Nearly 22 percent of Indian enterprises across the four verticals are implementing the Artificial Intelligence (AI) technology in some way.
Enterprises deploying AI is anticipated to soar by mid-2019 with nearly 7 in 10 firms (68.6 percent) anticipated to deploy AI.
Nearly 75 percent of Indian enterprises say will improve business process efficiency and employee productivity.
64 percent believes that AI technology can empower them in revenue augmentation through better targeting of offers and improved sales processes, according to a survey by research company IDC sponsored by Intel.
76 percent of the companies are or believe that they will face a shortage of skilled personnel to harness the power of AI.
“Business leaders should have a clearly defined roadmap to realize the potential that Cognitive/AI technology can bring to the enterprise,” said Sandeep Sharma, research manager, Software and IT Services, IDC India.
Research firm Gartner said that the number of jobs affected by AI will vary by industry. Healthcare, the public sector and education will see continuously growing job demand while manufacturing will be hit the hardest through 2019. Starting in 2020, AI-related job creation will cross into positive territory, reaching two million net-new jobs in 2025.
“AI will improve the productivity of many jobs, eliminating millions of middle- and low-level positions, but also creating millions more new positions of highly skilled, management and even the entry-level and low-skilled variety,” said Svetlana Sicular, research vice president at Gartner.
Intel powers 97 percent of data centre servers running AI workloads worldwide. Intel’s approach to AI ensures that the solutions securely and seamlessly address the day-to-day needs of individuals and organization across the board.
“The combination of customized silicon offerings plus optimized software frameworks can unleash the next wave of AI development in everything from smart factories, sports and autonomous cars to name a few,” said Prakash Mallya, managing director, Sales & Marketing Group, Intel India.
IDC said concerns around adoption of AI technology continue with high cost of solutions, shortage of skilled professionals, unclear return on investment, and cyber-security emerging as the key hindrances. Regulatory compliance and lack of quality data are other important challenges in the AI market.
As a part of the drive to boost efficiencies and reduce costs, already half of the larger companies, particularly in Telecommunications, Media, and Technology (TMT), and Banking, Financial Services & Insurance (BFSI), have implemented AI.
71 percent organizations are looking at increased process automation as a key benefit and almost equal number of firms (69 percent) are looking at increased employee productivity across several business functions.
Retail, and to some extent BFSI organizations, are leveraging AI to increase efficiency in their sales & marketing function, which has emerged as the second most popular use case.
Businesses, particularly in retail (including e-commerce), and telecommunications are exploring mechanisms to boost their revenue by using AI for better targeting of offers and improved sales processes. Transforming customer experience to improve their loyalty ranks high on the list of benefits for retail and banking organizations. Banks have led the innovation journey as far as transformation of customer experience is concerned.
Manufacturing and retail organizations have also attempted to redraw and refine their supply chain networks using AI.
Financial services organizations (63.9 percent) are focused on improving regulatory compliance and fraud reduction from AI implementation, while retail and automotive organizations are looking at improving consistency in the way decisions are made.