Ever heard the saying, “You snooze, you lose”? Companies might want to take that to heart when it comes to AI. A fresh report from Bain and Company dropped on Tuesday, and it’s got some eyebrow-raising insights. View it here
For those companies playing the ‘wait and see’ game with AI, here’s the scoop: AI has the muscle to speed up a whopping 20% of worker tasks without dropping the ball on quality. The Global Technology report, which chatted with over 570 bigwigs, spilled that 89% of software companies already give their products an AI edge. And guess what? The early birds catching the AI worm are seeing some sweet productivity boosts.
But here’s where it gets juicy. Investors are all ears about AI’s game-changing potential. AI and ML investments have been the rockstars of venture growth in 2023’s first half. To throw some numbers at you, AI and ML ventures made up 28% of global deal value from January to June. That’s a leap from 14% in late 2022 and 13% in early 2022. Oh, and that deal value? A cool $111 billion.
David Crawford, the tech guru at Bain, chimed in with some wisdom. He said the top funds aren’t just sitting around. They’re jumping into action, ready to make the most of their software goodies. But while AI’s on a roll, the broader tech world’s been a bit meh since the third quarter of 2022. Crawford’s take? “We’re just getting started! There’s a world of opportunities out there with AI, from boosting sales to keeping customers happy.” And he had a little warning: companies playing it too cool with AI might find themselves out of the race.
Looking ahead, the report has some predictions. In the next year and a half, the folks in engineering, sales, and marketing will be the big winners from AI. And companies, here’s a tip: keep an eye out for tech whizzes who know their AI and machine learning, especially if they’ve dabbled in big language models.