To help their organizations capitalize on artificial intelligence and analytics, CAOs must do more than demonstrate their technical chops. They need to lead like a Catalyst.
The role of the chief analytics officer (CAO) is being thrust into the spotlight as artificial intelligence (AI) technology continues to improve—and prove its value. AI and other advanced analytics will unlock $9.5 trillion to $15.4 trillion annually, with recent AI advances such as deep learning alone making up nearly 40 percent of the total.
Given the enormity of the stakes, it’s no surprise that CEOs are asking their CAOs (or those assuming CAO duties under a different title) to deploy and scale AI and advanced analytics—stat. Yet while the opportunity is great, so too is the challenge. In McKinsey research earlier this year, only 8 percent of senior executives reported that their organization engages in practices identified as key enablers for AI and analytics at scale.
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SOURCE: McKinsey & Company