Infosys: European firms struggle to generate gen AI value
Europe is doubling down on generative AI investment but is on a more cautious path than North America, according to new research from the Infosys Knowledge Institute (IKI), the research arm of Infosys.
The pace of investment is slower than in North America – largely due to concerns around ethics and bias driven by the more regulated European market – where spend on gen AI is expected to reach close to US$6bn. However, European companies remain optimistic about generative AI’s impact on their business and are much more confident in their ability to train and recruit talent, as well as manage and control generative AI systems.
“Generative AI is driving phenomenal transformation across industries, and investment is happening at a rapid pace,” comments Balakrishna D. R. (Bali), Executive Vice President, Global Head of AI and Industry Verticals at Infosys, who is responsible for developing all aspects of Infosys’s AI strategy, leading all AI-first transformations within Infosys, including responsible AI initiatives, embedding matured AI solutions into Infosys offerings and helping customers solve business challenges by leveraging industry leading AI solutions.
“Against the backdrop of an ever-evolving regulatory landscape, organisations must embed responsible AI techniques to not only improve data quality and management, but effectively manage ethics and bias risks.”
Creating business value from generative AI
The report also found that European companies are deploying gen AI, but few have created business value. Despite high levels of experimentation and implementation with gen AI, only 6% of European companies generate business value with their gen AI use cases.
European companies are also more focused on ethics and bias, and more confident about managing and controlling gen AI than North American companies
According to the report, European companies identified ethics and bias as the second biggest challenge, after data privacy and security. North American companies are less concerned with ethics and bias – where it was the fourth biggest challenge behind issues such as data privacy, unusable data and lack of skills.
“Our research has shown that for European businesses to derive business value, they must develop and evolve an AI-first operating model that prioritises business transformation and skills development, and enables them to maximise human potential.”
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