Deloitte report shows how AI innovation is driving success

Those organisations which are most prepared to innovate with AI are the likeliest to succeed with their overall transformational aims, a leading AI think tank has reported.

 

The Deloitte AI Institute has released its latest ‘State of AI in the Enterprise’ survey, exploring what is happening within organizations that are using AI to drive value. The report’s authors say their aim was to understand what AI-fueled organizations are doing to drive success. They discovered that successful organizations tend to be those that leverage data as an asset to deploy and scale AI systematically across all types of core business processes.

 

By surveying 2,875 executives from 11 countries across the Americas, Europe and Asia, the report identifies the leading practices among various marketplace leaders across industries. Deloitte said it hopes the report will help companies overcome challenges in becoming an AI-fueled organization, no matter what stage of AI transformation they are in.

 

To assess AI maturity, Deloitte grouped responding organizations into four profiles based on how many types of AI applications they have deployed full-scale and the number of outcomes achieved to a high degree.

 

Twenty-eight percent (28%) of survey respondents are Transformers who report high outcomes and a high number of AI deployments. This group has identified and largely adopted leading practices associated with the strongest AI outcomes.

 

Twenty-six percent (26%) of respondents are Pathseekers, reporting high outcomes, but a low number of deployments. Pathseekers have adopted capabilities and behaviors that are leading to success, but on fewer initiatives and they have not scaled to the same degree as Transformers.

 

Underachievers made up 17% of respondents, reporting low outcomes and a high number of deployments. While these organizations have a significant amount of AI deployment activity, they haven’t adopted enough leading practices to help them effectively achieve meaningful outcomes.

 

Starters accounted for 29% of survey respondents, reporting low outcomes and a low number of deployments. These organizations have had a late start in building AI capabilities and are the least likely to demonstrate leading practice behaviors.

 

“By embracing AI strategically and challenging orthodoxies, organizations can define a roadmap for adoption, quality delivery and scale to create or unlock value faster than ever before,” said Nitin Mittal, Deloitte AI co-leader, and principal, Deloitte Consulting LLP.

 

“The risks associated with AI remain top of mind for executives. We found that high-achieving organizations report being more prepared to manage risks associated with AI and confident that they can deploy AI initiatives in a trustworthy way,” added Irfan Saif, Deloitte AI co-leader, and principal, Deloitte & Touche LLP.

 

Earlier this year, Deloitte discovered that financial service organizations are increasingly embracing AI to streamline their operations and reduce costs. It found that 70% of all financial services firms are deploying machine learning to predict cash flow events, fine-tune credit scores, and detect fraud.

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Book of the Month*

The Serendipity Mindset: The Art and Science of Creating Good Luck

By Dr Christian Busch
Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

Chance encounters, or strokes of fortune, feature in countless stories of business success. This book looks beneath the surface, reveals and teaches the mindset that can transform pure chance into opportunity. The author is director of the Global Economy Program at New York University’s Center for Global Affairs, and a lecturer at the London School of Economics.

Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

The author says “This is a book about the interactions of coincidence, human ambition and imagination”. In the above example: finding the wallet is the coincidence; ambition is the desire to make something of the discovery; add imagination and you open up a whole menu of possibilities: from spending spree to earning a reputation for honesty – or even making a wealthy friend.

Business is typically forged on human ambition and imagination, but early success often feeds an appetite for control – and “control freaks” can be blind to the opportunities thrown up by the unexpected. They only see chance events as distractions. If plans go awry, they may blame the failure on “bad luck” rather than admit their own inflexible attitude.

The author himself admits to being “a German who is used to planning” and prone to feel anxious when something unexpected happens. That makes him an ideal teacher, because he has worked hard to discover and analyse the mindset that enables one to “connect the dots” and cultivate serendipity. He presents a goldmine of examples from science, business and life where an apparent mishap or failure lead to a breakthrough.

Indeed, studies suggest that around 50% of major scientific breakthroughs emerge as the result of accidents or coincidences. A well-known example is Alexander Fleming’s discovery of penicillin, launching the whole field of antibiotics. Other examples include X-rays, nylon, microwave ovens, rubber, Velcro, Viagra and Post-it Notes – where would we be without these!

The book goes beyond the ability to recognise and respond to opportunities in chaos, but the subtitle – The Art and Science of Creating Good Luck – is actually a bit misleading. True, he does show ways to develop better fortune, but it would be better to call it “inviting” or “encouraging” good luck. For example, he suggests better ways to start a conversation with a stranger – ways that will make it more likely to lead to chance connections or shared interests.

The publishers may have chosen the word “creating” to make the book appeal to the human desire to control – for control freaks are exactly the readership that would benefit the most from this book’s wisdom and practical advice.

For the rest of us, it offers a great way to rediscover the sense of play that is so important in life – and too often lost in business.

“Following the success of The Serendipity Mindset hardback, a paperback edition has also now been launched under the title “Connect the Dots”.

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