New Report From Arthur D. Little Highlights Full Potential of Artificial Intelligence for Business

News provided by
Arthur D. Little
Dec. 03, 2021 11:40
LONDON--(Business Wire / Korea Newswire)--Arthur D. Little (ADL) has launched a new report which examines how artificial intelligence (AI) can be used to its full potential in the context of business decision making. The report - ‘From Insight to Impact’ looks at how companies can use AI more holistically rather than to just perform discrete functions and includes real world use cases where AI has demonstrated its ability to powerfully augment and improve business processes.

In a survey conducted for the report, only 16% of respondents believed that their organizations were benefitting from the full potential of AI technology. For the great majority, AI applications remain stuck at the pilot stage or are limited to just specific applications such as online customer interaction. The survey also showed that concerns still exist around the more widespread use of AI, with loss of control, lack of transparency, and the perceived threat of job losses all flagged as potential issues.

ADL’s report has been produced to cut through both the hype and negative connotations around AI. Based on in-depth, first-hand experience and primary research across multiple industries, the report provides practical, realistic insight into how additional business impact can be achieved via AI. It also proposes a clear approach that organizations can adopt in order to maximize the benefits of AI, including governance, setting up multidisciplinary teams, developing data frameworks, and implementing the right technology platforms.

The use cases the report cites include: predicting rail network disruptions; forecasting petrochemical prices; optimizing telecoms networks; managing pharmaceutical regulations; improving product development in the food industry; and making chemical plants more energy efficient.

Michael Kolk, Managing Partner at ADL and the Global Lead for the Technology & Innovation Management (TIM) practice, comments: “A crucial starting point for unlocking the full potential of AI within business is to establish its aim as being to augment, rather than replace, human decision making. Deployed properly, it is a way to help people make smarter, faster and more informed decisions that benefit the entire organization, not just small aspects of it. But to do this successfully requires a holistic strategy that goes far beyond simply employing data scientists and starting discrete pilot projects.”

The report is available here: www.adl.com/InsightToImpact

View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005468/en/

Contact

Arthur D. Little
Catalyst Comms
Cate Bonthuys
+44 7746 546773
cate@catalystcomms.co.uk