A new study has released findings showing that businesses that have adopted Artificial Intelligence were more likely to have had the advantage of faster revenue growth over the past three years.

Amplifying Human Potential: Towards Purposeful, Artificial Intelligence, a research report commissioned by Infosys, conducted a poll that involved 1,600 senior business decision makers belonging to large organizations all over the world. The report showed that 76% saw AI as an important aspect attributing to the success of their organizations. Furthermore, those in organizations that have already implemented AI technologies or have plans to, are expected to see a 39% average increase in revenue by 2020, along with a 37% reduction in costs.

It was revealed that organizations most apply AI to big data automation (65%) and predictive/prescriptive analytics (54%). Only one in ten amongst the decision makers believed that the current available AI benefits and capabilities were being fully utilized by their businesses.

Infosys’ Senior Vice President & Regional Head, Andrew Groth, said that two thirds of big Australian businesses are reaping the rewards from experimenting with AI. Groth reported that around two in five of those businesses are experiencing cost savings, better decision making benefits and improved productivity.

“Australia was the second highest investor in AI of the seven countries surveyed [behind the US] and we expect the AUD$8.2 million average AI spend by Australian businesses in 2016 to increase significantly this year as organisations in every sector look to scale up and broaden their AI strategies,” he said.

“There’s no doubt the nature of work is changing and evolving faster than ever before and this is only going to accelerate in Australia as more businesses look to AI for productivity, safety and cost saving benefits.”

“It’s understandable that some people might have concerns about their current job, but what we’re seeing globally is AI being used to automate the mundane and repetitive tasks, freeing people to focus on higher value creative work that can only be done with human imagination.”

“It’s encouraging that the vast majority of Australian business leaders (71%) are planning to reskill or redeploy their teams to new roles if and when their AI technologies become capable of mechanising repetitive manual labour tasks.”

“The more that Australian businesses engage with AI, the more they will see that AI technology is really a platform to enhance workers, not replace them. Jobs will be evolving.”

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