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While only 2% are ready, most companies expect productivity gains of 10-40% with Enterprise AI: Infosys Research
Enterprises need to prepare themselves in five key areas - strategy, governance, talent, data, and technology - to achieve significant productivity gains from AI 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, BSE, 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.
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While only 2% are ready, most companies expect productivity gains of 10-40% with Enterprise AI: Infosys Research
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: 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." 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. Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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Infosys Research Reveals Companies Anticipate Up to 40 Percent Productivity Gains from Enterprise AI
Infosys outlines a five-step plan to bridge AI readiness gaps, including a focus on strategy, governance, workforce, data, and innovation. Enterprises expect an average productivity increase of 15 percent from their current Artificial Intelligence (AI) projects, with some anticipating gains of up to 40 percent, according to the Infosys Research report titled "Enterprise AI Readiness" released on Tuesday. The report from the Infosys Knowledge Institute reveals that while companies worldwide recognise the transformative potential of AI, most are not fully prepared to integrate it into their operations. Also Read: Accenture Study Reveals AI-Driven Companies Outpace Competitors The study, which surveyed over 1,500 executives from Australia, New Zealand, France, Germany, the UK, and the US, indicates that only 2 percent of organisations are fully ready across five critical dimensions: talent, strategy, governance, data, and technology. However, the report highlights significant gaps, particularly in technology readiness, where only 9 percent of companies possess essential AI capabilities such as machine learning frameworks, prebuilt algorithms, and dynamic computing. Data-related challenges also persist, with only 10 percent reporting easy access to data for AI projects. Also Read: TCS Launches Nvidia Business Unit to Propel AI Adoption Across Industries To address these gaps, the Infosys report outlines five essential steps: 1. Develop a Comprehensive AI Strategy: Only 23 percent of respondents have a strong AI strategy aligned with business objectives. 2. Establish Responsible AI Governance: Just 10 percent have well-defined governance processes to mitigate risks. The report highlights that Infosys' Responsible AI Office, part of Infosys Topaz, exemplifies this approach by establishing policies to ensure data security and mitigate risks, enhancing AI's value for enterprises. 3. Upskill the Workforce: Despite the critical role of AI in enterprises, only 21 percent of respondents say their employees possess the necessary knowledge to adopt AI tools, with only 12 percent receiving adequate training. "Forward-thinking firms are creating AI skill pathways to ensure readiness," Infosys noted. 4. Prepare Data Infrastructure: Only 10 percent of companies find their data easy to access, and 30 percent rate their data accuracy and governance as poor, underscoring the importance of enhancing data health. 5. Cultivate a Culture of Innovation: A mere 9 percent of companies are fully prepared in this area, highlighting the need for investments in foundational technologies like machine learning and automation, which can improve customer experience, reduce errors, and enhance compliance. Also Read: Infosys Partners with Zooplus for AI-Powered E-Commerce Transformation Mohammed Rafee Tarafdar, Chief Technology Officer, Infosys, said: "To become enterprise-wide AI-ready and realise 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 democratise 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 percent in productivity gains, yet only 2 percent 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."
[4]
Companies recognise potential of AI, but must address readiness gaps : Infosys research
The Infosys Enterprise AI Readiness report highlighted 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.Companies globally recognise 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, revealed new research from the Infosys Knowledge Institute (IKI), the research arm of the information technology company. The Infosys Enterprise AI Readiness report, which includes insights from more than 1,500 respondents across Australia, New Zealand, France, Germany, the United Kingdom and the United States, and backed up with interviews with 40 senior executives in the US and UK, highlighted 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 organisations 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 such as 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 realise the full potential of AI, including generative 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. "To become enterprise-wide AI-ready and realise 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 democratise AI development," said Mohammed Rafee Tarafdar, chief technology officer, Infosys. This must be complemented by an AI foundry and factory model for scaling up AI initiatives across the enterprise, he 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," said Jeff Kavanaugh, head of Infosys Knowledge Institute. "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."
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A new study by Infosys shows that while companies anticipate substantial productivity gains from AI, only 2% are fully prepared for enterprise-wide AI adoption, highlighting critical gaps in readiness across key dimensions.
A comprehensive research report by the Infosys Knowledge Institute (IKI) has unveiled a significant disparity between enterprise expectations for AI-driven productivity gains and their actual readiness to implement AI technologies. The study, which surveyed over 1,500 respondents across six countries, found that while companies anticipate substantial benefits from AI adoption, most are ill-prepared to fully integrate AI into their operations 12.
According to the research, enterprises expect an average productivity increase of 15% from their current AI projects, with some anticipating gains of up to 40%. However, a mere 2% of organizations are ready across all five key dimensions identified as crucial for successful AI adoption: talent, strategy, governance, data, and technology 123.
The study highlighted several areas where companies are falling short:
Technology Readiness: Only 9% of companies possess necessary AI capabilities such as machine learning frameworks, prebuilt algorithms, and dynamic compute 12.
Data Challenges: Merely 10% of respondents reported ease of data location and access for AI projects, with 30% rating their data accuracy and governance as poor 13.
Strategy: Just 23% of companies have a strong AI strategy aligned with business objectives 34.
Governance: Only 10% have well-defined governance processes to mitigate risks associated with AI implementation 34.
Talent: Despite the critical role of AI in enterprises, only 21% of respondents said their employees have the requisite knowledge to adopt AI tools and techniques, with just 12% offering adequate training 13.
To address these gaps, Infosys has outlined a five-step plan for companies to accelerate their AI adoption:
Mohammed Rafee Tarafdar, Chief Technology Officer at Infosys, emphasized the importance of establishing a robust and scalable foundation for enterprise-wide AI readiness. He highlighted data readiness, enterprise gen AI platforms with responsible AI guardrails, and AI talent transformation as key factors 124.
Jeff Kavanaugh, Head of Infosys Knowledge Institute, stressed the urgency of addressing the AI readiness gap, stating, "AI is not a distant goal; it is the prerequisite foundation for future competitiveness. The time to invest in AI readiness is now" 124.
The research underscores the critical need for companies to act swiftly in building AI capabilities. Those who successfully bridge the readiness gap are poised to lead the next wave of innovation and reshape their industries. As AI continues to evolve, including advancements in generative AI, the ability to effectively integrate these technologies will likely become a key differentiator in the global marketplace 1234.
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A new report by MIT Technology Review Insights, in collaboration with Infosys Cobalt, highlights a significant gap between cloud strategy sophistication and AI integration in global enterprises. While 67% of companies have advanced cloud strategies, less than 10% have fully integrated AI.
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A comprehensive look at how Generative AI is transforming business strategies across various sectors in India, highlighting the balance between innovation and cost-effectiveness, and the challenges in adoption.
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New Accenture study shows companies with AI-led processes achieve higher revenue growth and productivity, with generative AI investments meeting or exceeding expectations for most organizations.
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A recent survey reveals that while the vast majority of large companies recognize AI as crucial for success, they are grappling with a significant shortage of skilled AI talent. This disconnect highlights the growing challenges in the rapidly evolving field of artificial intelligence.
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A survey reveals that Indian companies are rapidly increasing investments in generative AI, but are spending significantly more on technology than on workforce training, potentially hindering the full realization of AI's benefits.
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