AI essential for business in future

Oct 15, 2020

Telangana Today

Hyderabad: Artificial Intelligence (AI) is becoming more and more relevant as we keep moving towards the future and this was proved in a survey conducted by chip giant Intel and Indian School of Business (ISB). The study titled ‘The impact of Artificial Intelligence on the Indian Labor Market’ showed that about 90 per cent of respondents indicated that AI is essential or highly relevant to their business.

In addition, about 80 per cent felt that the workforce will have to undergo significant re-skilling due to AI implementations over the next two years. The survey was done on 3,099 individuals employed in 106 diverse occupations across India and was designed to measure the suitability for machine learning for each occupation, and the AI and Future of Work among 301 firms across sectors. The survey was conducted by Srini Raju Centre for Information Technology and the Networked Economy (SRITNE) at ISB.

The report also pointed that about 70 per cent of the respondents expect their organisational headcount to increase in response to AI over the next two years and 70 per cent also indicated the growth of all firm-level initiatives to support AI adoption.

In terms of reliance on AI by firms, the survey indicated that about 50 per cent of mid-size firms rely entirely on human decision-making as they do not use AI and more than 40 per cent of small and micro firms use AI for decision support. Over 80 per cent of respondents indicated that either the organisation or more than one department stood to benefit with AI deployment.

About 80 per cent of the surveyed small, micro, medium and high-revenue firms have specific AI teams.

Intel Corporation vice-president and country head Nivruti Rai said, “Artificial intelligence is one of the leading cutting-edge technologies of our era to generate value for humanity at scale. There is a need to better understand AI’s integration and impact at work in order to accelerate innovation and scale its benefits, especially in the context of emerging economies such as India. This study by Intel India and ISB will help drive future research to meaningfully inform policymakers and the industry about the impact of AI and machine learning.”