Generative AI creates enterprise agility, yet
data and skills threaten progress
NEW
YORK, Oct. 25, 2023 /PRNewswire/ -- Companies
are quickly ramping up investments in generative AI (GenAI) and
realizing rapid returns, according to new research from
the Infosys Knowledge Institute (IKI), the
research arm of Infosys (NSE: INFY), (BSE: INFY), (NYSE:
INFY), a global leader in next-generation digital services and
consulting. The research forecasts that companies will increase
GenAI investments 67% in the next year. This translates to a
conservative estimate of $6 billion
to be invested by US and Canadian companies in the next year.
Enterprise leaders are taking a pragmatic view of GenAI, which may
mitigate the reality check the broader GenAI market will likely
face in the coming year.
Generative AI Radar 2023 – North
America, by IKI, surveyed over 1,000 respondents from
companies across the US and Canada. Supported by interviews with business
leaders and AI practitioners, the report highlights the following
insights.
- Generative AI is not constrained by traditional innovation
barriers
- Large enterprises adopt GenAI and generate revenue faster;
73% of firms with over $10 billion in
revenue have implemented GenAI solutions, compared to less than 38%
of smaller companies
- C-suite buy-in is not an obstacle; more than 95% of senior
executives support GenAI investment
- Companies expect GenAI to deliver operational performance,
not only content creation
- Only 13% identify content creation and creativity
as GenAI's most impactful area
- 42% expect GenAI to improve user experience and
personalization
- Data challenges and lack of skills are the biggest obstacles
to adoption
- More than half of respondents identify data privacy, security,
and usability as primary challenges
- Nearly 20% see lack of skills, knowledge, or resources as the
largest adoption obstacles
- Heavily regulated industries have been quickest to adopt
GenAI
- Financial services, healthcare, and life sciences lead adoption
of this new technology, bucking the stereotype of slow-moving
regulated industries
Satish H.C., Executive Vice President, Co-Head Delivery,
Infosys, said, "Generative AI is unlike any recent digital
disruptors. Investment is flowing in fast, and our report
establishes that these projects are generating value that is
recognized at the C-suite. By embedding responsible AI techniques
and developing an AI-first operating model, business leaders can
realize the full potential of this new technology."
To read the full report, please visit here.
Methodology
Infosys used an anonymous format to conduct an online survey of
more than 1,000 business executives across industries across the US
and Canada. To gain additional,
qualitative insights, the researchers interviewed 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. We enable clients in more than 56 countries to
navigate their digital transformation. With over four decades of
experience in managing the systems and workings of global
enterprises, we expertly steer clients, as they navigate their
digital transformation powered by cloud and AI. We enable them with
an AI-first 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: INFY), (BSE:
INFY), (NYSE: INFY) can help your enterprise navigate your
next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, or our future financial or operating performance 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 or outcomes 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 the execution of our business strategy, our
ability to attract and retain personnel, our transition to hybrid
work model, economic uncertainties, technological innovations such
as Generative AI, the complex and evolving regulatory landscape
including immigration regulation changes, our ESG vision, our
capital allocation policy and expectations concerning our market
position, future operations, margins, profitability, liquidity,
capital resources, and our corporate actions including
acquisitions. Important factors that may cause actual results or
outcomes to differ from those implied by the forward-looking
statements are discussed in more detail in our US Securities and
Exchange Commission filings including our Annual Report on Form
20-F for the fiscal year ended March 31,
2023. 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
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SOURCE Infosys