According to groundbreaking research from Oxford Economics and ServiceNow, we're at a critical inflection point in enterprise AI adoption. While the technology's potential to transform business is clear, even the most advanced organizations are still in early stages of their AI journey.

The Enterprise AI Maturity Index 2024 study, which surveyed 4,470 executives globally, reveals some surprising insights about the state of AI implementation. Perhaps most tellingly, even the highest-performing organizations - dubbed "Pacesetters" - scored only 71 out of 100 on the maturity index, indicating significant room for growth across the board.

Key Findings That Define AI Leaders

What sets these Pacesetters apart? The research identified several critical differentiators:

1. Leadership Engagement
   The study found that strong executive leadership was the single most predictive factor of AI success. As noted in the report, "81% of respondents say the C-suite is actively engaged in AI efforts." However, Pacesetters take this even further, with significantly more cross-functional involvement in AI procurement decisions.
   
   
2. Strategic Implementation Approach Rather than just deploying standalone AI applications, Pacesetters are more likely to take a platform approach. The research shows that "61% are currently using platforms with built-in AI capabilities across the enterprise" compared to just 46% of other organizations.
   
   
3. Talent Investment While most organizations focus on external hiring, Pacesetters take a dual approach. They're not only more aggressive in hiring key AI roles but also significantly more likely to invest in upskilling their existing workforce. The report notes that 79% of Pacesetters have created training and support programs to reskill employees, compared to 53% of others.
   
   
4. Governance and Risk Management Interestingly, Pacesetters are more concerned about AI risks than their peers. The study found that "Nearly two-thirds of Pacesetters call cybersecurity the top risk or challenge related to AI (63% vs. 52% others)." This heightened awareness translates into more robust governance frameworks.

The ROI Question

While the promise of AI is compelling, the study reveals that organizations are still working to realize significant returns. Even among Pacesetters, only about one-third have seen returns of 15% or more in any business area. However, as noted by Michael Park, Head of AI Go-to-Market at ServiceNow, "Unlike other technologies we've employed in the past, AI is a learning algorithm. When it runs, it gets better and better."

Looking Ahead

The research suggests we're still in the early stages of AI transformation, but the groundwork being laid by Pacesetters offers valuable lessons for organizations at all stages of their AI journey. As Bill McDermott, CEO of ServiceNow, emphasizes in the report, "AI is driving a global innovation renaissance. Every business workflow in every enterprise in every industry will be reinvented with GenAI at its core."

The key takeaway? While there's still time for organizations to catch up in the AI race, the gap between leaders and followers is widening. Success requires a holistic approach that combines strong leadership, strategic implementation, talent development, and robust governance - all supported by adequate investment and clear metrics for measuring success.