Companies can generate a collective $460bn (£370bn) in incremental profit by improving data practices, putting trust in advanced AI, and integrating AI with business operations.
A new Infosys study, “Data+AI Radar: Making AI Real”, found that although three out of four companies want to operate AI across their firms, most businesses are new to AI and face daunting challenges to scale.
More than four-fifths (81%) of business have only deployed their first true AI system during the past four years, and 50%, in the last two.
The report also found that nearly two-thirds (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 a quarter (26%) of data professionals are highly satisfied with their data and AI tools; despite the siren song of AI, something is clearly missing, Infosys claims.
The report 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 information. Data increases in value when treated like currency and circulated through hub-and-spoke data management models ($105bn in 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 $45bn profit growth). For intelligent data, business and IT are much better together.
Combined, the report claims, 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.
The 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.
Infosys executive vice-president and co-head delivery Satish HC 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.”
Related stories
Metaverse on the rise, but AI reigns supreme for now
AI and IoT boom sees tech workforce reach 2 million
Age-old issues hit new surge of digital transformation
Digital transformation drives UK tech to hit $1 trillion
‘Double busy’ data scientists fear work is going to waste
Most fear rivals are way ahead on data and analytics