The Great AI Divide (and how we are playing a part)
(Image Credits: nist.gov)
The recent buzz around AI has largely been due to cutting edge technologies like autonomous vehicles and big names talking about the AI apocalypse. The real application to business processes remains largely unnoticed. Firms which pivoted to AI-centric strategies early have reaped the benefits, seeing these trends competitors have followed suit. These facts point to a clear unfair advantage for early movers.
Deep Mind’s AI has helped US wind farms in increasing the value of wind energy output by 20%. Demand predictions coupled with weather forecasting ensured that the wind farms were aware of both the demand and supply a full 36 hours in advance. BMW reduced manufacturing time and boosted productivity by 10% using AI and automation (Morgan Stanley, 2019). Other firms, too, have used these technologies to optimize and reduce losses to a minimum, however, the integration of AI to business functions has not reached the not-so-big non-tech companies.
Early movers in AI have been raking up performance gains, and AI investments by first movers are also setting the stage for the second wave of gains. After realizing initial business-model improvements through AI, companies use the profits to invest in additional AI applications, adding to further their margins (Mckinsey, 2018). This makes the gap between adopters and non-adopter, wider. These non-adopters are usually the companies where tech footing is weak or where investment in AI capabilities are seen as a non-primary activity.
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