Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Ai / Find out how Indian companies are tapping AI potential as 59% use generative AI in businesses: Report
BackBack

Find out how Indian companies are tapping AI potential as 59% use generative AI in businesses: Report

Companies are deploying AI to reduce costs, automate processes, and increase the amount of AI embedded into standard off the shelf business applications.

IBM report reveals that 59% of enterprise-scale organisations in India actively deployed AI in their businesses. (Stock images)Premium
IBM report reveals that 59% of enterprise-scale organisations in India actively deployed AI in their businesses. (Stock images)

IBM report reveals that enterprise-scale organisations in India actively and extensively use AI in their businesses while many are exploring the opportunity to introduce it. 

International Business Machines Corporation (IBM) released a report on Thursday, February 15. The report disclosed that early adapters are the ones that continue to work with AI and are leading the way. It was observed that companies are deploying AI to reduce costs, automate processes and to increase the amount of AI embedded into standard off the shelf business applications.

Also read: ChatGPT maker OpenAI unveils ‘Sora’ that makes instant videos from written texts | WATCH

Companies are tapping AI potential by using it to address labour shortages, reduce manual or repetitive tasks, automate customer self-service answers and actions, and to improve recruitment process.

Also read: AI stocks rally after Nvidia reveals stake, SoundHound rockets 50%, Guardforce up 11%

Hey are key findings from the IBM Global AI Adoption Index 2023 report: 

-The report stated that among all the enterprise-scale organisations- employing over 1,000 employees surveyed in India, around 59% actively deployed AI in their businesses. 

Also read: Up 50% in 2024, Nvidia stock fast approaches $2 trillion-mark after bulls tighten grip on AI-fueled rally

-Around 27% of IT professionals at large organisations are actively exploring the use of AI technology.

-Almost 74% of early adapting Indian enterprises have increased their investments in AI in the past 2 years in areas like Research and Development and workforce reskilling and more. 

-It was found that 67% of IT professionals deploy AI to undertake Research and Development, 55% use AI to undertake reskilling and workforce development, and 53% use AI to build proprietary AI solutions.

Also read: AI optimism drives Nvidia stock past Amazon, market cap poised to overtake Alphabet soon too

-As per the report, almost 60% that is 6 among every 10 IT professionals at enterprises informed that their company is actively implementing generative AI.

-Around 34% of enterprises are exploring ways to implement generative AI in their business.

Also read: Can AI take away your job? MIT researchers say ‘AI job displacement will be substantial but…’

Barrier to AI adoption in India:

Here are top 5 barriers hindering successful AI adoption:

  1. Limited AI skills and expertise -30%, 
  2. Lack of platforms for developing AI models -28%, 
  3. Complicated AI projects, difficult to integrate and scale- 27%, 
  4. Ethical concerns- 26% 
  5. Data complexity -25%

Managing Director at IBM India and South Asia, Sandip Patel said, “The increase in AI adoption and investments by Indian enterprises is a good indicator that they are already experiencing the benefits from AI. However, there is still a significant opportunity to accelerate as many businesses are hesitant to move beyond experimentation and deploy AI at scale." 

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 16 Feb 2024, 12:36 PM IST
Next Story footLogo
Recommended For You