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Everybody was talking last year about how AI was going to revolutionize the workforce. But new data from the U.S. Census Bureau found only about 5% of companies today are actually using AI to produce or deliver goods and services.
Now, this isn’t completely surprising. After all, it takes time for new technology to iterate and become better and more applicable, and it takes a while for people to know how—and feel comfortable enough—to use it.
As a recent article by Korn Ferry points out, just because there’s a longer runway than expected doesn’t mean the impact of AI won’t be felt…eventually. In fact, one Korn Ferry analyst estimates that pairing the right AI technology with the right workers will spell the difference between a 10% productivity boost and a 70% one.
All of these developments really underscored for me the old adage, “slow and steady wins the race.” It’s not about running out to spend lots of money on and implement the latest AI tech in your organization before your competitors do. It’s about taking the time to identify where in your organization AI can really make the biggest impact, researching the available AI-driven solutions out there, and developing an implementation and use plan that accounts for ramp-up time and predicts benefits within a specified timeframe. It’s not necessarily the sexiest process, but it’s the most realistic, stable, and wise.
Firms are estimated to spend $90 billion a year on AI. But according to Korn Ferry, some CEOs this past year have been ceasing AI-related projects that aren’t seeing returns on their investments. It’s time to put our running shoes down and stop to catch our breath, look around to see where we are, and pull out our maps to see where we want to go. And, as in everyday life, don’t be afraid to ask for directions!