Enterprises need to prepare themselves in five
key areas – strategy, governance, talent, data, and technology – to
achieve significant productivity gains from AI
BENGALURU, India, Oct. 29,
2024 /PRNewswire/ -- Companies globally recognize the
potential of artificial intelligence (AI) and are eager to adopt
enterprise AI, yet most are far from fully integrating AI into
their businesses and operations owing to large gaps in basic AI
readiness, reveals a new research from the Infosys Knowledge
Institute (IKI), the research arm of Infosys (NSE:
INFY), (BSE: INFY), (NYSE: INFY).
The Infosys Enterprise AI Readiness report
includes insights from over 1,500 respondents across Australia, New
Zealand, France,
Germany, the United Kingdom, and the United States, backed up with in-depth
interviews with 40 senior executives in the US and UK.
The Infosys research highlights that while executives envision
AI as the next industrial revolution, transforming business models
and shaping the new economy, many companies lack the foundational
building blocks for successful enterprise AI adoption. According to
the research, enterprises expect an average increase of 15% in
productivity from their current AI projects, with some anticipating
up to 40% gains, yet only 2% of organizations are ready across all
five key dimensions: talent, strategy, governance, data, and
technology. The biggest gaps lie in technology readiness, with only
9% of companies possessing the necessary AI capabilities like
machine learning frameworks, prebuilt algorithms, and dynamic
compute. Additionally, data accuracy, processes, and accessibility
are significant challenges, with only about 10% of respondents
reporting ease of data location and access for AI projects.
To overcome these hurdles and realize the full potential of AI,
including gen AI, companies must address readiness gaps and foster
a culture of innovation. A clear AI strategy aligned with business
objectives is essential, encompassing technology investments,
talent acquisition, and ethical considerations.
The research outlines five steps to close the gaps and reduce
apprehensions about AI to accelerate adoption:
- Develop a comprehensive AI strategy: A strong AI
strategy aligns with business objectives, enhances revenue growth,
and ensures desirable, feasible, and viable use cases. Only 23% of
our respondents show readiness in this area.
- Establish responsible AI governance: AI governance is
crucial for managing risks like bias, misuse, and security threats.
Only 10% of companies have well-defined governance processes.
Responsible AI requires tailored guidelines, and a centralized AI
governance team. Infosys' Responsible AI Office, part of Infosys
Topaz, demonstrates this approach by establishing policies to
ensure data security and mitigate risks, enhancing AI's value for
enterprises.
- Upskill the workforce: Despite the critical role of AI
in enterprises, only 21% said their employees have the requisite
knowledge to adopt AI tools and techniques. Upskilling is key, yet
just 12% offer adequate training. Effective AI integration hinges
on closing skills gaps and fostering collaboration.
Forward-thinking firms are creating AI skill pathways to ensure
readiness.
- Prepare data infrastructure for AI: Data health is
crucial for AI success but remains a challenge. Only 10% of the
companies find their data easy to access, while 30% rate their data
accuracy and governance as poor. Enterprises need to constantly
assess their systems, improve data quality, and ensure proper
storage for effective AI implementation.
- Cultivate a culture of tech-powered innovation:
Technology is a significant gap in enterprise AI readiness, with
only 9% of companies fully prepared. Investing in foundational
technologies like machine learning and automation can improve
customer experience, reduce errors, and enhance compliance.
Fostering a culture of innovation and employee readiness for AI
adoption enables enterprises to create better value.
Mohammed Rafee Tarafdar, Chief
Technology Officer, Infosys, said: "To become
enterprise-wide AI-ready and realize the promise of this
technology, including gen AI, it is imperative to establish a
robust and scalable foundation. Our research and learnings from our
AI-first transformation journey has shown that data readiness,
enterprise gen AI platform with responsible AI guardrails, and AI
talent transformation are key to accelerate and democratize AI
development. This must be complemented by an AI foundry and factory
model for scaling AI initiatives across the enterprise."
Jeff Kavanaugh, Head of
Infosys Knowledge Institute, said, "Our research
found that Enterprise AI, including gen AI, promises to unlock up
to 40% in productivity gains, yet only 2% of companies are truly
ready. This readiness gap represents both a challenge and a massive
opportunity. Those who act now – by building a clear AI strategy,
including gen AI, establishing strong governance, and upskilling
talent – will not only lead the next wave of innovation but will
fundamentally reshape their industries. AI is not a distant goal;
it is the prerequisite foundation for future competitiveness. The
time to invest in AI readiness is now."
To read the full report with detailed insights, please visit
here.
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses
and communities. We enable clients in more than 56 countries to
navigate their digital transformation. With over four decades of
experience in managing the systems and workings of global
enterprises, we expertly steer clients, as they navigate their
digital transformation powered by cloud and AI. We enable them with
an AI-first core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through
the transfer of digital skills, expertise, and ideas from our
innovation ecosystem. We are deeply committed to being a
well-governed, environmentally sustainable organization where
diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY)
can help your enterprise navigate your next.
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