Why companies investing in AI today should expect a revenue spike by 2020
Organisations investing in artificial intelligence (AI) anticipate a 39% revenue rise by 2020, while faster growing firms are more likely to be further ahead in their AI initiatives, according to a new study from IT consulting firm Infosys.
The survey, which polled 1,600 senior business decision makers at large organisations globally, found that alongside the revenue rise, businesses which forge ahead with AI will expect a 37% reduction in costs by 2020. More than three quarters (76%) of respondents said they see AI as ‘pivotal’ to their organisation’s future success.
The study also looked at how the rise of AI will affect employees. Given the story earlier this month of Fukoku Mutual Life Insurance, which plans to utilise IBM’s Watson Explorer AI and make 34 workers redundant in the process, it’s perhaps reassuring to find from this report that 80% of organisations surveyed plan to retrain or redeploy employees affected by AI taking their jobs. 85% of respondents added that they plan to train employees about the benefits and use of AI, while more than half (53%) say they are specifically investing in skills development for their workers.
Yet the case of the Japanese insurance company may be something of an outlier; only one in 10 respondents that have deployed AI technologies believe they are making the most of it, while safety of data (43% of respondents), job security (40%) and pay rates (30%) are the biggest concerns.
“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,” said Sandeep Dadlani, Infosys president and head of Americas in a statement. “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.
“As an industry therefore, 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,” Dadlani added.
This publication has examined how AI is set to impact workflows on various occasions, from Microsoft’s ‘conversation as a platform’ vision to more practical use cases over how chatbots can change B2B. Whatever 2017 brings, there’s still plenty to do on that front despite the promise.