Cos Can Generate Incremental Profits By Improving Data Practices, Trust In Advanced AI, Integrating AI: Report

A report on Wednesday revealed that companies can generate over $460 billion in incremental profit if they do three things: improve data practices, trust in advanced AI and integrate AI with their business operations.

The report noted that despite high expectations for data and artificial intelligence (AI), most companies fail to act on these areas to convert data science to business value.

The research by Infosys Knowledge Institute surmised found 63 per cent of AI models function only at basic capability, are driven by humans, and often fall short on data verification, data practices, and data strategies. Only 26 per cent of practitioners are highly satisfied with their data and AI tools. Despite the siren song of AI, something is clearly missing.

It also found that high-performing companies think differently about AI and data and these leaders focus in three areas including ‘Transform data management to data sharing’, ‘Move from data compliance to data trust’, and ‘Extend the AI team beyond data scientists’. 

Combined, these areas not only scale AI usage but unlock its potential value – transforming AI dreams to insights and operational effectiveness and improving the human experience, the report noted.

The research found the financial services industry recorded the strongest satisfaction with its data and AI uses, followed by retail and hospitality, healthcare, and high tech.