Ahead of US, UK, Japan, India Tops In Artificial Intelligence Adaption Amid Pandemic: PWC

CIOReviewIndia Team | Wednesday, 09 December 2020, 13:47 IST

A global study by PwC India stated that the use of Artificial Intelligence (AI) amid pandemic was witnessed most in India.

PwC’s study also explained that 94 percent of the 200+ chief executives in the country surveyed, said they’ve either adopted or are planning for implementing AI in their companies.

PwC conducted India’s study between August and September, and globally it was conducted among 670 high ranking officials in September – October. The study said that India had the highest increase in AI use in comparison to major economic lands like Britain, Japan, and the United States, with more than 70 percent of Indian organizations implementing AI in some functional areas in 2020 as compared to around 62 percent last year. Furthermore, 90+ percent companies are implementing, or planning to forge investment in AI solutions for addressing present business concerns.

This survey also stated that AI adoption India is led by the travel and hospitality sector with 89 percent of the surveyed was carried by the travel and hospitality sector with 89 percent of the surveyed firms completing it, which is followed by telecom, media & technology firms (86 per cent), financial services (82 per cent), and 73 per cent of healthcare and pharma companies, adopting Artificial Intelligence in 2020.

Artificial Intelligence is implemented in business processes like customer service, finance and tax, HR, IT and cyber security, manufacturing and operations, R&D, risk, legal and compliance, sales and marketing, supply chain and logistics, and a lot more.

The survey also indicates that positivity with AI in reducing cost and maximizing revenue generation going up from 72 percent to 92 percent in India, and 45 percent of the organizations increasing the use of Artificial Intelligence after crisis.

Moreover, 94 percent of the respondent s have either implemented or are on the verge of implementing Artificial Intelligence in their respective organizations.

“AI is now considered as a key enabler for organizations to become a transformer in the present pandemic, with fundamental changes for operating model for lasting competitive advantage,” said Sudipta Ghosh, a partner and leader for data and analytics at PwC India.

He added, “For AI’s result-driven outcomes, businesses should start viewing AI as an integral part of the business rather than a luxury, and weave it into the organizational fabric.”

But it becomes difficult for companies to adopt AI as they fail to realize the optimum value from their AI investments.

“For example, 37 percent of the companies find it challenging in identifying the right use cases of AI, and 28 percent lack high-quality data for using AI in solutions,” the survey included.