
To be future-ready, get AI-ready
Business interest in artificial intelligence (AI) has never been higher. But even before generative AI was introduced, organizations were struggling to get the full value out of their AI implementations, according to our analysis of a recent Economist Impact study. Here are five changes businesses should make to succeed with AI.
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- Modernize data infrastructure
- Overhaul legacy technology
- Invest in AI talent
- Prioritize responsible AI
- Foster an AI-friendly culture
<h3>Introduction</h3> <p>Ever since generative artificial intelligence entered the business conversation late last year, it’s become impossible to separate the idea of being “future-ready” from adopting AI. With this powerful technology, businesses can attain the speed, agility and accurate decision-making they need to compete in today’s fast-changing environment.</p> <p>Even before generative AI came along, AI adoption was growing. In a recent study by Economist Impact, AI and machine learning (ML) were among the top six technologies respondents had already adopted or planned to adopt in their quest to be future-ready (see Figure 1). Cognizant partnered with Economist Impact on the study—which surveyed 2,000 global executives across industries—as part of our ongoing work to define what it takes to be future-ready and how close businesses are to reaching a future-ready state. (For the full study, see “<span class="text-regular"><a href="https://www.cognizant.com/en\_us/insights/documents/ready-for-anything-what-it-means-to-be-a-modern-business-wf1189596.pdf" target="_blank" title="Ready for anything: what it means to be a modern business" style="font-weight: normal;" rel="noopener noreferrer">Ready for anything: what it means to be a modern business</a>.</span>”)<br> <br> In our analysis of the data, nearly seven in 10 named AI/ML as a top investment area, indicating their belief that it‘s essential for doing business effectively today.</p>
<p><span style="font-weight: normal;"><span class="text-primary">At the same time, however, just 39% of respondents said their AI/ML had already contributed significant business value. In fact, even though it was the sixth most-adopted technology, it was second to the bottom on the list in terms of its perceived value (see Figure 2).</span></span></p>
<p>The fact is—whether it’s generative AI or another type of AI—succeeding with AI/ML initiatives requires businesses to make a variety of unforeseen adjustments. The good news is, many businesses are beginning to attain the full value of their AI implementations. It starts with moving past the AI hype and understanding what it takes to succeed with this technology.</p>
Difficulty achieving full tech value
<h4><span style="font-weight: 300;">Q : To what extent are the technologies you've adopted delivering strategic value to your operations? (Percent of respondents saying significant value)</span></h4>

<div class="header-title"><div class="title-valign"><h3>1 </h3> <h4><span class="text-bold">Modernize data infrastructure</span></h4> </div> </div>

<div class="header-title"><div class="title-valign"><h3>2 </h3> <h4><span class="text-bold">Overhaul legacy technology</span></h4> </div> </div>

<div class="header-title"><div class="title-valign"><h3>3 </h3> <h4><span class="text-bold">Invest in AI talent</span></h4> </div> </div>

<div class="header-title"><div class="title-valign"><h3>4 </h3> <h4><span class="text-bold">Prioritize responsible AI</span></h4> </div> </div>

<div class="header-title"><div class="title-valign"><h3>5 </h3> <h4><span class="text-bold">Foster an AI-friendly culture</span></h4> </div> </div>
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