A study by tech giant Microsoft reveals that AI adoption is likely to accelerate industrial innovation and subsequently increase employee productivity in India by 2021.
The study was conducted by IDC, the research firm on behalf of Microsoft. The study says that companies that have adopted AI witnessed appreciable improvements in the range of 8-22% areas including customer engagement, margins, and competitiveness.
The study is entitled ‘Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI’. The details also quoted – “By 2021, artificial intelligence (AI) will more than double the rate of innovation at organizations (2.2 times) and employee productivity (2.3 times) in India.”
Moreover, only 1/3rd of the companies amongst the respondents of the survey confirmed that they have commenced their AI journeys in India. Additionally, it was found out that leaders and professionals in India are optimistic about the viewpoints of AI and its impact on the future of jobs.
Here are some major highlights from the study:
• Around 64% of business leaders and 63% of other professionals are in hope that AI will either leverage betterment to their existing jobs or reduce repetitive tasks.
• Nearly 16% of business leaders said that AI will create new jobs while another 18% are doubtful that the technology will replace the workers.
• Also, 855 of companies prioritize skilling and re-skilling of professionals in the near future and willing to invest in the human capital and skillful training more than in investing in technology.
Rohini Srivathsa, Microsoft India National Technology Officer, said, “Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive benefits that are enjoyed by leaders. Businesses must now embrace a new culture, where innovation and continuous learning are core components of the organizational culture.”
The study focused on the Asia Pacific region including India, Australia, China, Japan, Korea, Malaysia, Singapore, and others. The study is based on the responses from 1605 business leaders and 1585 workers across these countries. Out of these digits, 202 workers, 200 business leaders were from India.
ICICI Lombard General Insurance Company has adopted AI to its ecosystem and its service chief (Operations and Technology Dept.) Girish Nayak asserted that the company identified the potentials of artificial intelligence and its ability to produce high-quality car damage evaluation service. He further added, “With data being generated at an exponential level, this technology will help us derive insights to inspect and process claims with utmost efficiency…this will allow us to meet customer demands quicker without compromising on service excellence.”