Despite all the buzz around artificial intelligence, Indian C-suite leaders aren’t very confident about the AI revolution. A recent PwC report which surveyed over 1,000 top-level Indian executives (CXOs) and from other regions found only 10 percent of top Indian executives are confident about the reliability of AI applications. The curbed confidence is due to a lack of formal approach and risk evaluation system. The reduced optimism also underscores a lack of tools and massive shortfall in terms of talent available to spark the AI revolution.
As per the report titled With AI’s Great Power, Comes Great Responsibility 53 percent Indian respondents indicated they have no formal approach to identify AI risks as compared to 36 percent CEOs from across the globe. 26 percent Indian respondents also lack tools assess security flaws in AI systems. The above sentiments reinforce AI’s explainability problem and the fact that it is still considered as a black hole which poses a big challenge to large enterprises.
The report highlights the need for Responsible and details a roadmap for enterprises to embark on Responsible AI journey.
Some of the key highlights of the report are:
62 percent Indian Business Leaders have implemented AI in some form
45 percent Indian respondents found insufficient data as a primary roadblock to AI adoption
36 percent reported skills mismatch was another hurdle in the AI journey
Only 7 percent Indian leaders make AI investments as part of their business strategy
Trust & Reliable Data Forms The Backbone Of AI
The report outlines that Explainable AI is a more critical factor for Indian organisations than their global counterparts. It highlights how the economic potential of AI hinges on trustworthiness and without transparency and trust, the economic benefits promised by AI cannot be fully realised. We believe there is a need to bring in specialized talent that can help build sophisticated algorithms and robust infrastructure that can help organisations win in the long-term. In the future, organisations that will win the race for key talent in AI and engineering will achieve a competitive advantage over others.