Almost every company is using AI or planning to use AI. That statement isn’t just speculation – our recently completed EXL 2024 enterprise AI study found that 98% of companies have implemented or are planning on implementing AI. However, one set of companies is already gaining an edge from this technology, pressing their advantage to better guide corporate strategy, improve customer experience, and make strides in adopting generative AI.
EXL’s study surveyed 158 executives at leading insurance and financial firms on how they’re using AI, where they’re seeing results, and what challenges keep them from reaching their goals.
The results found that 36% of organizations qualified as AI leaders. These businesses deployed AI across their enterprise, using it in six or more business functions. They’ve pulled far head of the rest of the pack, who on average use AI in just three functions.
Several qualities define these leaders. They’re more likely to have a solid grasp on their data, reporting higher rates of data transparency, quality, and accessibility.
Leaders are also achieving their AI goals. 89% say they’re successfully using AI to improve business decisions. 79% are entering new markets. 74% find that AI is increasing their internal process efficiency.
Meanwhile, between 40-50% of strivers report failing to reach their AI objectives.
AI is becoming an essential component for success. Companies that lead in AI adoption will lead in the market. Understanding what’s helping these AI leaders make faster progress than the competition, how and where AI can be used most effectively, and the principles that should guide your AI implementation roadmap will all give you an edge.
EXL’s 2024 enterprise AI study contains information on each of these areas.