As many as 45% of businesses say the AI deployments in their organization are greatly outpacing the accuracy and productivity of comparable human activity, according to a report from Infosys. In fact, 37% have removed positions that have become redundant post-AI deployment.
But while 85% of retailers and CPG brands are using AI to automate businesses processes, 62% admit they have difficulty finding qualified staff to lead integration of AI technologies.
The report, titled: Leadership in the Age of AI, revealed that 54% of retailers/CPGs already are experiencing positive disruption due to AI technologies. Additionally, 83% strongly or somewhat strongly agreed that their organization’s future business strategy will be by AI.
Across all industries, AI is producing strategic advantages such as:
- Improved process performance (45%);
- Productivity gains due to IT time spent on high value work (40%);
- Improved compliance, security and risk management (38%);
- Productivity gains related to fewer staff needed (38%);
- New or increased market share (31%); and
- Improved employee retention (31%).
IT departments generally have uncovered the greatest opportunities for AI implementations, with 75% deploying the technology. But AI functions are extending further across the enterprise: 36% reported using AI technologies in operations, 35% in research and development and 33% in customer service.
C-Level Execs Express Security Concerns With AI
Business leaders are optimistic about AI, but they also see potential risks. Nearly two-thirds of C-level executives (64%) are hesitant to invest in AI technologies because of security or privacy concerns. And 69% reported that their employees are concerned that AI technologies will replace them.
The execs also are concerned about the implications of industry regulations on their ability to use AI technologies (70%), and also that potential advantages from AI could lead to competition (66%). Additionally, more than half of the CEOs surveyed (52%) said they are fearful that leadership will have less transparency into their business due to AI and automation.