Businesses Eager for AI Gains, But Caution Slows Adoption: Report
About the Study
The Infosys Knowledge Institute gathered insights from 1,500 respondents across Australia, New Zealand, France, Germany, the U.K., and the U.S., supported by in-depth interviews with 30 executives in the U.S. and U.K.
Business executives see the revolutionary potential for artificial intelligence, but concerns about its risk and rewards mean that only some companies are actually ready to fully integrate the technology into their operations.
According to new research, half of executives could be categorized as “cautious explorers” who want evidence that they can achieve success through automation before they’re willing to take risks on further implementation. While one-fifth of the respondents were “ambitious innovators” making big bets on AI, the rest had implemented few AI projects because their leadership either didn't understand the technology or wanted a clearer demonstration of the value it would add.
Respondents expected AI would lead to an average 15% increase in productivity, with some seeing the potential for it to improve the effectiveness of current projects by 30%-40%. Companies are beginning to measure the technology’s ROI, determine how quickly it can be used to deliver projects, and identify the amount of work it can be used for.
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AI Roadblocks
Without buy-in from executives, employees are sometimes taking an ad hoc approach to AI by using consumer tools like Midjourney and ChatGPT. That’s risky for businesses that would be better served by developing a comprehensive AI strategy that aligns with their objectives and can address risks like bias and security threats.
The report found that only 2% of organizations are fully prepared to realize the full potential of AI. Just 21% said their employees know how to adopt AI tools and techniques, yet only 12% are providing them with training to close those skills gaps. Only 10% of companies find their data easy to access and 30% said that they have poor data accuracy — issues that must be addressed before AI can be properly integrated into their infrastructure.
"To become enterprise-wide AI-ready and realize the promise of this technology, including GenAI, it is imperative to establish a robust and scalable foundation,” Infosys chief technology officer Mohammed Rafee Tarafdar said in a statement. “Our research and learnings from our AI-first transformation journey has shown that data readiness, enterprise GenAI platforms 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."
