From the dexterity of Amazon’s Kiva robots to the facial recognition in Apple’s iPhone X, artificial intelligence is increasingly sophisticated and accessible. It also promises to be a rich source of profit uplift — up to 10% of revenue, depending on your industry.
Nevertheless, more than 95% of companies have not embraced AI technology to reinvent how they do business. Even though there are many unknowns regarding AI’s capabilities and uses, our research at the McKinsey Global Institute suggests that following a wait-and- see strategy for too much longer could be a costly mistake.