Most Companies Expect Productivity Gains With AI, But Only 2% Are Ready: Research

Enterprises recognise the potential of artificial intelligence and are eager to adopt enterprise AI, yet most are far from fully integrating AI into their businesses and operations owing to large gaps in basic AI readiness, according to a study by Infosys Knowledge Institute, the research arm of Infosys Ltd.

Enterprises expect an average increase of 15% in productivity from their current AI projects, with some anticipating up to 40% gains, the study showed. However, only 2% of organisations are ready across five areas key to achieving productivity gains from AI: talent, strategy, governance, data, and technology.

The biggest gaps lie in technology readiness, with only 9% of companies possessing the necessary AI capabilities like machine learning frameworks, prebuilt algorithms, and dynamic compute. Additionally, data accuracy, processes, and accessibility are significant challenges, with only about 10% of respondents reporting ease of data location and access for AI projects.

The research outlined five steps to close the gaps and reduce apprehensions about AI:

• Develop A Comprehensive AI Strategy: A strong AI strategy aligns with business objectives, enhances revenue growth and ensures desirable, feasible and viable use cases. Only 23% of respondents showed readiness in this area.

• Establish Responsible AI Governance: AI governance is important for managing risks like bias, misuse and security threats. Only 10% of companies have well-defined governance processes according to research. Responsible AI requires tailored guidelines and a centralised AI governance team.

• Upskill The Workforce: Despite the critical role of AI in enterprises, only 21% said their employees have the requisite knowledge to adopt AI tools and techniques. Upskilling is key, yet just 12% offer adequate training. Effective AI integration hinges on closing skills gaps and fostering collaboration.

• Prepare Data Infrastructure For AI: Data health is crucial for AI success but remains a challenge. Only 10% of the companies find their data easy to access, while 30% rate their data accuracy and governance as poor. Enterprises need to constantly assess their systems, improve data quality and ensure proper storage for AI implementation.

• Tech-Powered Innovation: Technology is a significant gap in enterprise AI readiness, with only 9% of companies fully prepared. Investing in foundational technologies like machine learning and automation can improve customer experience, reduce errors and enhance compliance, the research said.