A recent report by Infosys highlights a staggering revelation: only 2% of companies worldwide are equipped to integrate artificial intelligence (AI) into their operations. This finding raises critical questions regarding the future of businesses as they grapple with the complexities of AI adoption, particularly in the realms of digital marketing, e-commerce, and retail.
The Infosys Enterprise AI Readiness report surveyed over 1,500 executives across various regions, including Australia and New Zealand (ANZ). While there is a clear acknowledgment of AI’s potential to transform business operations, the reality of implementation tells a different story. Most organizations are falling short when it comes to the necessary infrastructure, workforce training, and strategic alignment that AI integration demands.
One of the most significant gaps identified in the report is technology readiness. A mere 9% of companies possess the essential AI capabilities, such as machine learning frameworks and dynamic computing systems. This lack of technological foundation hampers organizations’ ability to capitalize on AI’s benefits. Furthermore, only about 10% of businesses reported that they find data easily accessible for AI projects. Improvement in data accuracy and governance emerges as a crucial area that needs urgent attention.
In Australia, this issue is even more pronounced. The report reveals that Australian executives are investing less in AI training compared to their global counterparts. A startling 18% of ANZ companies reported having employees skilled in AI tools, while merely 23% believe their workforce has the expertise required to adopt AI technologies. This shortfall in skills directly correlates to a lack of confidence and readiness to embark on AI projects.
The implications of these findings are profound. According to Infosys, addressing these readiness gaps can unlock potential productivity improvements ranging from 10% to 40%. To help organizations bridge the divide, the report proposes a structured five-step framework: developing a comprehensive AI strategy, establishing responsible AI governance, upskilling the workforce, prepping data infrastructure, and cultivating a culture that encourages tech-driven innovation.
The first step in this framework, creating an AI strategy, must resonate with overall business goals. However, the report found that only 23% of companies demonstrate readiness in this critical area. The governance of AI is highlighted as an essential aspect, and companies like Infosys have established a Responsible AI Office to play a key role in navigating the risks associated with AI deployment.
Upskilling employees remains a daunting challenge as well. The report found that only 21% of organizations believe their employees possess the necessary knowledge regarding AI, with just 12% providing adequate training solutions. Improving training and development opportunities is paramount for fostering a workforce capable of leveraging AI effectively.
Data infrastructure preparation is another vital component. Currently, only 10% of companies find their data easily accessible, while nearly 30% rate their data processes as poor. This highlights a fundamental need for addressing data quality and system assessment to enable successful AI implementation.
Moreover, fostering an innovative culture is crucial. The report shows that merely 9% of businesses feel fully prepared in terms of foundational technologies. Investing in machine learning and automation technologies can significantly enhance customer experiences and minimize operational errors.
Mohammed Rafee Tarafdar, Chief Technology Officer at Infosys, emphasizes that establishing a robust foundation is necessary for companies to become enterprise-wide AI-ready. He advocates for the establishment of an AI “foundry” and “factory” model aimed at scaling AI initiatives across the organization.
Jeff Kavanaugh, Head of the Infosys Knowledge Institute, echoes the sentiment that AI is no longer a distant objective but a foundational component for future competitiveness. He makes the case that companies that act promptly on improving their AI readiness will not only lead in innovation but will also fundamentally reshape their respective industries.
In conclusion, as the business landscape rapidly evolves, through digital marketing and e-commerce, the integration of AI is becoming not just beneficial but essential for competitive advantage. With only 2% of organizations currently prepared for this technological shift, the time to prioritize AI readiness is now. Companies need to address technology readiness, invest in workforce training, improve data governance, and create a culture that supports technological innovation to effectively embrace this transformative force.
