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Jan. 9, 2025, 4:47 p.m.
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MIT and McKinsey 2023 AI Survey Reveals Keys to Success

In 2021, MIT and McKinsey collaborated to survey over 100 companies about their use of AI in operations, aiming to identify what distinguished top performers. They replicated this survey in 2023 to assess changes.

Their findings showed that the gap between leaders and other companies had increased; AI investment payback periods were shorter; and leading companies excelled at pinpointing and executing use cases that yielded positive results with less risk. They identified four key factors that set leaders apart: 1) Executive sponsorship backed their initiatives; 2) Partnerships shifted from academia and startups to a mature ecosystem of consultants, vendors, and industry partners, indicating AI's advancement to practicality; 3) Successful companies enjoyed better cross-department collaboration; and 4) Leaders were more likely to record and manage relevant equipment data.



Brief news summary

In 2021, MIT and McKinsey conducted a study with over 100 companies to understand their use of AI and identify what distinguished the top performers from others. A follow-up survey in 2023 revealed that the gap between leading companies and their peers had increased. Top companies experienced quicker returns on AI investments and were more adept at identifying and implementing high-reward, low-risk AI use cases. Four key factors set these leaders apart: 1) They had strong executive sponsorship for AI initiatives; 2) Their partnerships evolved from academia and startups to a more mature ecosystem of consultants, vendors, and industry partners, indicating a shift towards valuing practical AI solutions; 3) They achieved smoother collaboration across departments; and 4) They effectively recorded and managed relevant equipment data. These factors contributed to their superior performance in leveraging AI for operational success.
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