New Delhi [India], March 22 (ANI): Companies with at least $500 million (50 Crores) in annual revenue are adopting Artificial Intellignece (AI) more quickly than smaller organisations, according to a report by McKinsey. “The companies with more than USD 500 million in annual revenues are using gen AI throughout more of their organisations than smaller companies are,” the report says. The report says that the organisations are beginning to create the structures and processes that lead to meaningful value from gen AI. While still in the early days, companies are redesigning workflows, elevating governance, and mitigating more risks, the report added. The report adds that overall, the use of AI–that is, gen AI as well as analytical AI–continues to build momentum. More than three-quarters of respondents now say that their organisations use AI in at least one business function, the report says, adding that the use of gen AI in particular is rapidly increasing. As per the report, the survey responses show that companies are most often using gen AI in marketing and sales, product and service development, service operations, and software engineering. The survey findings also shed light on how organisations are structuring their AI deployment efforts. The report highlights that for risk and compliance, as well as data governance, organisations often use a fully centralised model such as a center of excellence. For tech talent and adoption of AI solutions, on the other hand, respondents most often report using a hybrid or partially centralised model, with some resources handled centrally and others distributed across functions or business units. Though respondents at organisations with less than USD 500 million in annual revenues are more likely than others to report fully centralising these elements, the report added. As highlighted by the report, many organisations are ramping up their efforts to mitigate gen-AI-related risks. It adds that respondents are now more likely than they were in early 2024 to report that their organisations are actively managing risks related to inaccuracy, cybersecurity, and intellectual property infringement. (ANI) Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.Business NewsCompaniesNewsCompanies with USD 500 million revenue adopting AI faster than smaller firms: McKinseyMoreLess
According to McKinsey, companies generating revenue of USD 500 million are more rapidly implementing AI compared to smaller businesses.
