Only 10 per cent of top Indian executives are confident about the reliability of artificial intelligence (AI) applications, as India Inc lacks a formal approach to its risk evaluation, a recent study of over 1,000 top-level Indian executives (CXOs) and of other regions has found.
The report, released by PricewaterhouseCoopers (PwC), and called ‘With AI’s great power comes great responsibility’, found 53 per cent Indian respondents said they had no formal approach to identify AI risks. Further, 29 per cent respondents from India said they had no tools to access security flaws in their AI systems.
The study also found 69 per cent of the CEOs strongly believe “AI will have an impact on the world than the internet revolution,” while 42 per cent global CEOs feel that AI will significantly change the way they do business in the next five years. In India, 86 per cent of the CEOs shared this view.
The report also noted CEOs from Indian organisations strongly believe that AI can serve as a catalyst for business as well as larger social transformation.
“It is encouraging to see Indian organisations adopt or willing to adopt AI in the coming years. However, to scale AI initiatives, organisations will have to ensure these solutions that are ethically sound, compliant with all regulations, and come with robust governance framework,” said Deepankar Sanwalka, leader- advisory, PwC India.
About 50 per cent Indian CEOs plan to introduce AI initiatives over the next three years.
AI is fast becoming a political and economic tool, as it is a matter of technology. The US, Canada, the European Union, and China are among those that have comprehensive policy statements on AI and are shaping the global conversation.