Artificial intelligence (AI) will likely disrupt the world. McKinsey Global Institute estimates that rapid advances in automation and artificial intelligence will have a significant impact on the way people work and their productivity. To capture value in this growing market, companies are experimenting with different strategies, technologies, and opportunities, all of which require large investments. While much uncertainty persists, companies that heed the following points can position themselves to win.
- The consumer sector will capture much of the initial value
- Enterprise winners will focus on micro-verticals in promising industries
- Companies must have end-to-end solutions to win in AI
- In the AI technology “stack,” most value will come from solutions or hardware.
- Specific hardware architectures will be critical differentiators for both cloud and edge computing
- The market is already taking off – companies need to act now and reevaluate their existing strategies
If companies wait two to three years to establish an AI strategy and place their bets, they likely will not regain momentum in this rapidly evolving market. Most businesses know the value at stake and are willing to forge ahead, but they lack a strong strategy. The six core beliefs outlined here can point them in the right direction and get them off to a solid start.