Artificial intelligence is buzz word in the world of innovation, automation and for business to grow overall. But it is not same in terms of implementation and adoption everywhere across the globe. Organizations who have adopted Artificial Intelligence (AI) at an early stage are seeing more benefits and launching more initiatives says McKinsey report. Adopting AI at early stage help organizations to capture every benefit from all frontiers and see that their investments give them proper results.
By 2030 the global average level of adoption and absorption of AI has the potential to deliver additional global economic activity of around $13 trillion by 2030, which is about 16% higher cumulative GDP compared with today. This amounts to 1.2% additional GDP growth per year.
Challenges to AI adoption in global economy, organizations and Jobs
The AI adoption may widen gaps in economy and between countries says the Mckinsey research. Developed countries are leading the race for AI adoption and have a lead of additional 20 to 25% in net economic benefits, compared with today, while developing countries might capture only about 5 to 15%.
As per the report many developed countries might have no choice but to push AI to capture higher productivity growth as their GDP-growth momentum slows—in many case. Moreover, in these economies, wage rates are high, which means that there is more incentive to substitute labor with machines than there is in low-wage, developing countries. Countries might need different strategies and responses as AI-adoption rates vary.
Repetitive activities or a low level of digital skills could experience the largest decline as a share of total employment to around 30% by 2030, from some 40% says the report. The largest gain in share could be in non-repetitive activities and those that require high digital skills, rising from roughly 40% to more than 50% says the report. The research finds that organizations with a very high volume of candidates, or those struggling to find specialists or other rare profiles, are likely to invest in AI technologies.
AI implementation in India
For AI implementation and promoting AI readiness, the Nitiayog has been assigned the task. A national programme for AI after the Budget 2018-19, had released the national strategy for AI in June last year.
But there are hurdles towards AI implementation which include government support, specialized workforce and paucity of funds to name a few. All these factors have slowed the AI implementation process in India at an early stage.
The Data analytics cell India’s AI strategy is currently engaged in the following public sector initiatives which include precision agriculture, healthcare and Indian languages project which is still at a low scale compared to global counterparts. Research research says that there are only 386 Artificial intelligence researchers in India. Moreover, serious research work in India in the field of AI is limited to less than 50 researchers with concentration mostly in institutes such as the IITs, IIITs and IISc.
Rajesh Dangi ,CTO, NxtGen, says “having a right strategy in place for re-skilling the existing workforce and developing future AI talent, reward mentoring and develop a solid knowledge base is crucial”.
India started adopting AI which is comparatively at a low scale.Industrial Internet of things (IIoT) that aims to transform businesses at a large scale are yet to be embraced at a wider scale and India is lagging behind rapid adoption. There are limitless opportunities in the field of AI especially in industries concerning the manufacturing, IT, ITES, BPO, E-commerce etc.
“There is a huge potential and scope to use AI in Indian context as AI can be used in an effective manner to reduce fraud and enhancing customer experience along with servicing the huge volume of customers which in turn opens up immense potential for growth “says Seema Gaur, Head IT , Iffco Tokio.
She further added that “India has a huge potential at par global level and its only beginning for India as a country. The only thing going for AI, is that the processes have to be well defined logically before embarking on the path of AI and augmented properly”.
What India Needs to do.
There is a lot of interest and research going on in India from both private and government side to implement AI at a massive scale. The scope exist due to massive customer data that is available along with scope for implementing new technologies and train the workforce in major AI and other cognitive related skills.
The importance and relevance of advance technologies like particular deep learning (DL) and machine learning (ML) play crucial role for introducing automation. That also calls for importance of funding and proper investments. With adequate funding and investments in place, right benefits will be derived and bring awareness. Working towards training the manpower in India to compete with global players is important. This also brings in the need for adequate funding and necessary investment which is still not as high compared to global counterpart.
Seagate’s Data Pulse survey for India 2019 report say “Maximising the Potential of AI research found that 95% of organisations agree that implementing AI technologies will drive productivity and nearly all respondents have plans to increase investment in AI”.
“Dangi further adds that enabling an ecosystem of AI technologies and fund affordable infrastructure / assets is imperative. This also calls for enforcing digitization of govt records, create open datasets for machine learning and allocate public fund.This will enable research and development in the areas of data science, algorithms and cognitive science and formulate extensive research partnerships with academia and private companies”.
Investment on training has to go up and course curriculum on machine learning, digital transformation, cognitive analysis, analytics and AI to train on skilling gap will help further growth. The government of India has doubled the allocation for the Digital India programme. Multinational companies are investing in India to partner for skilled workforce by tying up with the IIT/IIM, ITI’s who in turn upgrading their course curriculum.
Professionals and individuals are also investing to upgrade themselves on relevant topics. India does have the required talent pool to facilitate breakthrough innovation in the field of AI and also a thriving IT industry of talented professionals. This also makes India one of the key global players in the future of AI. With more government support and push for AI more start-ups will likely to come up providing scope for employment.
Bobby M Verghese, CIO & Director Managed Services, Qruize Technologies says “India is lacking in proper resource for trained skilled professionals in AI and more research is required in this field “.
AI is one of the critical components for business process automation .So for process automation to pick up enough investment and deployment is required in artificial intelligence. This will ease various business processes, bring in efficiency with fast and accurate working also AI readiness is required both for companies and skilled professionals” says Verghese.
(Image Courtesy: www.cio.com)