• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Home
  • Subscribe
  • Your Membership
    • Edit Your Profile
  • Services
    • Advertising
    • Case studies
    • Design
    • Email marketing
    • Lead generation
    • Magazine
    • Press releases
    • Publishing
    • Sponsored posts
    • Webcasting
    • Webinars
    • White papers
    • Writing
  • Shop
    • My Account
    • Cart
  • About
    • Contact
    • Privacy
    • Terms of use
  • Events

Robotics & Automation News

Market trends and business perspectives

  • News
  • Features
  • Sections A-Z
    • Agriculture
    • Aircraft
    • Artificial Intelligence
    • Automation
    • Autonomous vehicles
    • Business
    • Computing
    • Construction
    • Design
    • Drones
    • Economy
    • Energy
    • Engineering
    • Environment
    • Health
    • Humanoids
    • Industrial robots
    • Industry
    • Infrastructure
    • Investments
    • Logistics
    • Manufacturing
    • Marine
    • Material handling
    • Materials
    • Mining
    • Promoted
    • Research
    • Robotics
    • Science
    • Sensors
    • Service robots
    • Software
    • Space
    • Technology
    • Transportation
    • Warehouse robots
    • Wearables
  • Video
  • Webinars
  • White papers
  • Press releases
  • Featured companies
    • AMD Xilinx
    • BlueBotics
    • Elite Robot
    • RGo Robotics
    • SICK Sensor Intelligence
    • Vicor Power
US Secretary of State John Kerry in Davos

Artificial intelligence driving revenue growth, says Infosys

January 20, 2017 by Mark Allinson

US Secretary of State John Kerry in Davos
US Secretary of State John Kerry at a previous World Economic Forum meeting in Davos

In a report specially prepared for the World Economic Forum meeting of world leaders from business and politics at Davos, Switzerland, Infosys says businesses and economies which adopt artificial intelligence are seeing dramatic growth. 

The IT consulting giant says companies and countries which embrace AI can expect to see revenue rise around 40 per cent by 2020.

Infosys adds that 80 per cent of AI adopters who can replace workers with computer systems are actually planning to retain and retrain their staff. 

Infosys says its report contains “multinational research findings” on artificial intelligence business impact, market maturity and expectations.

Entitled “Amplifying Human Potential: Towards Purposeful Artificial Intelligence”, the survey polled 1,600 senior business decision makers at large organizations across the world.

Infosys says the report revealed a “clear link between an organization’s revenue growth and its AI maturity”.

In other words, 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.

AI is perceived as a long-term strategic priority for innovation, with 76 percent of the respondents citing AI as fundamental to the success of their organization’s strategy, and 64 percent believing that their organization’s future growth is dependent on large-scale AI adoption.

While there are ethical and job-related concerns, 62 percent believe that stringent ethical standards are needed to ensure the success of AI – most respondents seem optimistic about redeploying displaced employees with higher value work.

The majority, 85 percent, plan to train employees about the benefits and use of AI, and 80 percent of companies replacing roles with AI technologies will retrain or redeploy displaced employees.

Sandeep Dadlani, president and head of Americas, Infosys, said: “Artificial Intelligence 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.

“The achievements are remarkable and the opportunities AI is bringing forth are vast. 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.”

Key research findings

Businesses expect noticeable AI adoption and growth by 2020: Organizations that have already deployed or have plans to deploy AI technologies expect to see a 39 percent average increase in revenue by 2020, alongside a 37 percent reduction in costs. 76 percent of IT and business decision makers see AI as pivotal to the success of their organization.

Businesses plan to invest in skills development: In 80 percent of cases where companies are replacing roles with AI, organizations are redeploying or retraining staff to retain them in the business. Furthermore, 53 percent are specifically investing in skills development.

Organizations that have fewer AI related skills are more likely to re-deploy workers impacted by AI adoption, whereas those with more AI-related skills are more likely to re-train employees, according to the study.

The leading industries that plan to retain and retrain their workers are: fast-moving consumer goods (94 percent); aerospace and automotive (87 percent); energy, oil and gas (80 percent); and pharmaceutical and life sciences (78 percent).

The research reveals AI will cause greater investment in workforces, specifically China (95 percent), France (90 percent), Germany (89 percent), the UK (82 percent), and the US (76 percent).

Addressing ethical concerns is essential for AI success: Two-thirds of those surveyed have not fully considered the ethical issues related to AI, such as employee concerns about handing over control, and industry regulations.

Further, 90 percent say their organization’s employees face challenges or concerns with AI adoption, and 88 percent report challenges or concerns from customers and suppliers. In total, 53 percent agree that ethical concerns are a significant obstacle to effective application of AI technology.

Market and Industry results show differences: Based on the responses, companies in India and China are much more likely to state that they are ahead of their industry competitors when it comes to AI use, followed by Germany, the US, UK, France.

Fast moving consumer goods (57 percent) and telecoms (48 percent) are much more likely to report that they have already felt AI disrupting their sector. Pharmaceuticals and life sciences reported the widest usage of AI technologies that are working according to their expectations, leading to the highest AI Maturity Index scores by industry.

Businesses are at the start of their AI journey: Only one in ten respondents that have deployed AI technologies believe that their organization is fully maximizing the current available benefits and capabilities of AI.

The majority (90 percent) report that their organization’s employees face challenges or concerns relating to the adoption of AI. Around four in ten respondents believe that the time to implement, ease of use and the interoperability with other systems and platforms are areas of AI that require the most improvement before it can be effective in their organization.

