The Brij Disa Centre for Data Science and Artificial Intelligence (CDSA) at IIM Ahmedabad, in collaboration with Boston Consulting Group’s Digital Transformation unit has released a comprehensive report titled ‘AI in India – A Strategic Necessity’. The report examines the readiness of Indian businesses to adopt artificial intelligence (AI) and highlights its importance as a strategic imperative.
About 130 businesses involved in the Banking, Financial Services, and Insurance (BFSI), Consumer Goods, and Industrial Goods sectors were examined. Additionally, CXOs from businesses of all sizes were surveyed and interviewed to provide a thorough and objective evaluation of each organization’s capacity to use AI to advance strategic goals and enhance financial and operational performance.
IIMA Director Professor Bharat Bhasker stressed the potential impact of successful AI deployment on India’s international competitiveness during the report’s launch. According to him, the deployment of AI could boost India’s real GDP growth by up to 1.4 percentage points every year. According to the survey, the top 500 Indian enterprises might gain an additional INR 1.5–2.5 trillion in pre-tax profit over a five-year period if AI is successfully adopted. Professor Bhasker drew attention to the chance for Indian businesses to conform with international AI maturity requirements by utilising ubiquitous internet access and inexpensive labor.
For an AI-driven transformation to be effective, Sumit Sarawgi, Managing Director & Senior Partner at BCG, stressed the significance of organizational commitment. According to the report, while algorithms make up only 10% of AI success, the rest 70% depends on data, technology infrastructure, people, processes, and business change.
The joint study from the Brij Disa Centre at IIM Ahmedabad and BCG is anticipated to offer insightful information for policymakers and business leaders in establishing an environment that will enable Indian enterprises to adopt AI, ultimately leading to increased business performance.