Infosys releases research report on AI

Infosys has released multinational research findings on the Artificial Intelligence (AI) business impact, market maturity and expectations. The research report, “Amplifying Human Potential: Towards Purposeful Artificial Intelligence”, polled 1,600 senior business decision-makers from large organizations across the world.

The report has revealed a clear link between an organization’s revenue growth and its AI maturity. Organizations which reported faster growth in revenue over the past three years were also more likely to be further ahead when it comes to AI maturity. AI is perceived as a long-term strategic priority for innovation, with 76 per cent of the respondents citing AI as fundamental to the success of their organization’s strategy, and 64 per cent believing that their organization’s future growth is dependent on large-scale AI adoption. While there are ethical and job-related concerns, 62 per cent believe that stringent ethical standards are needed to ensure the success of AI. Most respondents seem optimistic about redeploying displaced employees with higher value work. The majority, 85 per cent, plan to train employees about the benefits and use of AI, and 80 per cent of the companies replacing roles with AI technologies will retrain or redeploy displaced employees.

Sandeep Dadlani, President & Head of Americas, Infosys, said, “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. The achievements are remarkable and the opportunities AI is bringing forth are vast. As we are seeing AI mature and gain momentum, our research shows that the next four years will witness further spikes in interest, and general bullishness about the significant value and benefits that can be obtained through AI adoption. As an industry therefore, we must take the necessary steps to ensure AI is developed morally and ethically across every part of society and that employees are actively engaged and provided with the necessary training to be central to this journey.”

Key research findings

•         Businesses expect noticeable AI adoption and growth by 2020: Organizations that have already deployed or have plans to deploy AI technologies expect to see a 39-per cent average increase in revenue by 2020, alongside a 37-per cent reduction in costs. 76 per cent of IT and business decision-makers see AI as pivotal to the success of their organization.

•         Businesses plan to invest in skills development: The leading industries that plan to retain and retrain their workers are: fast-moving consumer goods (94 per cent); aerospace and automotive (87 per cent); energy, oil & gas (80 per cent); and pharmaceutical and life sciences (78 per cent). The research reveals AI will cause greater investment in workforces, specifically China (95 per cent), France (90 per cent), Germany (89 per cent), the UK (82 per cent), and the US (76 per cent).

•         Addressing ethical concerns is essential for AI success: Two-thirds of those surveyed have not fully considered the ethical issues related to AI, such as employee concerns about handing over control and industry regulations. Further, 90 per cent say their organization’s employees face challenges or concerns with AI adoption, and 88 per cent report challenges or concerns from customers and suppliers. In total, 53 per cent agree that ethical concerns are a significant obstacle to effective application of AI technology.

•         Market and Industry results show differences: Fast-moving consumer goods (57 per cent) and telecoms (48 per cent) are much more likely to report that they have already felt AI disrupting their sector. Pharmaceuticals and life sciences reported the widest usage of AI technologies that are working according to their expectations, leading to the highest AI Maturity Index scores by the industry.

•         Businesses are at the start of their AI journey:  The majority (90 per cent) report that their organization’s employees face challenges or concerns relating to the adoption of AI.  Around four in ten respondents believe that the time to implement, ease of use and the interoperability with other systems and platforms are areas of AI that require the most improvement before it can be effective in their organization. There are also areas of AI adoption that need to be addressed with training, education and transparency in the workplace. Safety of data (43 per cent), job security (40 per cent) and pay rates (30 per cent) are the foremost areas of workforce concern despite the broadly positive outlook for AI adoption.