Artificial intelligence 'vital' for business success
Study links business revenue and AI maturity, but also highlights concerns and limitations
Infosys, a global leader in consulting, technology, and next-generation services, has released findings of a study into the business impact of artificial intelligence (AI), as well its market maturity and future expectations.
The report, Amplifying Human Potential: Towards Purposeful Artificial Intelligence, highlighted a link between business revenue growth and AI maturity. Of the 1,600 global business decision makers polled, 76% cited AI as necessary to their organisation's success strategy and those that have already implemented AI technology expect to see a 39% increase in revenue by 2020, as well as a 37% decrease in costs.
The study also revealed that businesses are just at the start of their AI journey, with only 1 in 10 respondents that currently use the technology believing they're utilising it to it's maximum potential. Approximately 4 in 10 noted multiple improvements that need to be made before the implementation of AI can be effective, such as ease of use and interoperability with other systems and platforms.
Still, after reading the findings, employees may worry that their roles could become obsolete under the adoption of such advanced technology. Most respondents understand the concern, with 90% recognising their organisation's employees will hav evalid concerns about the adoption of AI.
Most of these respondents, however, also noted that they are optimistic about redeploying replaced employees. 85% plan to train their employees on the benefits of using AI, while 85% of companies utilising AI technology will retrain or redeploy displaced employees.
"As an industry therefore, we must take 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," said Sandeep Dadlani, president and head of Americas for Infosys.
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