Better Together: Infosys research finds AI and data must join forces to deliver strategic value
BANGALORE, India, Nov. 16, 2022 /PRNewswire/ -- According to new research from the Infosys Knowledge Institute, the thought leadership and research arm of Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), companies can generate over $460 billion in incremental profit if they do three things: improve data practices, trust in advanced AI, and integrate AI with business operations. However, despite high expectations for data and artificial intelligence (AI), most companies fail to act on these areas to convert data science to business value.
Infosys Data AI Radar: Making AI Real found that although three of four companies want to operate AI across their firms, most businesses are new to AI and face daunting challenges to scale. 81% of respondents deployed their first true AI system in only the past four years, and 50%, in the last two.
The report also found that 63% of AI models function only at basic capability, are driven by humans, and often fall short on data verification, data practices, and data strategies. Only 26% of practitioners are highly satisfied with their data and AI tools. Despite the siren song of AI, something is clearly missing.
Infosys Knowledge Institute found that high-performing companies think differently about AI and data, and these leaders focus in three areas:
Combined, these areas not only scale AI usage but unlock its potential value – transforming AI dreams to insights and operational effectiveness and improving the human experience. Infosys research found the financial services industry recorded the strongest satisfaction with its data and AI uses, followed by retail and hospitality, healthcare, and high tech.
Satish H.C., EVP and Co-Head Delivery, Infosys, said, "Companies that build foundations to trust and share their data are more agile and scale their AI. Companies that don't trust their data risk a vicious cycle of "pilot purgatory" and only use data and AI to solve small problems. Data management combined with trust in AI are the dual solutions to increase business capability and financial rewards."
To learn more about the Infosys DATA AI Radar 2022 and access the complete report, click here.Explore the Infosys DATA AI Radar experience here.
Infosys used an anonymous format to conduct an online survey of 2,500 senior technology leaders and executives across thirteen industries across the US, UK, France, Germany, Australia, and New Zealand. To gain additional qualitative insights, the researchers interviewed practitioners, subject matter experts, and business leaders.
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. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered 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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