There are also areas of AI adoption that need to be addressed with training, education and transparency in the workplace. Safety of data (43 percent), job security (40 percent) and pay rates (30 percent) are the foremost areas of workforce concern despite the broadly positive outlook for AI adoption.

Other key research findings include:

AI in action: Big data automation (65 percent) and predictive/prescriptive analytics (54 percent) are the primary AI applications today. On average, the companies surveyed have invested $6.7 million in AI in the last year, and have been actively using AI for an average of two years.

The IT department is the leading adopter (69 percent), followed by operations (34 percent), business development (33 percent), marketing (29 percent) and commercial, sales and customer services (28 percent).

Risk and reward: 71 percent agree the rise of AI in the workplace is inevitable, citing positive change for business prospects, employees and society.

However, over half (51 percent) admit that cost reduction is an area of AI that requires the most improvement before it can be effective for their organization.

Deployment: 88 percent also report that their organization’s customers and suppliers face challenges and concerns relating to the adoption of AI. Four in ten point to a lack of understanding of the benefits and intended uses for it, while 38 percent flag a general mistrust of the technology. A similar number (37 percent) indicated their preference to work alongside and interact with human workers rather than machines.

In short, AI is taking over

Overall, Infosys says its study demonstrates the role AI can play in business growth, create opportunities for people to do more than what their current job and education enables, and drive long-term macro environment benefits.

Decision makers Infosys surveyed believe AI will bring out the best in their organization’s people (65 percent), and feel it can deliver positive societal (70 percent) and economic (76 percent) change.

This article was first published on em360tech.com and is republished here with permission.

Print Friendly, PDF & Email

Share this:

  • Print
  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Tumblr
  • Pinterest
  • Skype
  • WhatsApp
  • Telegram
  • Pocket

You might also like…

Filed Under: Computing, News Tagged With: ai, artificial intelligence, davos, infosys, world economic forum

Join the Robotics & Automation News community

Primary Sidebar

Latest articles

  • Choosing the Best Magento Ecommerce Development Company: A Guide to Success
  • How to Promote Your Homemade Food Business Online
  • 3 Best Site to Buy Instagram Followers UK (Real & Cheap)
  • Email Marketing Automation with Retainly
  • Top 10 Amazing Tips to Transport Your Car in 2023
  • Maximizing Profit on Amazon: Utilizing the Amazon FBA Calculator and Analyzing Price History
  • North America Becomes the Fastest-Growing Regional Market for New Battery Facilities in 2022
  • The Ultimate Guide to Artist Alley: Con Prep and the Magic of Acrylic and Custom Keychains
  • Choosing a Robotic Spindle for Deburring
  • The Future of Modern Application Development with .NET

Most Read

  • Snapchat Plus Planet Order 2023 Explained
    Snapchat Plus Planet Order 2023 Explained
  • Why is Money Important in Our Lives?
    Why is Money Important in Our Lives?
  • Top 20 electric vehicle charging station companies
    Top 20 electric vehicle charging station companies
  • How to Track a Phone Number on Google Maps
    How to Track a Phone Number on Google Maps
  • Difference Between Three-Phase and Single-Phase Power
    Difference Between Three-Phase and Single-Phase Power
  • Why is My Car Key Stuck in the Ignition?
    Why is My Car Key Stuck in the Ignition?
  • The Future of Personal Computers: What to Expect in the Next Decade
    The Future of Personal Computers: What to Expect in the Next Decade
  • Top 20 programmable logic controller manufacturers
    Top 20 programmable logic controller manufacturers
  • Scientists have found more water in space than they ever knew possible
    Scientists have found more water in space than they ever knew possible
  • What You Need to Know About Fixing an Engine Misfire
    What You Need to Know About Fixing an Engine Misfire

Overused words

ai applications automated automation automotive autonomous business companies company control customers data design development digital electric global industrial industry logistics machine manufacturing market mobile operations platform process production robot robotic robotics robots safety software solution solutions system systems technologies technology time vehicle vehicles warehouse work

Secondary Sidebar

Latest news

  • Choosing the Best Magento Ecommerce Development Company: A Guide to Success
  • How to Promote Your Homemade Food Business Online
  • 3 Best Site to Buy Instagram Followers UK (Real & Cheap)
  • Email Marketing Automation with Retainly
  • Top 10 Amazing Tips to Transport Your Car in 2023
  • Maximizing Profit on Amazon: Utilizing the Amazon FBA Calculator and Analyzing Price History
  • North America Becomes the Fastest-Growing Regional Market for New Battery Facilities in 2022
  • The Ultimate Guide to Artist Alley: Con Prep and the Magic of Acrylic and Custom Keychains
  • Choosing a Robotic Spindle for Deburring
  • The Future of Modern Application Development with .NET

Footer

We are…

Robotics and Automation News was established in May, 2015, and is now one of the most widely-read websites in its category.

Please consider supporting us by becoming a paying subscriber, or through advertising and sponsorships, or by purchasing products and services through our shop – or a combination of all of the above.

Thank you.

Independent

Archivists

January 2017
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Dec   Feb »

Complex

Old-skool

This website and its associated magazine, and weekly newsletter, are all produced by a small team of experienced journalists and media professionals.

If you have any suggestions or comments, feel free to contact us at any of the email addresses on our contact page.

We’d be happy to hear from you, and will always reply as soon as possible.

Future-facing

Free, fair and legal

We support the principles of net neutrality and equal opportunities.

Member of The Internet Defense League

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT