Artificial intelligence, or AI, has been a critical component of business digital transformation. AI has been a net positive for modern businesses, from making better decisions to improving operational efficiencies.
The Covid-19 pandemic thrust digital transformation to the forefront of the modern business world, providing old businesses with an opportunity and an excuse to finally digitize their operations and shed legacy systems that were holding them back.
While the immediate beneficiaries were software service providers such as TCS, Infosys, and Wipro in India, businesses that have undergone these changes will reap the benefits in the future.
How can AI benefit businesses?
Some of the most immediate benefits of AI use in day-to-day activities include automating repetitive tasks, using AI as a first-line of customer assistance via AI bots, and leveraging technology to answer questions that would otherwise require a lot of manhours.
The way AI is perceived in the modern business environment has also changed dramatically, but certain factors remain a source of concern.
According to a report by Peak, a decision intelligence company based in the UK, there are differences in how CEOs, other c-suite officers, and their employees view AI in the workplace.
India surpasses US and UK in terms of utilizing AI
When it comes to using AI in one form or another in their businesses, Indian businesses far outnumber those in the United States and the United Kingdom.
According to the report, while 84 percent of businesses in India have adopted AI, the figure drops to 68 percent in the United States and 46 percent in the United Kingdom.
Another area where India outperforms by a wide margin is the number of AI-related projects undertaken by businesses in the last five years. According to the report, Indian businesses took on an average of eight such projects, with a success rate of 75%.
One in every four businesses in the United States says they do not anticipate any digital transformation in their industry, with the figures falling to 12% and 10% in India and the United Kingdom, respectively.
Essentially, digital transformation is high on the agenda for businesses in India and the United Kingdom, but not so much in the United States.
Despite its lag in these areas, the United States is investing more in using technology to support and improve human-centered processes rather than automating them.
India most digitally ready country
According to the report, India is the most digitally prepared country, with a majority of decision-makers recognizing the need for digital transformation, compared to only a third in the US and UK.
This highlights how Indian businesses are preparing for the present and the future, making themselves more resilient when compared to their counterparts in the United States and the United Kingdom.
This is reflected further by the fact that 90 percent of decision-makers in India have a data strategy in place, compared to 84 percent and 68 percent in the US and the UK, respectively.
