Infosys GenAI 2023 Report Denotes Optimism Despite Challenges

Infosys, a leading provider of digital services and consulting, offers insights into key industry trends in its recently published Generative AI 2023 Report. The report is based on data from over 1,000 U.S. and Canadian organizations as well as survey results from business leaders and subject matter experts.

Findings show that there is growing optimism for GenAI adoption, with investments expected to reach $5.6 billion in the next year, as reported in an Enterprise AI article. However, key challenges impact this optimism — the AI-hype cycle, data and privacy concerns, and ethical issues.

Businesses see GenAI as a vital tool for enhancing user experience, personalization, business growth, and efficiency, with 88 percent anticipating positive revenue impacts. Interestingly, larger companies with over $10 billion in revenue as well as highly regulated industries such as healthcare, life sciences, and financial services are more inclined to embrace GenAI.

Report findings show primary challenges are data privacy and security (26 percent), data usability (23 percent), and a lack of skills, knowledge, or resources (20 percent). Infosys warns that as GenAI is in the early stages of the hype curve, the race to gain competitive advantage could lead to skipping foundational steps.

According to Satish H.C., Executive Vice President, Co-Head Delivery, Infosys, “Generative AI is unlike any recent digital disruptors. Investment is flowing in fast, and our report establishes that these projects are generating value that is recognized at the C-suite. By embedding responsible AI techniques and developing an AI-first operating model, business leaders can realize the full potential of this new technology.”

Despite the potential of GenAI, organizations must grapple with challenges related to expectations, ethics, bias, and data. Overcoming these obstacles will be crucial for businesses in the years ahead.