Artificial intelligence, or AI, has been one of the core aspects of digital transformation of businesses. From making more informed decisions to improving operational efficiencies, AI has been a net positive for modern businesses.
The Covid-19 pandemic put digital transformation up front and centre of the modern business world – this gave old businesses a chance and an excuse to finally digitise their operations and shed legacy systems that were holding them back.
While the immediate benefactors of this were software service providers like TCS, Infosys and Wipro, among others in India, businesses which have undergone these changes will reap the benefits going forward.
How can AI benefit businesses?
Artificial intelligence, on its own, is a subset of digital transformation, but it is one of the key aspects nonetheless.
Automating repetitive tasks, using AI as a first-line of customer assistance via AI bots and leveraging technology to answer questions that might otherwise use a lot of manhours – these are some of the most immediate benefits of AI use in day-to-day activities.
How AI is perceived in the modern business environment has also undergone a sea change, but certain factors remain areas of concern.
According to a report by Peak, a decision intelligence company based in the UK, there are disparities between how CEOs, other c-suite officers and their employees look at AI in their business environment.
India leads US and UK in terms of using AI
Indian businesses lead the US and UK by a wide margin when it comes to using AI in one form or the other in their businesses.
According to the report, while 84% of the businesses in India have adopted AI, the number drops to 68% in the US and just 46% in the UK.
Another area where India leads by a huge margin is the number of projects taken up by businesses involving AI in the last five years. The report says that Indian businesses took up on average eight such projects with a success rate of 75%.
Every 1 in 4 businesses in the US says they don’t anticipate any digital transformation in their industry, with the number dropping to 12% and 10% in India and UK, respectively.
Essentially, digital transformation is high on the radar for Indian and UK businesses, but not so much in the US.
Despite lagging in these areas, the US is investing more into using technology to support and improve processes performed by humans, as opposed to automating them.
India most digitally ready country
The report further adds that based on its survey, India is the most digitally ready country, with a majority of decision makers recognising the need for digital transformation, compared to just a third in the US and UK.
What this underlines is how Indian businesses are preparing for the present and the future, making themselves more resilient when compared to their counterparts in the US and UK.
This is further reflected by the fact that 90% of decision makers in India have a data strategy in place, while that number falls to 84% and 68% in the US and UK, respectively.
Source: businessinsider.in
