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AI Increases innovation rate by 2021

According to a Microsoft -IDC study by 2021, Artificial Intelligence double the rate of innovation at organizations and employee productivity in India, it’s been estimated that while 77% of business polling  leaders agreed that AI is instrumental for their organization’s competitiveness, only one-third of organizations in India have embarked on their AI journeys.

As per the study: future business for Assessing Asia Pacific’s Growth Potential through AI’ underscores that those companies that have adopted AI expect it to increase their competitiveness by 2.3 times in 2021.

Previously, organizations have adopted AI as tangible improvements in those areas in the range of 8% to 22%. They forecast further improvements of at least 2.1 times in the three-year horizon, with the biggest jump expected in higher margins, and higher competitiveness.

Organizations must now embrace a new culture, where innovation and continuous learning are core components of the organizational culture. It sets the stage for agility, adaptability and growth,” said Dr. Rohini Srivathsa, National Technology Officer, Microsoft India.

The study mainly focuses on the need for cultural changes and skilling and reskilling workforces to make AI work for the country.

Urgent requirement for talents and tools to develop, deploy and monitor AI models, along with the availability of a robust data estate with the adequate governance, are necessary.

Reference:

Livemint

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