A new survey of 1,600 business and IT executives from Infosys points to how business sees the role of artificial intelligence in their strategies. The short answer: cutting human labor costs is the initial, less sophisticated strategy, while revenue-enhancing strategies will emerge over time.
More than half (51%) admit that cost reduction is the area where AI is delivering first. The benefits experienced so far include automating processes and tasks (46%), cost savings (44%), increasing productivity (44%), and increasing revenue (39%).
AI as a revenue producer is the interesting side of this story. AI adopters say they expect to see their overall revenues rise at least 39% over the next three years. Organizations who report faster growth in revenue over the past three years were also more likely to be further ahead when it comes to AI maturity, the report’s authors state. They see AI as a long-term strategic priority for innovation, with 76% citing AI as “fundamental to the success of their organization’s strategy,” and 64% believing that their organization’s future growth is dependent on large-scale AI adoption.
To get the most out of AI, executives want to see the level and sophistication of skills rise, including active learning (58%), complex problem-solving (53%) and critical thinking (46%) to be key. Creativity (46%) and logical reasoning (43%) also come into play, “highlighting a growing need for employees who can learn quickly, think on their feet and overcome problems efficiently in order to succeed in an AI-driven environment,” the report states.