Artificial Intelligence is the business game changer, across all sectors.
It’s multinational research findings related to the business impact of artificial intelligence (AI), its market maturity and the future expectations. The survey polled 1,600 senior business decision makers at large organisations across the world.
AI is perceived as a long-term strategic priority for innovation, with 76% of the respondents citing AI as fundamental to the success of their organisation’s strategy. By 2020 organisations that have already deployed or have plans to deploy AI technologies expect to see a 39 % average increase in revenue, alongside a 37% reduction in costs.
Furthermore, 64% believe that their organisation’s future growth is dependent on large-scale AI adoption.
While there are ethical and job related concerns – 62% believe that stringent ethical standards are needed to ensure the success of AI – most respondents seem optimistic about redeploying displaced employees with higher value work.
The majority, 85%, plan to train employees about the benefits and use of AI, and 80% of companies replacing roles with AI technologies will retrain or redeploy displaced employees.
Sandeep Dadlani, President & Head of Americas, Infosys, said, “artificial intelligence (AI) adoption is on the rise and we are excited to see the investments in AI that businesses are gradually making to derive meaningful and creative change. The achievements are remarkable and the opportunities AI is bringing forth are vast”.
“As we are seeing AI mature and gain momentum, our research shows that the next four years will witness further spikes in interest, and general bullishness about the significant value and benefits that can be obtained through AI adoption.”
Substantiating this claim, businesses plan to invest in skills development in order to embrace AI adoption, according to the report.
In 80 % of cases where companies are replacing roles with AI, organisations are redeploying or retraining staff to retain them in the business.
Furthermore, 53% are specifically investing in skills development.
Organisations that have fewer AI related skills are more likely to redeploy workers impacted by AI adoption, whereas those with more AI-related skills are more likely to re-train employees, according to the study.
>See also: AI: the possibilities and the threats posed
The leading industries that plan to retain and retrain their workers are: fast-moving consumer goods (94%); aerospace and automotive (87%); energy, oil and gas (80%); and pharmaceutical and life sciences (78%).
The research reveals AI will cause greater investment in workforces, specifically China (95%), France (90%), Germany (89%), the UK (82%), and the US (76%).
Addressing ethical concerns is essential for AI success. Two-thirds of those surveyed have not fully considered the ethical issues related to AI, such as employee concerns about handing over control, and industry regulations.
Furthermore, 90% said their organisation’s employees face challenges or concerns with AI adoption, and 88% report challenges or concerns from customers and suppliers.
In total, 53% agree that ethical concerns are a significant obstacle to effective application of AI technology.
Indeed, Dadlani notes that as an industry “we must take necessary steps to ensure AI is developed morally and ethically across every part of society and that employees are actively engaged and provided with the necessary training to be central to this journey.”.
UK businesses are prepared to take advantage of the benefits AI will bring to a variety of sectors.
However, only a quarter of those surveyed suggested their industry had been disrupted by AI – the lowest out of seven markets surveyed. However, this is just the beginning.
The beginning of a journey
Businesses across the world are only at the start of their AI journey.
One in ten respondents that have deployed AI technologies believe that their organisation is fully maximising the current available benefits and capabilities of AI.
The majority (90%) report that their organisation’s employees face challenges or concerns relating to the adoption of AI.
Around four in ten respondents believe that the time to implement, ease of use and the interoperability with other systems and platforms are areas of AI that require the most improvement before it can be effective in their organisation.
Overall, the study demonstrates the role AI can play in business growth. It can create opportunities for people to do more than what their current job and education enables, and will help drive long term macro environment benefits.
Decision makers believe AI will bring out the best in their organisation’s people (65%), and feel it can deliver positive societal (70%) and economic (76%) change.