Artificial intelligence (AI) has taken the business world by storm, with a recent study by McKinsey & Company revealing a significant surge in adoption in the past year. Titled “The State of AI in Early 2024,” the study surveyed 1,363 executives from various industries, regions, and company sizes.
According to the findings, approximately 72% of respondents reported using AI in their organizations. Generative AI, in particular, was most commonly adopted in marketing and sales, product development, and IT departments.
Despite its prevalence, most companies are allocating less than 6% of their digital budgets to generative AI. This raises questions about the potential untapped opportunities for leveraging AI technology across different business functions.
The survey also highlighted the cost savings that can be achieved through the implementation of generative AI. These insights shed light on the growing importance of AI in driving business growth and innovation.