📧 AI Leaders Pulling Ahead | 05.16.24

Hi there.

Ed here.

This week, I’m writing to you from AI ground zero on a visit to Palo Alto, CA.

When I launched my (unfortunately now defunct) IoT startup here in 2018, AI was just a dream, and IoT and Blockchain reigned supreme.

Now, six years later, Silicon Valley is all in on AI!

However, with OpenAI releasing their GPT4o model this week, it seems like everyone, from the engineers at Google to the database engineers at Stanford, is feeling the ground shift beneath their feet.

There seems to be no solid ground in Silicon Valley right now. 

Just earth that Sam Altman hasn’t moved yet!

That said, we project managers know that staying ahead of the technology curve is essential for driving business results. 

With artificial intelligence rapidly transforming all industries, the question is no longer if but how to leverage AI to supercharge your projects.

This week, I read a study from Accenture on the "Art of AI Maturity." It uncovers key insights that every project manager needs to know. 

The research assessed hundreds of companies on an AI Maturity scale, revealing a vast spectrum of AI readiness and performance across industries.

Here are my key takeaways:

Leaders Pulling Ahead

Strikingly, the research found that while over 60% of companies are experimenting with AI, only 12% are harnessing its full potential to achieve a significant competitive edge. 

These top performers, dubbed "AI Achievers," boast an average revenue growth of 50% higher than their peers.

What sets the leaders apart? 

The study points to a combination of strategic focus, talented teams, robust technologies, and commitment to using AI responsibly. 

By excelling across these dimensions, AI Achievers reach a maturity score of 64 - nearly double the median score of 36.

AI Stakes Keep Rising

As AI weaves itself deeper into the business fabric, the stakes are only getting higher. 

Accenture predicts the share of AI Achievers will surge to 27% by the end of 2024 as investments pour in. 

Companies are betting big, with nearly half expecting to spend over 30% of their tech budgets on AI in two years.

The business impact tells a compelling story: Companies discussing AI on earnings calls are 40% more likely to see share prices rise. 

From retail giants like Walgreens to automakers and tech firms, industries across the board are gearing up for an AI-powered future.

Your PM Path to AI Maturity

As a project manager, you have a pivotal role to play in your organization's AI journey. Here are three recommendations to get started:

1. Align AI with Business Strategy: Partner with leadership to define a crisp AI vision tied to business goals. Prioritize high-impact use cases that create value for your stakeholders.

2. Assemble Balanced Teams: Foster collaboration between AI thought leaders (like you!) and business users. Develop training to uplift your team's AI fluency while building governance to manage risks responsibly.

3. Pilot, Learn, Scale: Start with agile pilots to test and learn. Continuously measure value, refine your tools, and scale what works. Embrace an experimentation mindset to uncover new opportunities.

By understanding the AI maturity landscape and taking concrete steps to power up your capabilities, you can harness this technology to deliver smarter, faster, better projects.

Let’s learn together.

-Ed

Want to explore the finer details of assessing and advancing your organization's AI maturity? Check out the full report.

Valuable Things I Found This Week

• Microsoft and LinkedIn partnered on a “State of AI at Work” report. If you’re an overachiever, read it here. If you’re busy at work, I’ll cover what you need to know in next week’s newsletter.
  

• Anthropic, the brains behind Claude AI, introduced a prompt generation tool that helps you use natural language to build AWESOME prompts. To use the tool, you must set up a free Claude Console account, which only takes 30 seconds.
  

• I’m a little late to this, but a few weeks ago, Atlassian announced that they are combining their Jira and Jira Work Management platforms. If you use either of these SaaS platforms to manage projects, it should help to simplify team collaboration.

This Week’s AI for PMs Use Case

I Want To Hear From You!

In past issues, I’ve shared AI use cases that have impacted my day-to-day work as a project manager.

Now, I’m reaching out to understand better the types of AI uses that would be most impactful to your work.

OK. That’s all. Talk to you next week.

-Ed

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AI Disclosures: The content of this email was almost entirely by me, Ed, a human. Some content has been edited by AI for clarity and brevity.