Early AI Adoption Yields Impressive Productivity Gains, Says Bain & Company Report
In Brief
A Bain & Company survey reveals that AI exceeds expectations for 75% of executives, driving a tech transformation.
89% of software firms leverage AI to gain a competitive edge, emphasizing the need for agility in product development.
The report highlights the importance of early talent upskilling as AI revolutionizes job roles.
With 65% of software engineers anticipating significant productivity gains through AI, companies need to address the shortage of technical skills.
A Bain & Company survey of over 570 executives has shown that 75% believe artificial intelligence has not only met but exceeded their expectations. Released today, the fourth annual Global Technology Report by Bain & Company unveils the potential of the current AI generation, which could optimize 20% of worker tasks without compromising quality.
As technology rapidly advances, AI becomes the driving force behind tech’s transformation. Remarkably, 89% of software firms use AI to set themselves apart in a competitive market.
“Firms will likely feel the competitive pressure to use productivity gains to build new product—and build it faster, in order to keep up with or outcompete the market,”
the report argues.
The report underlines that early adopters of AI are witnessing remarkable productivity gains, emphasizing that those hesitating to embrace AI risk lagging behind.
In addition, software firms should address the implications of generative AI adoption among customers and competitors, focusing on data protection and integration with other technologies.
AI Urges Skill Enhancement and Global Transformation
The changing job landscape is another crucial aspect, with engineering, sales, and marketing poised to benefit from AI in the next 18 months.
The tech industry is on the brink of a significant transformation, with nearly 65% of software engineers anticipating productivity boosts of 20% or more as they embrace AI coding assistants. However, 39% of software companies cite a shortage of technical skills as a major barrier.
According to the report, early investments in upskilling talent are crucial for gaining a competitive edge. Furthermore, AI is set to revolutionize sales processes, particularly for smaller businesses and consumers, enabling smarter self-service and enhancing efficiency across the board.
Investor interest in AI remains strong, with AI and ML investments leading venture growth in 2023. AI is poised to boost knowledge worker productivity across industries, particularly benefiting software companies with AI coding assistants.
Lastly, Bain & Company forecasts a transformed global tech value chain fueled by tech manufacturers’ resilience-building in supply chains and expansion into new geographic areas. Diversification across Asia, Europe, and North America enhances flexibility and practical resilience, aligning with evolving tech industry dynamics.
Read more:
- Bain & Company Partners With OpenAI to Distribute its AI Tech to Clients
- MIT: AI Will Boost Your Employees’ Productivity by 35%
- 100+ AI generative models: Database of types, sectors, API
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
