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A study was conducted on the business adoption of Artificial Intelligence (AI) in the 1980s. Published in the MIS Quarterly, the study found that enterprises were rushing to invest in AI, and the projected market value was $4 billion.
However, the results were shocking.
The study found that over a five year period, just 33% of AI solutions delivered business value, while the rest were abandoned. Many popular applications of AI were proven to be pure hype and several companies became disillusioned with AI.
Today, the same story is repeating all over again.
Despite decades of progress in AI research and many recent breakthroughs, enterprises continue to struggle with adopting the technology. A survey by McKinsey found that only 8% of firms had practices that enabled them to adopt and scale AI.
AI has exceptional