AI and Data Must Work Together To Offer Strategic Values

CIO Review APAC | Wednesday, November 23, 2022

According to new research from the Infosys Knowledge Institute, companies can generate over USD 460 billion in incremental profit if they do three things: improve data practices, trust in advanced AI, and integrate AI with business operations.

FREMONT, CA:Improved data practises, faith in cutting-edge AI, and integration of AI with business processes are three things firms can do to earn over USD 460 billion in extra profit. Although there are great expectations for data and artificial intelligence (AI), most businesses do not take action to turn data science into commercially useful information.

Making AI with Infosys Data+AI Radar Real discovered that although three out of four businesses aspire to use AI throughout their organisations, most are still relatively new to the technology and experience difficult scaling issues. Before four years alone, 81 per cent of respondents have installed their first real AI system, and 50 per cent in the last two.

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Humans drive 63 per cent of AI models, only have rudimentary functionality, and frequently lack data verification, data procedures, and strategies. Practitioners' satisfaction with their data and AI tools is only at 26 per cent level. According to the Infosys Knowledge Institute, high-performing businesses have three key areas of concentration regarding AI and data.

1.Share information instead of managing it.
Businesses participating in the data-sharing economy get more value from their data. Data gains value when used as money and distributed through hub-and-spoke data management structures (USD 105 billion added value). Businesses that update data quickly produce more profit, revenue, and arbitrary metrics of value.

2.From data compliance to data trust, switch.
Businesses that are highly satisfied with their AI (only 21 per cent) consistently use reliable, moral, and responsible data practices. These requirements address bias and data verification issues, promote trust, and allow practitioners to employ deep learning and other cutting-edge techniques.

3.Businesses that use data science to address real-world needs add value.
According to the study, integrating data scientists and business accelerates value extraction and efficiency gains (USD 45 billion more in profit growth). Business and IT work considerably better together on intelligent data.

Together, these sectors grow AI adoption and reveal its hidden value, converting AI fantasies into operational efficiency and insights while enhancing the human experience. The financial services sector reported the highest levels of satisfaction with the usage of data and AI, followed by the retail and hospitality, healthcare, and high-tech sectors.

 

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