This article pulls together various strands of research by the McKinsey Global Institute into AI technologies and their uses, limitations, and impact as follows. Definitely worth a read!
The potential benefits of AI to business and the economy, and the way the technology addresses some of the societal challenges, should encourage business leaders and policy makers to embrace and adopt AI. At the same time, the potential challenges to adoption, including workforce impacts, and other social concerns cannot be ignored.
AI will need to address societal concerns including unintended consequences, misuse, algorithmic bias, and questions about data privacy.
Still, only 21 percent say their organizations have embedded AI in several parts of the business, and barely 3 percent of large firms have integrated AI across their full enterprise workflows.
- AI’s time may finally have come, but more progress is needed
- Businesses stand to benefit from AI
- Economies also stand to benefit from AI, through increased productivity and innovation
- AI and automation will have a profound impact on work
- AI will also bring both societal benefits and challenges
- Three priorities for achieving good outcomes