Adoption of artificial intelligence technology has been on the rise for several years, but the introduction of generative AI in the form of ChatGPT and other tools in 2022 has resulted in a massive spike in usership in the past two years, according to a mid-year study from McKinsey & Company.
COMPANY ADOPTION OF AI
FOR 1,363 ONLINE SURVEY PARTICIPANTS | DATA AS OF 03.05.24
Callahan & Associates | CreditUnions.com
The report finds costs declining and revenues rising in the departments that have implemented the technology, though respondents also acknowledge the risks that go along with those tools, including inaccuracy, cybersecurity, regulatory concerns, and more.
Strategic Insights
- The adoption of artificial intelligence within the business sector has surged from 33% less than one year ago to 65% in early 2024, according to a McKinsey & Company report. The management consultant defines “adoption” as regular usage within one or more business functions.
- Among those companies that reported using AI, half use it in two or more functions and 8% use it in five or more functions — a sign that many organizations see a future with the technology.
- The most common space for generative AI is in product and service development and marketing and sales, which uses AI to support content creation for marketing strategies. In the McKinsey report, “usage” refers to active engagement with generative AI in specific tasks, whereas “adoption” refers to broad integration.
- Seventeen percent of respondents reported their IT departments have integrated AI into workflows; 7% reported AI use in data management.
- For credit unions, artificial intelligence has proven to be a reliable analytical tool for sourcing loans, member-facing chat support, and operational efficiency.
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