The report analysed the most popular AI-powered solutions across industries, with machine learning coming out on top.
Sixty-five percent of Indian business leaders think that artificial intelligence (AI) is likely to have a severe impact on employment in India, according to a report by PricewaterhouseCoopers (PwC) India, titled Artificial Intelligence– Hype or Reality. A majority of surveyed business leaders believe that the benefits outweigh any employment concerns as AI will open up opportunities for people to do more value-added work, apart from allowing for greater flexibility and work-life balance.
About 68 percent of Indian business decision-makers believe that AI will help their business in various ways such as boosting productivity, generating growth and addressing societal issues.
Drawing on a detailed analysis of the business impact of AI, the report analysed the most popular AI-powered solutions across industries, with machine learning coming out on top in nearly every industry, from IT/ITeS to BFSI to education. While the IT/ITeS industry has potentially been the most disrupted sector by machine learning solutions, which are replacing repetitive manual jobs, most of the survey respondents identified AI as having the potential to deliver appropriate training and education to a vast majority of the population.
Other key findings from the report:
● A majority of participants (60 percent) believe that AI will enable people to live richer lives and further socio-economic causes such as economic growth, health and education and cybersecurity. On the other hand, only 40 percent favourably indicated their perception about AI helping to improve gender and income quality.
● About 83 percent of decision-makers believe that having an 'AI Advisor' at work to monitor performance would be more or equally rational and impartial in giving promotions and raises compared to a human advisor.
● Ninety-three percent of participants hold concerns related to data-privacy when asked about their openness towards sharing data for improving AI-powered services.
● About 72 percent of business decision-makers believe that AI can provide a better experience of one-to-one personalisation.
● Nearly half of the participants (49 percent) believe that a ‘high-touch’ AI-run customer service, which solves problems while also offering direct access to people, could lead to better and quicker resolution of customer issues.
● About 66 percent of respondents believe that a fully autonomous service model without any human intervention might at times be unable to interpret the context and therefore not be able to satisfactorily serve customers.
● Eighty-seven percent of participants firmly believe that AI elements being used in their daily lives, such as digital assistants, help them save time while performing various activities.
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