By 2021, Artificial Intelligence (AI) will more than double the rate of innovation at organizations and employee productivity in India, according to a Microsoft -IDC study released on Monday.
The study ‘Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI' underscores that while 77% 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.
Last year, organizations that have adopted AI saw tangible improvements in those areas in the range of 8% to 22%. They forecast further improvements of at least 2.1 times in the three-year horizon, with the biggest jump expected in higher margins, and higher competitiveness.
“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," said Dr. Rohini Srivathsa, National Technology Officer, Microsoft India.
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. “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.
The survey was conducted with 1,560 business decision makers in mid and large-sized organizations across 15 economies in the region and surveyed 200 business leaders and 202 workers in India.