This survey is based on a survey of 2,197 managers across 106 countries and 28 industries
‘It improves team culture and performance’ – global leaders on AI adoption in business. Source: pixabay.com
Over 75% of managers who reported that their AI adoption improved their team’s decision making and efficiency also noted improvements in team learning (87%), team morale (79%) and collaboration (78%), according to the MIT Sloan Management Review and Boston Consulting Group 2021 global study.
Respondents who see significant financial benefits from their AI initiatives are 10 times more likely to change their methods of measuring success as a result of using AI than those who do not see such benefits.
In fact, 64% of companies that are actively using AI or in some parts of their processes are changing how they measure performance and adjusting their Key Performance Indicators (KPIs).
When AI enables workers to outperform existing KPIs, new measures are needed to succeed. 66% of respondents who agree that their KPIs have changed due to AI also see improvements in team-level collaboration.
Also, AI-powered innovation boosts competitiveness. Of companies using AI to explore new ways to create value (versus improving existing processes), 59% agree that using AI helps them defend against competitors and leverage the power of related industries.
These companies are also 2.7 times more likely to agree that AI is helping their companies seize opportunities in related industries.
Mistrust in AI can undermine acceptance. Both the financial and non-financial benefits of AI depend on the employees who work with and trust the technology. Almost half of companies believe that mistrust of AI is due to misunderstanding (49%) or learning (46%). Providing too limited a decision-making context (34%) or too much information (17%) can undermine trust. No amount of user training can overcome a bad tool. Poor data quality (31%), inadequate expectations (20%), or poor decisions (14%) contribute to AI distrust.
We’ve reported that Ukrainians living overseas can now send money instantly to their loved ones back home.
SEE ALSO:
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
