The COVID-19 pandemic has accelerated AI-focused transformations in Indian companies, according to the latest report from PwC India.
The report, AI: An Opportunity amid a Crisis, found that AI in India had greater adoption and usage than other major economies, the USA, the UK, and Japan.
It is interesting to mention that over 70% of Indian businesses, according to the PwC report, have implemented AI in one shape or another, in one or more functional regions, compared to about 62% in 2019.
The result is fairly consistent with Better World’s projections that at least 70% of companies across all sectors will likely adopt some form of AI-based technology and adopt aggressive AI- Production deployments based within the next 12 months to build a competitive edge.
PwC India survey results, which include responses from more than 950 corporate decision-makers, also show a massive increase in AI optimism since last year. Amongst Indian companies surveyed, the positivity around AI rose from 72% to 92%. Forty-five percent of Indian organizations made greater use of artificial intelligence after COVID-19, and 94% of those interviewed stated that they have implemented or plan to implement AI within their organization.
Why is AI on the rise?
Artificial intelligence is the science behind intelligent machinery. It allows computer systems to sense their surroundings, analyze, learn, and make the necessary, evidence-based decisions, just as a human brain does, at times, much faster.
The technology has been deployed rapidly in the enterprise ecosystems as it enables organizations to make informed, data-driven decisions and forecast the potential outcome of those decisions. The recent pandemic has proven to be the worst order crisis in recent times and has had a spiraling impact on consumer and corporate sentiment. (See: How artificial intelligence is transforming Indian retail sector and AI in banking now geared for a takeoff)
During the pandemic-induced nationwide lockdowns, organizations were quick to realize that they had to move away from traditional ways of working faster to stay relevant in the market. Since virtual has become the new mainstream, much data is generated and can be harnessed by technologies like artificial intelligence to improve the user experience.
From new customer acquisition to retention and enabling them to resolve grievances in an automated and quick way, AI-led solutions can automate the processes to a greater extent. Leveraging AI, enterprises can derive concrete insights and break down the data intelligently with a tremendous speed to improve their customers’ life-cycle value.
Some of the prominent examples in AI-space are Chatbots, Robotic Process Automation (RPA), driverless vehicles, digital assistants, and location finder apps (such as Google maps).
In 2021, Indian businesses are expected to witness a significant transition. There will be continuous traction around remote working environments. Consumers will also remain committed to spending a large proportion of their purchases through online channels or apps.
This will compel businesses to step-forward their AI-based strategies to retain and provide an exceptional consumer experience.
Nevertheless, companies considering deploying AI applications will face challenges such as data quality, limited success models, and staff inexperience to get the most from their AI investments. (See: How will AI impact enterprise ecosystems in 2021?)