With great power comes great responsibility. Organizations can mitigate the risks of applying artificial intelligence and advanced analytics by embracing three principles, notes McKinsey & Co in this report.
Artificial Intelligence is proving to be a double-edged sword. While this can be said of most new technologies, both sides of the AI blade are far sharper, and neither is well understood.
Consider first the positive. These technologies are starting to improve our lives in myriad ways, from simplifying our shopping to enhancing our healthcare experiences. Their value to businesses also has become undeniable: nearly 80 percent of executives at companies that are deploying AI recently told us that they’re already seeing moderate value from it. Although the widespread use of AI in business is still in its infancy and questions remain open about the pace of progress, as well as the possibility of achieving the holy grail of “general intelligence,” the potential is enormous. McKinsey Global Institute research suggests that by 2030, AI could deliver additional global economic output of $13 trillion per year.