Exploring the State of AI: Insights from the 2024 Survey Data

The State of AI: Adoption, Impact, and Talent Trends

In a recent survey conducted by McKinsey, it was found that the adoption of artificial intelligence (AI) has more than doubled since 2017. However, the proportion of organizations using AI has plateaued between 50 and 60 percent for the past few years. The survey results also highlighted a set of companies that are seeing the highest financial returns from AI, pulling ahead of their competitors.

The leaders in AI, referred to as AI high performers, are making larger investments in AI, engaging in advanced practices for faster AI development, and showing signs of faring better in the market for AI talent. These high performers are achieving superior results mainly from AI boosting top-line gains, driving revenues, and reducing costs.

One key finding from the survey is that high performers are more likely to follow core practices that unlock value and engage in “frontier” practices that enable AI development and deployment at scale. They have a modular data architecture, automate data-related processes, and engage nontechnical employees in creating AI applications using emerging low-code or no-code programs.

Furthermore, AI high performers are better positioned to manage potential AI-related risks and are poised to continue outspending other organizations on AI efforts. They are also attracting AI talent more easily, indicating a more attractive environment for talent.

When it comes to AI talent, the survey revealed that hiring AI talent remains a challenge for all organizations, but high performers report slightly less difficulty. Reskilling existing employees is a popular strategy among all respondents, with high performers taking more steps to build employees’ AI-related skills.

Diversity on AI teams is an area that needs improvement, as the survey found that there is significant room for diversity at most organizations. Companies with diverse AI teams are more likely to be AI high performers, indicating a correlation between diversity and outperformance.

Overall, the survey provides valuable insights into the state of AI adoption, impact, and talent trends, highlighting the practices of AI high performers and areas for improvement for other organizations. The findings serve as a blueprint for success in the rapidly evolving field of artificial intelligence.