The advantages for companies that incorporate the vast and significant benefits of are limitless with an Accenture report revealing that AI is estimated to bring an additional US$1.2 trillion additional gross value added (GVA) to the financial services sector by 2035. But what are the risks for those being left behind?
The fear is that companies that don’t adopt AI may never catch up write Vikram Mahidhar and Thomas H. Davenport of Harvard Business Review. Selecting and understanding which AI technology is right for your organisation takes time. Those that lag behind will find that the by the time they have embraced AI into their ecosystem, the early adopters will have taken considerable market share – they’ll be able to significantly cut their costs and achieve better performance. In short, write the authors, the winners may take all and late adopters may never catch up.