Enterprise AI will boost productivity by 10-40%, but only 2% are fully ready: Infosys report – Industry News

Companies expect enterprise artificial intelligence (AI) to improve productivity by 10% to 40%, but only 2% are ready, says an Infosys research report. This is due to huge gaps in basic AI readiness, it said.

The Infosys Enterprise AI Readiness report, which surveyed more than 1,500 respondents in Australia, New Zealand, France, Germany, the UK and the US, includes in-depth interviews with 40 senior executives in the US and UK.

It highlights that while executives view AI as the next industrial revolution, transforming business models and shaping a new economy, many companies are missing the fundamental elements to successfully implement AI in the enterprise.

According to the study, enterprises expect an average productivity increase of 15% from their current AI projects, with some expecting gains of up to 40%.

However, only 2% of organizations are fully prepared in five key areas of AI adoption: talent, strategy, governance, data and technology.

The biggest gap is in technology readiness: only 9% of companies have the necessary AI capabilities, such as machine learning platforms, pre-built algorithms and dynamic computing.

Additionally, data accuracy, processes, and availability are major challenges, with only about 10% of respondents reporting ease of locating and accessing data for AI projects.

To overcome these obstacles and realize the full potential of AI, including generative AI, companies must close readiness gaps and cultivate a culture of innovation. The study outlines five steps to help close these gaps and reduce concerns about AI to accelerate its adoption.

Developing a comprehensive AI strategy that aligns with business goals is critical to growing revenue and delivering desirable, feasible, and viable use cases. Only 23% of respondents showed readiness in this area.

Establishing responsible AI governance is also critical to managing risks such as bias, misuse and security threats. Only 10% of companies have clearly defined management processes.

Upskilling the workforce is another important step for AI readiness, but only 21% of companies reported that their employees have the necessary knowledge to implement AI tools and techniques, and only 12% provide adequate training.

Data infrastructure is also critical to AI success, but remains a challenge. Only 10% of companies believe their data is easy to access, and 30% rate data accuracy and management as poor. Businesses need to continually evaluate their systems, improve data quality, and ensure proper storage to effectively implement AI.

Technology remains a significant gap in enterprise AI readiness, with only 9% of companies fully prepared. Investing in fundamental technologies like machine learning and automation can improve customer experience, reduce errors, and improve compliance.

Mohammed Rafi Tarafdar, CTO of Infosys, said: “To become enterprise-ready for AI and realize the potential of this technology, including the AI ​​generation, it is necessary to build a robust and scalable foundation. Our research and lessons learned from the AI ​​transformation have shown that data readiness, an enterprise-generation AI platform with responsible AI safeguards, and AI talent transformation are key to accelerating and democratizing AI development. This must be complemented by an AI manufacturing and production model to scale AI initiatives across the enterprise.”