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PwC report reveals that there’s an explosive surge in AI adoption among Indian enterprises

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AI and ML

Covid has majorly changed the way we see the world. The pandemic showed us what was important and needed to be prioritized and what was trivial and should not be bothered with or should be ditched altogether, like formal trousers in Zoom meetings. And the greatest impact of this change was felt by businesses throughout the world. Banking and health sectors faced the worst of the pandemic. Economies suffered while industries strove to adapt to the new normal. What helped these industries to keep up was their adoption of AI (artificial intelligence) and ML (machine learning).

The wake of Covid saw a rise in AI and ML adoption with Industrial products and manufacturing having the highest adoption rate among the industries from 72% in 2021-2022 to 92 % in 2022-2023. However, other industries have been comparatively slower in adopting the technology. While the pharmaceutical and healthcare sectors saw an increase of 75% to 82% in adoptions of the technology, the travel and hospitality industries on the other hand, have reached the point of saturation with an increase of 92% to 99%, in the last 2 years.

Even though AI and ML are being adopted across a wide range of industries, the same cannot be said for all businesses. The retail and consumer sector has witnessed a sharp decline in the implementation of AI and ML in their businesses. The adoption rate of the technology was 76% in 2021-2022 in the sector, however by 2022-2023 the industry had an adoption rate of 70%.

According to the report ‘ Towards a smarter tomorrow: Impact of AI in the post-Covid era‘ by PWC India, the decrease in the adoption rate of AI and ML has been due to the gap in the identification of opportunities where these technologies could have been implemented.

Another interesting thing to note is that AI and ML technologies have been adopted in the supply chain and logistics aspects, universally across all industries. According to the responders of the survey, the technology has provided a decent return on investment of 1.8 years for supply chains with advanced capabilities and helped to resolve issues like:

  • Inability to secure raw materials (27%)
  • Operational issues (24%)
  • Financial stability of the supplier (21%)
  • High supply chain employee turnover (58%)

With Generative AI in the picture, companies have now managed to enhance their capabilities and speed of content creation and search which has helped the media, IT and telecommunication industries drastically. Technology has helped this sector to provide better customer experience and simultaneously increase productivity.

As the result of the pandemic, industries are navigating a transforming landscape, embracing technology’s potential while overcoming challenges. The resilience shown through reliance on AI and ML reflects human adaptability and innovation. As we move forward, industries must maintain their readiness for technological advancements, reinforcing a promising trajectory towards a tech-infused future.

Image credit: Freepik

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