AI Might Double the Rate of Innovation in India By 2021

CIOReviewIndia Team | Friday, 14 June 2019, 07:03 IST

AIAccording to a study by Microsoft-IDC, Artificial Intelligence is expected to double the innovation rate in India by 2021. In the survey conducted among 1560 business decision makers of mid and large sized organizations across 15 economies, more than three-fourth of the percentage of business leaders agreed that AI is instrumental for their organization’s competitiveness. However, only one-third of organizations in India have begun their journey towards AI. And these organizations are expecting to increase their competitiveness 2.3 times by 2021. Businesses in India must now embrace a new culture with the core components being innovation and continuous learning. The businesses and economies need to begin their AI journey or run a real risk of not availing the benefits enjoyed by the business leaders. Organizations who have adopted AI in the previous years have seen substantial improvements in the range of 8 to 22 percent in the organizational culture. They are expecting their improvisation to multiply at least 2.1 times in the forecast period, and aiming towards the biggest jump in higher margins and higher competitiveness.

According to the survey results, India needs to accelerate towards its AI journey and build its investments, data and strategy. This also includes the changes required in skilling the workforce to make AI work for the country. India majorly needs an improvement in readiness; leaders should first make AI a core part of their strategy and create a learning agility culture.

Girish Nayak, one of the Indian leaders implementing AI in BFSI space said that they were successful in understanding the importance and potential of AI in providing high quality car damage evaluation services and data being generated at an exponential level. This technology has been useful to drive insights to inspect and process as well. Microsoft’s AI is playing a vital role in this transformation which is helping to meet the customer demands without compromising on service excellence. Microsoft has initiated the AI week in order to help developers and organizations build expertise in fields like cloud computing, data-science and others. The data scientists and AI experts from companies like Flipkart, Reliance Jio, and other leading companies who have believed in this transformation are expected to address the workshop. Microsoft has also announced about their launch of business schools which benefit most of the organizations to learn and work on AI through online classes.