AI essential for the future in business: Survey

Oct 15, 2020

Deccan News

Hyderabad: Artificial intelligence (AI) is becoming more and more relevant as we continually move toward the future, as evidenced by a survey conducted by chip giant Intel and the 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 very relevant to their business.

In addition, about 80 percent believe that the workforce will have to undergo significant renewal over the next two years due to AI implementations. The survey was conducted on 3,099 individuals working in 106 different occupations across India and was designed to measure the suitability of machine learning for each occupation, and the AI ​​and Future of Work among 301 enterprises in different sectors. The survey was conducted by the Srini Raju Center for Information Technology and Network Economics (SRITNE) at ISB.

The report also indicated that approximately 70 percent of respondents expect their organizational staff to increase in response to AI over the next two years, and that 70 percent also indicate the growth of all firm initiatives to support AI adoption. .

Regarding the dependence of AI on enterprises, the survey indicated that about 50 percent of medium-sized enterprises rely entirely on human decision-making, as they do not use AI and more than 40 percent of small and micro enterprises use AI for decision making. support. More than 80 percent of respondents indicated that the organization or more than one department benefits from the implementation of AI.

About 80 percent of the surveyed small, micro, medium and high-income businesses have specific AI teams.

Intel Corporation’s Vice President and Governor Nivruti Rai said: ‘Artificial intelligence is one of the leading technologies in our era of delivering value to humanity on a large scale. The integration and impact of AI at work is better needed to accelerate innovation and increase 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.