Companies expect enterprise artificial intelligence (AI) to boost productivity by 10-40 percent, but only 2 percent of them are ready, revealed a recent Infosys research. This is due to huge gaps in basic AI readiness, the new research by Infosys Knowledge Institute revealed.
“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,” the report read.
Over 1,500 respondents and 40 senior executives in the United States and the United Kingdom were studied by Infosys Knowledge Institute for the latest research.
The research found that only 2 percent of organisations are ready across all five key dimensions of AI, i.e., talent, strategy, governance, data, and technology.
“The biggest gaps lie in technology readiness, with only 9 percent of companies possessing the necessary AI capabilities like machine learning frameworks, prebuilt algorithms, and dynamic compute,” the report added.
Additionally, data accuracy, processes, and accessibility are significant challenges, with only about 10 percent of respondents reporting ease of data location and access for AI projects.
Furthermore, about 30 percent of the respondents rated their data accuracy and governance as poor.
The research highlighted five steps to close the gaps and reduce apprehensions about AI: develop a comprehensive AI strategy, establish responsible AI governance, upskill the workforce, prepare data infrastructure for AI, and cultivate a culture of tech-powered innovation.
AI governance is crucial for managing risks like bias, misuse, and security threats, the report stated. However, only 10 percent of companies have well-defined governance processes.
Infosys’ Chief Technology Officer Mohammed Rafee Tarafdar said enterprise-wide AI-ready technology, including generative AI, 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,” Tarafdar said.
Further, only 21 percent of companies said their employees have the requisite knowledge to adopt AI tools and techniques. "Upskilling is key, yet just 12 percent offer adequate training," the report said.
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