A/NZ businesses more likely to use cloud-based AI tools than their global counterparts.
Australia and New Zealand (A/NZ) businesses are among the world’s most eager data-sharers, according to data from the Infosys Knowledge Institute.
According to the survey of 200 A/NZ-based businesses, local companies showed more willingness than their global counterparts in sharing data, artificial intelligence (AI) adoption, and cloud-based AI tools.
Indeed, almost two-thirds of A/NZ respondents are sharing in the higher or highest proportion ranges of data compared to a global average of 48 per cent.
Moreover, A/NZ companies are 17 per cent more likely to use cloud-based AI tools, while globally the preference remains skewed towards on-premises solutions.
A/NZ companies were also 10 per cent more likely to have deployed their first AI system in 2017 or earlier, compared with the global uptick taking place later in 2020.
“Australia and New Zealand have always been leaders in digital innovation and early adopters of technology, so it’s promising to see enterprises within the countries on par with global markets when it comes to AI advancement,” said Andrew Growth, Infosys executive vice president and A/NZ region head.
The report claimed that businesses can generate US$460 billion in incremental profit if AI and data are used in conjunction. This includes improving data practices, increasing trust in advanced AI, and integrating AI with business operations.
However, despite high expectations for data and AI, most companies fail to act on these areas to convert data science to business value.
According to Infosys, of the US$460 billion in global profit increase available, US$105 billion is linked to importing 75 per cent or more of data from third parties.
“Scaling AI to realise more business value requires organisations to build AI teams that are representative of the business areas impacted,” Growth added. “This allows companies to better leverage the capability of AI to drive growth while building trust among its stakeholders.”
Although three-quarters of companies are keen to operate AI across their firms, most businesses are new to AI and face challenges to scale. 81 per cent of respondents deployed their first ‘true’ AI system in the past four years, and 50 per cent in the last two.
The report also found that 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.