Clear link found between AI adoption and business growth.
Infosys has released its multinational research findings on the business impact of Artificial Intelligence, market maturity and expectations.
A clear link has been shown to exist between a company’s revenue growth and its AI maturity, with those reporting faster revenue growths more likely to be ahead in AI adoption.
76 percent of respondents to the Infosys study said they believe AI is fundamental to the success of the organisation’s strategy, while 64 percent say large-scale AI adoption adds to the future growth of their organisation.
The report also found that AI is perceived as a long-term strategic priority in innovation. The majority of respondents, totalling to 85 percent, aim to train employees on the benefits and use of AI.
For businesses that are already in the process of deploying AI technologies, a 39 percent increase in revenue is expected by 2020.
It was widely discovered that AI can play a major part in business growth and the route to success; with many decision makers remaining hopeful that AI will increase the ability to bring out the best in their employees.
However, the research found that 88 percent of customers and suppliers face challenges and concerns relating to AI adoption.
According to the Infosys report, organisations which have fewer AI-related skills within their business are more likely to re-deploy workers impacted by AI adoption. However, those with more AI-related skills are more likely to re-train their employees.
Leading industries which plan to re-train employees include: fast-moving consumer goods, aerospace and automotive, energy, oil and gas and pharmaceutical and life sciences.
For instance, IBM’s Watson chatbot has been significantly deployed across banks, while hospitals have been leveraging its AI capabilities to diagnose rare diseases.
Sandeep Dadlani, President & Head of Americas, Infosys said: “Artificial Intelligence 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.
“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.”
The research report, titled Amplified Human Potential: Towards Purposeful Artificial Intelligence, polled a total of 1,600 senior business decision makers across the world.