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
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
- 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
- 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.
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
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Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY)
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