Lesson 3: AI will help to grow, not to save on spending.

There is an opportunity to approach AI as an instrument to expand a business — creating new products / services, increasing productivity or winning more market share — as much as a tool to cut costs.?

Companies with less experience in AI tend to focus on its ability to help cut costs, but the more companies use and become familiar with AI, the more potential for growth they see in it.?

In a Global survey of C-level executives done by MIT across industries (2021), it was mentioned cost cutting as often as increasing market share as their main objectives for implementing AI. A subset of early adopters Businesses who adopted AI at scale, i.e. they deploy AI across Departments and within core functions, use AI in the core parts of their value chains. They have the full support of their executive? leadership — cited AI’s potential for business growth twice as often as its potential for cutting costs.?

Companies committed "to play offense" by pioneering new products & business models will make AI central to their corporate strategies. There can be a clear strategic payoff in fully embracing the use of AI...

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