10% Of Indian CEOs Are Optimistic About AI Applications

With the rapid development of Artificial Intelligence, India Inc suffers the lack of a formal way to evaluate the risks of AI and only 10% of Indian CEOs have faith in their AI-based apps’ reliability, according to a report from PwC India on October 3.

More than 60% of businesses in the country have introduced AI in several forms with more than 50% of CEOs here intending to deploy AI initiatives for their 3-year plans.

However, the majority of organizations have not applied AI as a part of their own business strategies, as per the report “With AI’s Great Power Comes Great Responsibility”.

According to PwC India’ Leader Advisory Deppankar Sanwalka, India is encouraging organizations in the country to introduce or become willing to apply AI initiatives in the next several years. But to boost the adoption of AI initiatives, organizations will have to make sure those solutions could be ethically sound and compliant with the country's regulations and a strict governance framework.

Almost 67% of the researched organizations in the country are not sure about the compliance with AI regulations and hardly understand the needed tools for data integrity maintenance. The report was based on the research carried out with more than 1,000 CXOs as well as business decision-makers from both India and other countries from May to September 2019.

Even when introducing AI, organizations need to be certain of the benefits that AI could bring to them while acknowledging that their operations could be disrupted at any time.

PwC India’s Leader Data Sudipta Ghosh emphasized:

AI benefits are probably realized when humans and machines can effectively collaborate with the right governance framework and dimensions in place.

Ghosh added:

The reported also highlighted the introduction of the “Responsible AI” framework which can help businesses evaluate the potential risks and reduce predictable as well as unpredictable threats.