By 2021, Artificial Intelligence (AI) will more than double the rate of innovation and employee productivity across organisations in India, feels country's business leaders.
The findings are a part of the survey 'Future Ready Business: Assessing Asia Pacific's Growth Potential Through AI' by Microsoft and IDC Asia/Pacific that surveyed 200 business leaders and 202 workers in India.
The survey - conducted with 1,560 business decision makers in mid and large-sized organisations across 15 economies in the region - highlights that while 77 per cent of business leaders polled agreed that AI is instrumental for their organization's competitiveness, only one-third of organizations in India have embarked on their AI journeys. Those companies that have adopted AI expect it to increase their competitiveness by 2.3 times in 2021.
"Today, every company is a software company, and increasingly, every interaction is digital. To be successful in this new world, organizations need to be a fast adopter of best-in-class technology," said Rohini Srivathsa, National Technology Officer, Microsoft India.
"Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive benefits that are enjoyed by leaders. Businesses must now embrace a new culture, where innovation and continuous learning are core components of the organizational culture. It sets the stage for agility, adaptability and growth," she added.
Girish Nayak, Chief - Service, Operations & Technology, ICICI Lombard General Insurance Company Ltd shared how his firm deployed AI to process vehicle insurance claims and renew policies. "We recognised the potential of AI in providing high quality car damage evaluation services. With data being generated at an exponential level, this technology will help us derive insights to inspect and process claims with utmost efficiency."
The study evaluated six dimensions critical to ensuring the success of a nation's AI journey. According to the findings, India needs to build upon its investment, data, and strategy in order to accelerate its AI journey.
The study also underlines the need for cultural changes and skilling and reskilling workforces to make AI work for the country. "To succeed in the AI race, India needs to substantially improve its readiness. Leaders should make AI a core part of their strategy and develop a learning agility culture. Investment in this transformative technology has to be continuous for the long-term success. There is an urgent need for talents and tools to develop, deploy and monitor AI models, along with the availability of a robust data estate with the adequate governance," according to Ranganath Sadasiva, Director, Enterprise, IDC.