According to the recent survey by global consulting major PwC, many organisations are still not confident about implementing industrial artificial intelligence (AI) solutions. As per the worldwide records, an overwhelming majority of decision-makers have confessed that they may not have robust tools or processes for ensuring the reliability of their AI solutions. These AI solutions can be embedded in the workflow of applications and help in the day-to-day decision-making process. The findings of the survey show that only 10% of Indian respondents were confident about the reliability of their AI applications. The sample size of these respondents ranges over 1,000 business decision-makers from India and other regions.
As per the survey, around 62% of Indian corporate chiefs have, however, said that they have applied AI in some form in their organisation. But 53% have also admitted that they have no formal approach to identify AI risks. In comparison with the global data, only 36% of the respondents have agreed on the same. 29% of the respondents in India also feel that they have no tools to access security flaws in their AI systems.
The PwC report titled 'With AI's great power comes great responsibility' was conducted in between the month of May to September. This report concludes that 29% figure from India, “Suggests that the enthusiasm to implement AI projects is very likely to run into headwinds unless organisations adopt a robust framework for using AI responsibly”. The survey spanned across industries such as technology, media, and telecom, financial services, professional services, health, industrial products, consumer markets, government and utilities. It also included respondents from various business functions such as IT, finance, operations, marketing, customer service, sales, human resources, legal, risk, and compliance.
The report highlights the need to invest in building AI systems that are responsible, understandable and ethical which ensure customer trust. "It is encouraging to see Indian organisations adopt or willing to adopt AI significantly in the coming few years," said Deepankar Sanwalka, Leader of Advisory at PwC India. However, to scale AI initiatives, organisations will have to ensure these solutions are ethically sound, compliant with all regulations and backed by a robust governance framework.”
Sudipta Ghosh, Leader of Data and Analytics at PwC India, said that AI should be supported and backed by strong performance pillars. She added that it should also address fairness, interpretability and explainability, robustness and security. "Or else, the enthusiasm to implement AI projects is very likely to run into headwinds. The benefits of AI may be realised when an appropriate governance framework and dimensions are in place, and humans and machines can collaborate effectively. We need to ensure that AI acts in the interests of society at each stage of development," he said.
(With ANI Inputs)