Dive Brief:
- Almost all (98.5%) of mid-market CEOs said AI has generated value for their businesses, according to a survey conducted by Virtuous AI and Chief Executive Group. Virtuous AI is an artificial intelligence firm that aids mid-market companies.
- The survey of more than 300 CEOs found that only 7% have a company-wide AI strategy with multiple initiatives. More than half (52%) are in the pilot phase, while about a third (31%) have explored the technology but haven’t applied it.
- Among the top hurdles hindering AI adoption are a lack of AI expertise (86%), difficulty integrating AI with existing systems (81%) and data quality and accessibility issues (65%), the survey found.
Dive Insight:
Even though CEOs believe in the importance of AI, there is a gap between that conviction and the implementation of company-wide strategies surrounding the technology.
Six in 10 CEOs said they are currently executing AI projects — even without enterprise-wide strategies, the survey found.
Nearly eight in 10 survey respondents cited efficiency and cost reduction as their top reasons for integrating AI into their operations, followed by prioritizing new products, services and revenue streams (19%).
“Mid-market CEOs aren't debating whether AI matters anymore; they're wrestling with how to operationalize it,” Chris Happ, CEO of Virtuous AI, said in a statement. “This research shows a clear execution gap: strong belief in AI's potential, but limited strategy, expertise, and integration to scale it.”
Other research suggests that retailers are using AI for a variety of use cases. A BRG report released in November found that North American retailers are turning to the technology most for their marketing functions (70%), followed by IT and digital operations (62%) and merchandising and pricing strategy (54%). The retailers surveyed said they want to integrate the technology into their planning and product, corporate, supply chain, sourcing, distribution and logistics functions in the future.
Some retailers have even turned to AI to understand how to use it better.
One major retailer moving forward with its AI adoption is Walmart. The retail giant has already introduced its AI framework centered around four “super agents.” The retailer allows shoppers to buy items via ChatGPT and has partnered with Google’s Gemini for AI-assisted shopping.
Walmart foresees integrating AI-driven experiences into a physical environment. Associates are already using an AI agent to assist restocking, and fulfillment centers are using the tech to forecast what products should be in stores.
“I think of us all as carpenters, and we’ve all been using screwdrivers and suddenly someone shows up with a drill,” Daniel Danker, executive vice president of AI acceleration, product, and design at Walmart, said at the ICR Conference this month. “There are things you couldn’t build without power tools that you can with power tools. AI is a power tool for us.”
