Bengaluru, October 29: Enterprises expect an average boost of 15 per cent in productivity from their current artificial intelligence (AI) projects, with some even anticipating up to 40 per cent gains, a report said on Tuesday.

However, only two per cent of organisations are ready across all five key dimensions: talent, strategy, governance, data, and technology, according to the research from the Infosys Knowledge Institute (IKI), the research arm of Infosys. The biggest gaps lie in technology readiness, with only 9 per cent of companies possessing the necessary AI capabilities like machine learning frameworks, prebuilt algorithms, and dynamic compute. Google DeepMind Hiring for Research Engineer Position To Work on Gemini AI, Interested Candidate Need To Apply Within 2 Weeks; Check Details.

Additionally, data accuracy, processes, and accessibility are significant challenges, with only about 10 per cent of respondents reporting ease of data location and access for AI projects. “To become enterprise-wide AI-ready and realise the promise of this technology, including GenAI, it is imperative to establish a robust and scalable foundation. This must be complemented by an AI foundry and factory model for scaling AI initiatives across the enterprise,” said Mohammed Rafee Tarafdar, Chief Technology Officer, Infosys.

Companies globally recognise the potential of AI and are eager to adopt enterprise AI, yet most are far from fully integrating AI into their businesses and operations owing to large gaps in basic AI readiness. While executives envision AI as the next industrial revolution, transforming business models and shaping the new economy, many companies lack the foundational building blocks for successful enterprise AI adoption. TCS Announces 15-Year Deal With Ireland’s Department of Social Protection To Transform Pension System for Nearly 8 Lakh Workers in the Country.

To overcome these hurdles and realise the full potential of AI, including GenAI, companies must address readiness gaps and foster a culture of innovation. A clear AI strategy aligned with business objectives is essential, encompassing technology investments, talent acquisition, and ethical considerations, the report noted. Jeff Kavanaugh, Head of Infosys Knowledge Institute, said that AI is not a distant goal but the prerequisite foundation for future competitiveness and the time to invest in AI readiness is now.

(The above story first appeared on LatestLY on Oct 29, 2024 07:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).