Indian enterprises are moving faster than many global companies in using artificial intelligence (AI), and many businesses in India are planning to increase their spending on AI in the coming year, according to Deloitte’s State of AI.
Many Indian companies are using AI in many key parts of their organizations, like product development, strategy and operation, marketing and sales, and supply chain management, so they can expand their business more rapidly and more effectively, as well as remain competitive.
4 out of every 10 Indian companies currently utilizing AI are doing so extensively.This number is significantly above the global average (2 out of 10), which further proves that they are obtaining improvements in productivity and business performance as a result of using AI technology.
Moreover, nearly all (94%) of Indian companies will increase their spending for AI over the remainder of the year. The lack of qualified people in order to implement AI is a common barrier for most businesses when trying to adopt and implement AI. Thus, this has resulted in many organizations having difficulty developing AI. Additionally, although there may be a great deal of reluctance from employees to adopt changes, there are many companies still facing significant challenges in developing and implementing the processes necessary to develop and implement AI (39% of companies listed the lack of rules and regulations as a major barrier).
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To prioritize their future competitiveness, all companies need to invest in training and educating their employees so they can take advantage of the benefits that AI will offer.
