Indian companies are betting big on artificial intelligence as they see disruption amid the Covid-19 pandemic. Indian companies have adapted to artificial intelligence faster than their counterparts in the US, UK and Japan, a PwC research said.
Amidst the global pandemic, India has noted the highest increase in the use of AI as compared to major economies (the US, UK and Japan), the PwC research said
Many Indian companies saw their supply chains getting disrupted as India decided to opt for a lockdown to contain the Covid pandemic. For several companies this meant that they had to come up with fresh strategies around manufacturing and supplying goods.
“Indian organisations are firm in their resolve to combat the challenges of the pandemic, with the manufacturing sector reconfiguring traditional practices to automate value chain processes and the Government engaging with technology firms to solve problems in the new normal (e.g. contact tracing, contactless thermal screening). Similarly, universities, start-ups and the healthcare sector have developed AI-powered diagnostic guidance systems to help patients and models to predict the spread of the virus,” the PwC research said.
Many Indian companies may have been little cautious before the pandemic hit the country towards adaptation of AI. Most companies—94%– now look at AI as an opportunity rather than threat, the research added.
Adoption of AI in an organisation follows a life cycle – identifying the areas where the technology can be implemented, developing and testing pilots, implementing AI in some business areas and then finally scaling up the implementation enterprise wide. While Indian We have seen increased adoption of AI during the COVID-19 crisis as organisations attempt to repair, rethink and reconfigure their businesses. PwC survey suggests that around 70% of enterprises have implemented AI in some form in one or more functional areas compared to around 62% last year. Adoption trends businesses still lag behind their global counterparts when it comes to scaling up AI across the organisation (5% in India vs 25% globally), India has a much higher proportion of firms (46%) with implementation in some business functions compared to the global average (28%). Significantly, more Indian enterprises are considering the use of AI (24%) compared to the global average (15%), which indicates rapid acceleration in the adoption of AI in India post the COVID-19 pandemic, the PwC research added.