Despite high expectations and investments, a recent survey by PYMNTS Intelligence shows that most large companies are struggling to implement AI in meaningful ways, falling behind in leveraging its transformative potential. The survey of chief operating officers from billion-dollar revenue companies reveals a disconnect between the perceived value of AI and its current applications. Many companies are using AI for routine tasks such as accessing information and customer service chatbots, rather than for strategic decision-making or innovative product development. The cautious approach to AI implementation may be due to a lack of familiarity with its capabilities.

The survey also highlights a correlation between strategic AI use and positive financial outcomes, with companies using AI for impactful and strategic tasks reporting higher returns on investment. The adoption of AI also affects workforce needs, with a higher demand for analytically skilled workers despite a decreased need for lower-skilled workers. COOs primarily focus on efficiency-related metrics when assessing AI investments, with cost reduction taking precedence over increased profits. Future success with AI will require overcoming implementation challenges, rethinking workforce management, and taking calculated risks with more ambitious deployments.