The impact of artificial intelligence (AI) on employment is expected to be severe, but the benefits outweigh its concerns as it would lead to improved efficiency and cost saving, says a PwC India report.
According to the report titled "Artificial Intelligence- Hype or Reality", about 68 per cent of Indian business decision-makers believe AI will help their business in various ways such as boosting productivity, generating growth and addressing societal issues.
"While 65 per cent of participants agreed that AI is likely to have a severe impact on employment in India, a majority believed the benefits outweigh any employment concerns as AI will open up opportunities for people to do more value-added work, apart from allowing for greater flexibility and work-life balance," the report said.
Given that AI integration requires significant time and investment, the report also suggests that organisations would do well to prioritise those areas that could be automated with relative ease and with ready availability of data.
Moreover, companies should also focus those areas which would provide the most tangible and immediate returns in terms of improved efficiency, cost savings and customer reach.
"While AI holds the potential to truly transform our lives as individuals and enterprises, its growth and adoption are wholly dependent on overcoming challenges related to reducing costs, securing the right talent and data, and addressing concerns around privacy and trust," said Sudipta Ghosh, Partner and Leader, Data & Analytics, PwC India.
Ghosh further said "the market reality we exist in today demands that we not only work towards upskilling our people, but also produce the smartest machines that can work with us".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)