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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:
- Transform data management to data sharing. Companies that embrace the data-sharing economy generate greater value from their data. Data increases in value when treated like currency and circulated through hub-and-spoke data management models ($105 billion incremental value). Companies that refresh data with low latency generate more profit, revenue, and subjective measures of value.
- Move from data compliance to data trust. Companies highly satisfied with their AI (currently only 21%) have consistently trustworthy, ethical, and responsible data practices. These prerequisites tackle challenges of data verification and bias, build trust, and enable practitioners to use deep learning and other advanced algorithms.
- Extend the AI team beyond data scientists. Businesses that apply data science to practical requirements create value. The report found that business—data scientist integration accelerates efficiencies and value extraction (additional $45 billion profit growth). For intelligent data, business and IT are much better together.
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.
Methodology
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.
About Infosys
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.
Safe Harbor
"Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India and the US, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law."
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