$500 million in revenues of AI-powered companies faster than smaller companies: McKinsey

New Delhi [India]March 22 (ANI): Companies with at least $500 million (500 million) annual revenues are faster than smaller organizations, according to a McKency report.

“Companies with annual revenue of more than $500 million use AI throughout their organizations, rather than smaller companies,” the report said.

The report said these organizations began to create structures and processes that bring meaningful value from the AI ​​generation.

While still early days, the company is redesigning its workflows to improve governance and mitigate more risks, the report added.

Overall, the use of AI – that is, AI, as well as Analytical AI-Continues, can build momentum, the report adds.

More than three-quarters of respondents said their organizations use AI in at least one business function, adding that the use of AI in particular is increasing rapidly.

According to the report, the survey’s responses show that companies most often use AI in marketing and sales, product and service development, service operations, and software engineering.

The findings also shed light on how organizations can build their AI deployment efforts.

The report highlights that for risk and compliance and data governance, organizations often use fully centralized models such as the Center of Excellence.

On the other hand, for the adoption of technical talents and AI solutions, most commonly reported using hybrid or partially centralized models, some of which are centralized and others are distributed in functional or business units.

The report added that respondents from organizations with less than $500 million in annual revenue are more likely to report these elements than others.

The report highlights that many organizations are stepping up efforts to mitigate the risks associated with Gen-AI.

It added that respondents are now more likely than respondents in early 2024 to report that their organizations are actively managing risks associated with inaccuracy, cybersecurity and intellectual property infringement. (ANI)