According to the study, 70% of Indian enterprises that have deployed AI have achieved measurable results
The study further revealed that enterprises across sectors are embracing AI with varying levels of enthusiasm
Only 25% of Indian enterprises have deployed artificial intelligence (AI) solutions, although 60% of the business leaders surveyed believe that AI will disrupt their businesses within three years, according to a Nasscom study in association with Ernst & Young (EY) titled ‘Can enterprise intelligence be created artificially?’
More than half of the respondents believed that low external ecosystem maturity and inability to quantify benefits restricts their ability to accelerate AI initiatives. 40% of the business leaders said that talent shortage is a key hurdle in implementing and scaling AI solutions while 47% consider AI trust and explainability as primary reasons for holding back AI-led decision making.
According to the study, 70% of Indian enterprises that have deployed AI have achieved measurable results and they believe in the need to deploy AI for staying competitive and generating long-term value.
The survey outlined that 74% of Indian enterprises have established either a formal strategy or obtained C-suite sponsorship to initiate or scale-up their AI programs while 78% believed re-skilling of the existing talent will aid in maximizing value from their AI programs.
As business leaders continue to recognise the value of AI, the survey respondents believed that operational efficiency, customer experience, and revenue growth are the top three areas where AI can add maximum value.
“As industry witnesses a rapid advancement in new technologies, AI is increasingly becoming an imperative for businesses across industries. Implementing AI will not only catalyze the innovation to stay competitive but also generate long-term value for enterprises," said Debjani Ghosh, president, Nasscom.
The study further revealed that enterprises across sectors are embracing AI with varying levels of enthusiasm. Data-intensive sectors such as banking, financial services & insurance (BFSI) and retail were found to be leading in AI adoption with 36% and 25% respectively. Other sectors like healthcare and agriculture also seem to be catching up with different levels of implementation.
While in retail and BFSI sectors, end-customer centric functions were the most common applications of AI, healthcare and agriculture sectors cited operations to be the function with the highest potential for AI deployment.