HBR report: The 6 biggest ways AI changed business in 2024

2024 saw significant shifts in how businesses approach AI and data management, with major corporations increasing investments and establishing new leadership roles to harness AI capabilities effectively.

Key findings from Fortune 1000 survey: Corporate leaders are reporting increased value from AI investments while taking a measured approach to implementation and governance.

1. Corporate investments in AI and data initiatives have seen substantial growth
2. Business leaders are documenting tangible returns on their AI investments
3. Most organizations are adopting a gradual, methodical approach to AI transformation
4. Companies are prioritizing responsible AI implementation with appropriate safeguards
5. New executive positions, including Chief AI Officers, are being created to oversee AI initiatives
6. AI and data leaders are increasingly securing seats in C-suite discussions

Historical context: Data integration and quality have historically been challenging for organizations, with only 37% reporting success in data quality improvement efforts in the previous year.

• Companies have long struggled to effectively capture and utilize data for decision-making
• Past results from data initiatives have been mixed, leading to skepticism from executives
• Traditional data projects often failed to deliver expected value

Current transformation: Generative AI has emerged as a catalyst for renewed focus on data quality and management.

• Organizations now recognize that effective AI implementation requires high-quality data
• Executive attitudes have shifted from viewing data projects as optional to seeing them as strategic necessities
• Companies are making concentrated efforts to improve their data infrastructure and capabilities

Leadership evolution: The increasing importance of AI is reflected in organizational structures and executive roles.

• New positions like Chief AI Officer are being created to provide focused leadership
• Data and AI leaders are gaining more influence in strategic decision-making
• Organizations are integrating AI expertise directly into their senior leadership teams

Looking ahead: While enthusiasm for AI is growing, success will largely depend on organizations’ ability to maintain quality data infrastructure and implement responsible AI practices. Organizations that invest in both technical capabilities and leadership structures will be better positioned to leverage AI effectively, but the transformation will require sustained commitment to data quality and governance.