In line with a PwC India report named “With AI’s Great Power Comes Great Responsibility”, a very sad 10 percent of Indian CEOs are pretty dependable and in confidence of the accuracy and authenticity of the Artificial Intelligence (AI) application software they put to use. This is a really alarming and an attention drawing scenario where in today’s world and time, Indian business establishments lack the aid of the AI benefactor. This report brought to light the dire need to understand the ‘Responsible AI‘ system and the areas it can be made use in.
It can be rightly said that before executing a business plan into reality, the business model needs to be constructed and the second most important in this is the Asset Structure. In which all different assets of potential influence demand certain recognition. Artificial Intelligence should be one of these assets. Taking the Indian business overview into consideration, 60 percent of them have used AI. In line with this, almost 50 percent Indian CEOs are to put AI to some use in upcoming 3 years.
“It is encouraging to see Indian organisations adopt or willing to adopt AI significantly in the coming few years. However, to scale AI initiatives, organisations will have to ensure these solutions are ethically sound, compliant with all regulations, with a robust governance framework,” said Deepankar Sanwalka, Leader-Advisory, PwC India.
The report also conducted a survey which concluded that sixty seven per cent of these inspected organisations, are living under a rock and are hesitant of AI’s regulatory conformity. This can be due to a lack of awareness in this domain. Also these 1000 Indian CXOs and business steering committees that were surveyed in May and September 2019 gave the outcome that they are to bring in Artificial Intelligence.
On the other hand, those who utilize AI have very few exposure to it and unable to maximize total benefit out of it.
“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 Sudipta Ghosh, Leader-Data and Analytics, PwC India
Business organisations and upcoming ventures too need to analyze and understand how they can bring Artificial Intelligence to the best use by intermingling it with the correct amount of human work potentialities.