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AI to double innovation and productivity in India by 2021

AI is likely to more than double the rate of innovation and employee productivity in India by 2021, said a recent study.

Although only one-third of organisations in India have adopted AI tech, these companies expect it to increase their competitiveness by 2.3 times in 2021. This is according to the study that surveyed 200 business leaders and 202 workers in the country.

The survey highlights that 77% of business leaders polled agreed that AI is instrumental for their organisation’s competitiveness. The survey was conducted with 1,560 business decision makers in mid and large-sized organisations across 15 economies in the region.

The study said that last year, organisations that adopted AI saw tangible improvements in those areas in the range of 8% to 22%. They forecast further improvements of at least 2.1 times in the three-year horizon, with the biggest jump expected in higher margins, and higher competitiveness.

For organisations in India, the top reasons for adopting AI were higher competitiveness (24% of respondent chose it as number one driver), accelerated innovation (21%), better customer engagement (15%), higher margins (14%) as well as more productive employees (9%).

The study evaluated six dimensions critical to ensuring the success of a nation’s AI journey. According to the findings, India needs to build upon its investment, data, and strategy in order to accelerate its AI journey. The study also underlines the need for cultural changes and skilling and reskilling workforces to make AI work for the country.

According to an industry expert, to succeed in the AI race, India needs to substantially improve its readiness. Leaders should make AI a core part of their strategy and develop a learning agility culture. Investment in this transformative technology has to be continuous for long-term success. There is an urgent need for talents and tools to develop, deploy and monitor AI models, along with the availability of a robust data estate with adequate governance.

In 2018, India’s policy commission, the National Institution for Transforming India (NITI Aayog) released a national policy on AI in a discussion paper, the National Strategy for Artificial Intelligence.

It identified five key areas where AI development could enable both growth and greater inclusion: healthcare, agriculture, education, smart-city infrastructure, and transportation and mobility.

It also covered five obstacles to AI growth: lack of research expertise, absence of enabling data ecosystems, high resource cost and low awareness for adoption, lack of regulations around privacy and security, and absence of a collaborative approach to adoption and applications.

The paper proposed a two-tiered framework for promoting AI research. This included the creation of Centres of Research Excellence in AI (COREs), which will be academic research hubs, and International Centres for Transformational Artificial Intelligence, which will be industry-led.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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