AI is taking partnerships to the next level with 95% of companies looking for external partners

#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 📈 3X financial impact, only 20% are doing it now.

Boston Consulting Group (BCG) research of 600 business leaders concluded that:

🤝 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.

🤖 BCG calls for collaborating with “transformers”, #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.

🏆 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 it’s essential to partner vs just buy off the shelf products?:

1️⃣ Bridge legacy gaps: Transformers help create customized AI solutions, addressing the challenge of adopting the technology.

2️⃣ Overcome talent deficits: Incumbents face a talent & skills gap when incorporating new AI tech. Transformers bring the right expertise.

3️⃣ Reinvent ways of working: Transformers prompt incumbents to rethink processes, chart AI-specific strategies, and establish AI governance.

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Source: BCG