AI Adoption has been driving the business revenue growth – Says Infosys
Infosys, the global leader in consulting and technology has released the research findings on the proliferation of AI in augmenting business impact, maturity and expectations.
Artificial Intelligence will be playing a fundamental role in the success of organization’s strategy however stringent ethical standards need to be in place for ensuring success of the new technology – Infosys reported.
In fact; the report has revealed a clear link between an organization’s revenue growth and its AI maturity. It has been noticed that organizations that report faster growth in terms of revenue are more likely to be further ahead when it comes to AI maturity.
There’s no secret; Artificial Intelligence is perceived as a long term, tested and proven strategic priority for innovation.
As per the statistical report detailed by Infosys
- 76% of the respondents cited AI as fundamental to the success of their organization’s strategy
- 64% of the respondent believed that their organization’s future growth is dependent on large-scale AI adoption.
In terms of ethical and job related concerns –
- 62% believe that stringent ethical standards are required in ensuring the success of AI
- 85% planned to train employees about the benefits and use of AI
To quote Sandeep Dadlani – the president and head of Americas, Infosys, “Artificial Intelligence (AI) adoption is on the rise and we are excited to see the investments in AI that businesses are gradually making to derive meaningful and creative change.”
Here are the key research findings –
Businesses can expect noteworthy AI adoption and growth by 2020: Organizations which have deployed AI or organizations that have plans for deploying AI technologies can expect to witness a 39% average increase in revenue by 2020, alongside a 37% reduction in costs. 76% of the IT business decision makers perceive AI as the crucial aspect to the success of their organization.
Businesses are more serious in investing in skills development: The research has clearly pointed out; organizations are replacing roles with AI and retraining staff to retain them in the business. 53% are investing in skills development.
The industries that have plans to retrain their workers are:
- Fast-moving consumer goods (94%)
- Aerospace and automotive (87%)
- Energy, oil and gas (80%)
- Pharmaceutical and life sciences (78%)
Addressing the most important aspect ( ethical concern) is essential for AI success: In total; 53% agree that ethical concerns stand as the primary obstacle to the application of AI technology. According to the statistical data and research report –
- 90% organization’s employees face challenges with AI adoption
- 88% report challenges or concerns from customers and suppliers
Businesses and enterprises are at the start of their AI journey: The majority (90%) report that their organization’s employees face challenges or concerns relating to the adoption of AI. Also; there are certain crucial areas of AI adoption, which are to be addressed. The areas are –
- Safety of data (43%)
- Job security (40%)
- Pay rates (30%) are typically the foremost areas of workforce concern
From an overall perspective the study demonstrates, AI can play a huge and significant role in business growth. AI can create opportunities for people in doing more than what their current job enables. AI can in fact drive long term macro environment benefits.
Considering the proliferation of machine learning and artificial intelligence, 2017 has the potential to become a landmark year. Let’s take a look at the 5 Significant Tech Changes Looming Large In 2017.