#AI is taking #partnerships to the next level. 95% of companies are looking for external partners to get most of AI. While meaningful collaboration results in đ 3X financial impact, only 20% are doing it now.
Boston Consulting Group (BCG) research of 600 business leaders concluded that:
đ¤ Incumbent firms need more than AI solution providers. They need partners that can help them unlock new ways of doing business, creating value, and navigating organizational change.
75% of incumbents were challenged by a lack of tools necessary to build their own AI solutions. And when these established firms looked externally for partners, they still faced significant hurdles: 80% ran into compatibility issues when trying to incorporate AI products into their legacy systems and existing IT infrastructure.
đ¤ BCG calls for collaborating with âtransformersâ, #startups and scaleups who develop specialized AI applications that have a particular vertical or functional focus and cater to one or a select few industries.
They collaborate, rather than compete, with incumbents, to eliminate the barriers to AI adoption that incumbents usually face.
đ Meaningful collaborations collaboration results in
3X more likely to achieve high financial impact
7X more likely to integrate AI as a core element of their strategy
Why itâs essential to partner vs just buy off the shelf products?:
1ď¸âŁ Bridge legacy gaps: Transformers help create customized AI solutions, addressing the challenge of adopting the technology.
2ď¸âŁ Overcome talent deficits: Incumbents face a talent & skills gap when incorporating new AI tech. Transformers bring the right expertise.
3ď¸âŁ Reinvent ways of working: Transformers prompt incumbents to rethink processes, chart AI-specific strategies, and establish AI governance.
Source: BCG