City
Epaper

Just 10% Indian CEOs positive about AI applications: Report

By IANS | Published: October 03, 2019 1:40 PM

Amid all the buzz over Artificial Intelligence (AI), India Inc lacks a formal approach to AI risk evaluation and only 10 per cent of Indian CEOs are confident about the reliability of their AI applications, a PwC India report said on Thursday.

Open in App

Over 60 per cent Indian businesses have adopted AI in some form, with over 50 per cent of Indian CEOs planning to introduce AI initiatives over the next three years. However, majority of organisations are yet to incorporate AI as an integral part of their business strategy, according to the report, titled "With AI's Great Power Comes Great Responsibility".

"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.

Nearly 67 per cent of the surveyed organisations in India are unsure of the regulatory compliance with respect to AI and have minimal understanding of tools needed for maintenance of data integrity, said the report which was based on a study conducted with over 1,000 CXOs and business decision makers from India and other regions between May and September this year.

Even when using AI, businesses need to ascertain what benefits AI will offer them while being aware of their operations being vulnerable to any disruptions, it added.

"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," emphasised Sudipta Ghosh, Leader-Data and Analytics, PwC India.

Benefits of AI may be realised when an appropriate governance framework and dimensions are in place, and humans and machines can collaborate effectively.

"We need to ensure that AI acts in the interests of society at each stage of development," Ghosh added.

The report highlighted the implementation of the "Responsible AI" framework that can help organisations assess potential threats and mitigate foreseen or unforeseen risks.

( With inputs from IANS )

Tags: Pwc IndiaSudipta GhoshAnalyticsIans
Open in App

Related Stories

BusinessAdani Media Arm Likely to Acquire Stake in Zee After Sony Merger Fallout: Report

BusinessAdani Group acquires majority stake in news agency IANS

TechnologyCoworking space platform Friyey shuts shop in deepening funding winter

TechnologyIndian startup ecosystem logs lowest funding in 4 years

TechnologyIndian startup ecosystem logs lowest funding in 4 years

टेकमेनिया Realted Stories

EntertainmentOpenAI Accused of Stealing Scarlett Johansson's Voice for ChatGPT

TechnologyUS FDA gives nod to Musk's Neuralink to implant brain chip in 2nd person

TechnologyNext 10 years going to be even more exciting for India’s tech journey: Rajeev Chandrasekhar

TechnologyWe can become 'Viksit Bharat' even before 2047 with robust startup ecosystem: Hardeep Puri

TechnologyCyber security company CyberArk acquires Venafi for $1.54 billion