CEOs have high hopes, and big plans, for AI

During our most recent CEO Forum, attendees shared their experiences with—and hopes for—AI. It was a wide-ranging discussion that at times anchored on the challenges, from overly optimistic expectations on the part of boards to governance to talent implications. But CEOs left the session with renewed excitement about the promise of AI, as well as the need to move faster. As one CEO who attended put it:

“What I take away is that we should aim for a 15%–20% gain in productivity and a 1,000-basis point improvement in NPS. And we have two years to create that impact, not five or ten.”

We recently scanned publicly announced AI projects among the Fortune 500. While most target modest ambitions, we see other market signals that suggest some companies are about to launch much bolder bets. The question is, what will give these AI moonshots the best chance to reach escape velocity?

At any given time, more than one-third of large companies have a major transformation underway. Most fall flat. In fact, only 12% meet or exceed their goals, a figure that has not changed in the past decade. But some companies do get it right. Our research identifies six critical practices for transformations that work.

Which regions and industries have delivered the best returns to shareholders? Our handy infographic breaks down the data across eight industries, four regions, and two time periods. Quick answers: Tech by industry, the Americas by region, and Tech in the Americas in both one-year and five-year periods. Beyond the Tech sweep, the other results are much more varied.

In March our own Leah Johns and Joëlle de Montgolfier treated the crowd at SXSW 2024 to groundbreaking work from the Bain Consumer Lab exploring eight consumer economies that will shape the world by 2035. From demographic shifts and evolving definitions of the family to a host of geographic, technologic, and societal forces profound changes to consumer wants and needs—and the businesses that serve them—are accelerating.

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