New Delhi, 14 February 2018: About 68% of Indian business decision makers believe that AI will help their business in various ways such as boosting productivity, generating growth and addressing societal issues in a new report by PwC India titled 'Artificial Intelligence– Hype or Reality'.
Drawing on a detailed analysis of the business impact of AI, the report analysed the most popular AI powered solutions across industries, with machine learning coming out on top in nearly every industry from IT/ITeS to BFSI to Education. While the IT/ITeS industry has potentially been the most disrupted sector by machine learning solutions which are replacing repetitive manual jobs, most of the survey respondents identified AI as having the potential to deliver appropriate training and education to a vast majority of the population.
Other key findings from the report include:
“While AI holds the potential to truly transform our lives as individuals and enterprises, its growth and adoption are wholly dependent on overcoming challenges related to reducing costs, securing the right talent and data, and addressing concerns around privacy and trust,” said Sudipta Ghosh, Partner and Leader, Data & Analytics, PwC India. “The market reality we exist in today demands that we not only work towards upskilling our people, but also produce the smartest machines that can work with us,” he added.
The report also sheds light on the increasing expectations that businesses and customers have of AI in terms of providing personalised services and enhancing customer interactions.
Given that AI integration requires significant time and investment, the report also suggests that organisations would do well to prioritise those areas that can be automated with relative ease and with ready availability of data. They should also focus those areas which will provide the most tangible and immediate returns in terms of improved efficiency, cost savings and customer reach.
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