More and more Indian companies are deploying artificial intelligence (AI) and analytics to improve their business operations. A new report released on Tuesday by global consulting firm PwC shows that Indian businesses are on the rise in their adoption of analytics and AI, with the current adoption rate at 54%.
A PwC report says Indian businesses across a range of sectors are increasingly turning to AI for business resilience, transparency and sustainability that can prepare them for future growth. Many believe that with the introduction of AI, better innovation and faster time to market will keep them competitive.
“Organizations are focused on improving process efficiencies such as reducing asset downtime, minimizing expensive equipment maintenance costs, and reducing the cost of poor quality to meet global parameters. ” said Sudipta Ghosh, Industrial Products Partner. He is the leader of PwC India’s sector and data and analytics practice.
Ghosh said these companies are looking for “digital twins, process automation such as connected workstations using IoT to improve visibility on the manufacturing floor, and workflow-based automation solutions for efficient scheduling. are using,” he added.
However, this adoption also comes with challenges. In addition to the cost of investing in digital technologies, the study states that a bigger problem is the lack of planning to align digital transformation with organizational goals and to adopt these digital technologies.
“Analytics continue to play a key role in improving the decision-making process, not only on the ground but throughout the supply chain,” said Ghosh, adding that “the return on investment is highly dependent on the analytical method.” added. Organizations are leveraging data to generate insights and make timely decisions. ”
According to the study, India’s manufacturing sector is showing increasing interest in AI adoption, followed by banking, financial services and insurance (BFSI), healthcare, consumer packaged goods and retail, healthcare, automotive sectors, etc. Continue.
Adoption of AI by Indian companies could add $500 billion to India’s GDP by 2025, according to a report released last June by IT firm Nascom in collaboration with consulting firm EY. Despite the current low share of AI investment in India, the report says: is growing at a compound annual growth rate (CAGR) of 30.8% and is expected to reach $881 million by 2023, but only 2.5% of the total global AI investment of $340 billion.
These figures suggest that there is still a long way to go in India’s adoption of AI, and create significant opportunities for Indian companies to accelerate AI investment and adoption and promote equitable growth across the sector. I’m here. For India to reach its $1 trillion GDP target by fiscal year 2026-2027, there needs to be a strong correlation with the maturity of AI adoption, the report notes.
As Ankur Basu, partner and digital operations leader at PwC India, also noted in a recent report, while there is no single model for success, companies are building blueprints for transformation, learning from best practices within the industry, Contingencies must also be considered. Before embarking on a digital transformation journey, review the pitfalls that arise from failed cases.
A separate report released in November 2022 by consulting firm Deloitte said that demand for AI talent will continue to outpace supply, and companies will need to work closely with academia to rapidly expand the talent pool. are doing.
