This report from McKinsey looks at what companies new to the space of AI can learn from early adopters who have invested billions.
After decades of extravagant promises and frustrating disappointments, artificial intelligence (AI) is finally starting to deliver real-life benefits to early-adopting companies. Retailers on the digital frontier rely on AI-powered robots to run their warehouses—and even to automatically order stock when inventory runs low. Utilities use AI to forecast electricity demand. Automakers harness the technology in self-driving cars.
A confluence of developments is driving this new wave of AI development. Computer power is growing, algorithms and AI models are becoming more sophisticated, and, perhaps most important of all, the world is generating once-unimaginable volumes of the fuel that powers AI—data. Billions of gigabytes every day, collected by networked devices ranging from web browsers to turbine sensors.