[MCKINSEY]ARTIFICIAL INTELLIGENCE THE NEXT DIGITAL FRONTIER

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The McKinsey Global Institute’s research on Artificial Intelligence highlights the promise and potential of AI to boost profits and transform industries. The report also notes that while AI technologies have advanced significantly in recent years, adoption remains in its infancy. The paper provides case studies of digital natives and responses from their survey, which show early evidence that AI implemented at scale delivers attractive returns. Additionally, the report discusses the challenges associated with the widespread adoption of AI, including making the business case for investment and ensuring algorithmic transparency and accountability.

here are some key points from the McKinsey Global Institute’s research on Artificial Intelligence:

– AI technologies have advanced significantly in recent years, but adoption remains in its infancy.
– AI implemented at scale delivers attractive returns.
– A portfolio-based approach, looking at use cases over a one- to five-year horizon, can be helpful.
– In the immediate future, focus on use cases where there are proven technology solutions today that can be adopted at scale.
– Over the longer term, pick one or two high-impact but unproven use cases and partner with academia or other third parties to innovate.
– Challenges associated with the widespread adoption of AI include making the business case for investment and ensuring algorithmic transparency and accountability.