More Than 60% of Companies Are Only Experimenting with AI, Creating Significant Opportunities for Value on their Journey to AI Maturity, Accenture Research Finds

Rhea-AI Summary

Accenture's latest research reveals that only 12% of organizations are leveraging artificial intelligence (AI) at a level that provides a competitive edge. The average AI maturity score across firms is 36, with a noted discrepancy between AI Achievers (score 64) and AI Experimenters (score 29). The report predicts a rise in AI maturity scores to 50 by 2024, with 27% of organizations becoming AI Achievers. Investment in AI is also expected to grow significantly, from 19% of tech budgets currently allocated to AI, to 49% by 2024.

Positive

• 12% of organizations recognized as AI Achievers show 50% higher revenue growth than peers.
• Overall AI maturity score projected to rise from 36 today to 50 by 2024.
• Increase in organizations investing over 30% of tech budgets in AI from 19% to 49% by 2024.

Negative

• Most organizations (63%) are classified as AI Experimenters, indicating untapped potential with a low maturity score of 29.
• A majority of firms lack comprehensive AI strategies, limiting their competitive advantage.

NEW YORK--(BUSINESS WIRE)-- While the majority of organizations that use artificial intelligence (AI) are still experimenting with the technology, only 12% are using it at an AI maturity level that achieves a strong competitive advantage, according to new global research from Accenture (NYSE: ACN).

Most companies are still experimenting with AI. (Graphic: Business Wire)

“The Art of AI Maturity: Advancing from Practice to Performance” uncovers strategies for AI success through a holistic framework, which includes a new index to express company AI maturity on a 0-100 scale. According to the research, AI maturity is the degree to which organizations outperform their peers in a combination of AI-related foundational and differentiating capabilities. These capabilities include the technology — data, AI, cloud — as well as organizational strategy, Responsible AI, C-suite sponsorship, talent and culture.

The research puts the median AI maturity of organizations at a moderate score of 36, revealing most companies have significant opportunities to generate greater value with AI. The research highlights a small group (12%) of organizations that already use AI to outpace their competitors. This group is dubbed AI Achievers, with a score of 64 on the maturity scale, almost doubling that of others and correlating with 50% higher revenue growth than their peers.

The analysis further shows that most companies (63%) are AI Experimenters, barely scratching the surface of AI’s potential with an AI maturity score of 29. AI Innovators (13%), scoring 50, and AI Builders (12%), at 44, are somewhat advanced in their level of AI maturity, but are still leaving the full value of AI untapped.

“We believe every part of every business must be transformed by technology, data and AI, in some cases resulting in total enterprise reinvention,” said Sanjeev Vohra, global lead for Applied Intelligence at Accenture. “AI Achievers are showing their peers what’s possible when you release the full potential of talent and technology, working in tandem, supported by a clear vision and commitment to change. But even this most mature group has plenty of room for growth. And while most industries have AI Achievers, they vary greatly in how AI-mature they are overall and the leaps they will make.”

Examples for the current and projected future state of AI maturity by industry include the following:

• Tech firms already have a high AI maturity score of 54, which will rise moderately to 60 in 2024, but still position them at the pinnacle of AI maturity across all industries.
• In contrast, carmakers and suppliers will leap from a moderate 39 today to 57 in two years — betting on a significant surge in sales of AI-powered self-driving vehicles.
• Similarly, retail companies will evolve in their AI Maturity from 38 today to 54 in 2024. Notably, many retail companies show a deeper commitment to AI transformation than other industries. Walgreens Boots, as part of its efforts to create a more data-driven organization that can offer customers highly personalized digital service, migrated from legacy databases to advanced cloud databases and analytics. The company also built more than 100 high-value AI products that create detailed customer profiles and help it better optimize inventory and prices.

Regardless of industry, the impact of AI on businesses is growing and accelerating. The world’s largest companies that discussed AI on their earnings calls in 2021 were 40% more likely to see their share prices increase — up from 23% in 2018. Moreover, investments in AI are on the rise. In 2021, 19% of the surveyed companies used more than 30% of their tech budgets for AI projects. By 2024, the percentage of organizations investing more than 30% of their tech budgets in AI will increase to 49%.

Subsequently, the machine learning models utilized for the research suggest that the share of AI Achievers will increase rapidly from the current 12% to 27% by 2024. In the same timeframe, the overall AI maturity score will rise from 36 today to 50.

“Adopting AI at scale and embedding it deeper in all aspects of business is no longer a choice, but a necessity and opportunity facing every industry, organization and leader,” Vohra said. “While the science of AI is ground-breaking and inspiring, harnessing it fully is an art that leaders must continually practice. Our report provides actionable recommendations for how to advance AI maturity to join the ranks of the AI Achievers.”

About the Research

The research, titled “The Art of AI Maturity: Advancing from Practice to Performance” is based on financial and non-financial data of 1,176 firms that use AI and survey data from 1,615 executives, conducted August – September 2021, in 16 industries (Aerospace & Defense; Automotive; Consumer Goods & Services; Chemicals; Energy; Financial Services; Healthcare; Industrial Equipment; Life Sciences; Natural Resources; Public Services; Retail; Technology; Telecommunications, Media & Entertainment; Travel & Transport; Utilities) and 15 countries (Australia, Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Singapore, South Africa, Spain, UK, US). The data fed into machine learning models, which determined companies’ performance across a set of AI-related capabilities — primarily “foundational” capabilities, which companies need to compete on AI, and primarily “differentiation” capabilities, which give companies a competitive edge with AI. Results of the two models were combined into a single index that measures AI maturity on a scale of 0-100. A detailed description of the methodology and sample can be found in the appendix of the research report (available for download here).

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 699,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners, and communities. Visit us at accenture.com.

Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.

This document is produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on your circumstances. If you require advice or further details on any matters referred to, please contact your Accenture representative.

Accenture provides the information on an “as-is” basis without representation or warranty and accepts no liability for any action or failure to act taken in response to the information contained or referenced in this publication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220608005179/en/

Jens Derksen

Accenture

+49 175 57 61393

jens.derksen@accenture.com

Enxhi Myslymi

Accenture

+1 703 947 3595

enxhi.myslymi@accenture.com

Source: Accenture

FAQ

What percentage of organizations are considered AI Achievers according to Accenture's research?

Only 12% of organizations are classified as AI Achievers, utilizing AI effectively for competitive advantage.

What is the average AI maturity score reported by Accenture?

The median AI maturity score is reported at 36.

What growth in AI maturity is expected by 2024?

The overall AI maturity score is projected to increase to 50 by 2024.

How much of their tech budgets do organizations currently allocate to AI?

Currently, 19% of organizations allocate more than 30% of their tech budgets to AI.

What is the forecasted percentage of companies investing over 30% of their tech budgets in AI by 2024?

By 2024, it is expected that 49% of companies will invest over 30% of their tech budgets in AI.