In a recent development, it has been revealed that a substantial 63 per cent of Indian enterprises are proactively steering their investments towards the integration of Machine Learning (ML) and Artificial Intelligence (AI) in the imminent year 2024. This marks an impressive 85 per cent surge in AI investments compared to the preceding year, showcasing a pivotal shift toward advanced technologies for the automation of critical business processes.
A noteworthy report, spotlighting the endeavors of global software company Automation Anywhere, discloses that 33 per cent of these forward-thinking enterprises are strategically planning to harness the potential of Generative AI as a catalyst for sustained growth. This strategic adoption reflects a profound commitment to innovative technologies aimed at optimizing and transforming business operations.
Ankur Kothari, Co-Founder and Chief Operating Officer at Automation Anywhere, emphasized the foundational role of productivity in economic growth, asserting that intelligent automation, inclusive of AI and generative AI, stands as a crucial solution to address the unfolding productivity crisis on a global scale.
Despite the widespread recognition of the value of artificial intelligence within Indian enterprises, challenges in deployment persist. The report highlights that approximately 39 per cent of respondents cite data challenges and regulatory/ethical concerns as primary obstacles hindering the seamless adoption of AI technologies. Additionally, 52 per cent of participants identify data security and technical complexities as formidable challenges and barriers to the adoption and utilization of artificial intelligence.
The report further indicates that 33 per cent of Indian enterprises express confidence in implementing robust security measures and privacy protocols to mitigate potential risks associated with AI technologies, showcasing resilience and a commitment to navigating the evolving landscape despite the mentioned concerns.
Satyen Makhija, Partner and Head of Automation and Platforms at KPMG, sheds light on the observed trend, noting a significant scaling up of investments in Automation and AI/ML at customer organizations. Makhija highlights the role of generative AI in driving the identification of new use cases and improving overall business outcomes. Organizations, he notes, are progressively moving up the value chain by transitioning from automating rule-based, large volume transactions to providing real-time business insights that support strategic goals.
Furthermore, the report discloses that 80 per cent of Indian enterprises are actively planning to assess the impact of Intelligent automation based on business Return on Investment (ROI). However, an intriguing revelation is that approximately 70 per cent of these enterprises gauge the success of Intelligent automation by measuring customer and employee satisfaction levels, underscoring the growing importance of holistic performance metrics.
Moreover, the report indicates that 63 per cent of enterprises in India are strategically planning to leverage industry-specific intelligent automation to address their specialized requirements. This targeted approach reflects a nuanced understanding of the diverse needs across sectors and underscores the adaptability of AI technologies to cater to industry-specific challenges.
In conclusion, the surge in AI and ML investments by Indian enterprises signifies a transformative era in business operations, with a clear emphasis on leveraging cutting-edge technologies for automation and optimization. While challenges persist, the strategic adoption of generative AI and a commitment to addressing security and privacy concerns demonstrate the resilience and forward-thinking approach of these enterprises as they navigate the evolving landscape of AI and automation.
