BCG: Integration of AI across various business functions high on agenda for leading businesses

The integration of AI across various business functions is high on the agenda for leading businesses today, reads a report by Boston Consulting Group (BCG) titled “BCG AI Radar: From Potential to Profit with GenAI,” Report informs.

“Generative AI (GenAI) exploded into the public consciousness in 2023, promising to transform the way business functions. Despite the potential, however, leaders are struggling to convert hype into reality. According to a new report by Boston Consulting Group (BCG), 66% of executives are ambivalent or outright dissatisfied with their organization’s progress on AI and GenAI so far, citing three primary reasons for their dissatisfaction: a lack of talent and skills (62%), an unclear AI and GenAI roadmap and investment priorities (47%), and absence of strategy regarding responsible AI and GenAI (42%).

“The integration of AI across various business functions and its practical application for everyday tasks are high on the agenda for leading businesses today, said Anton Aristov, Managing Director and Partner at BCG Baku. "This involves employees upskilling and developing tailored AI tools for local hands-on needs.”

“Generative AI is radically reshaping businesses. Leading companies on the GenAI front are planning to realize up to $1 billion in productivity gains, and they are already looking at ways to reinvest into new business models and growth,” said Sylvain Duranton, global leader of BCG X and a coauthor of the research. “This is a second chance for companies who missed the first AI wave.”