decision-making, which often run counter to those needed for AI. Leaders can also set up AI projects for success by conveying their urgency and benefits; investing heavily in AI education and adoption; and accounting for the company’s AI maturity, business complexity, and innovation pace when deciding how work should be organized. INSET: 10 Ways to Derail an AI Program. [ABSTRACT FROM AUTHOR]
