Delaying AI adoption will lead companies to lag behind: Survey

Bain & Company’s survey reveals that present Artificial Intelligence (AI) tools and models have the potential to accelerate 20 per cent of worker tasks without compromising quality. In the realm of software companies, 89 per cent are already leveraging AI to distinguish their products, surpassing other sectors by 15 percentage points, according to Bain’s fourth annual Global Technology Report.

The accessibility of Large Language Model (LLM) Application Programming Interfaces has simplified the process of showcasing innovative AI-powered products. Early adopters of AI are reaping the benefits in terms of enhanced productivity and results as they explore novel applications for their businesses.

Of the 570-plus executives recently polled by Bain & Company, 75 per cent affirm that AI has either met or exceeded their expectations. According to David Crawford, the Global Head of Bain’s Technology practice, “Innovation is advancing swiftly, and we’re still in the early stages. Three out of four software companies we surveyed believe that early adopters will maintain a competitive edge that won’t plateau. Those adopting a wait-and-see approach with AI risk falling behind in this dynamic landscape.”

Additionally, software companies must consider the impact of generative AI adoption by their customers and competitors on their core operations, as outlined in the report.

As AI finds its way into customer processes, job roles are expected to undergo transformations. Over the next 18 months, functions like engineering, sales, and marketing are anticipated to be the most positively affected by AI, according to the survey.