10% Of Indian CEOs Are Optimistic About AI Applications
Anita - Oct 09, 2019
A recent report showed that few Indian CEOs can be positive about AI applications and businesses here do not have a formal approach to evaluate AI threats.
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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.
"Merely adopting AI will not yield desired results. AI must be supported by strong performance pillars addressing bias and fairness, interpretability and explainability, robustness and security," emphasized PwC India’s Leader Data Sudipta Ghosh.
AI benefits are probably realized when humans and machines can effectively collaborate with the right governance framework and dimensions in place.
"We need to ensure that AI acts in the interests of society at each stage of development," added Ghosh.
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.