As per news source, PWC India in a report has revealed that only 10% of Indian CEOs are confident about the reliability of Artificial Intelligence (AI). The report also says that though it is true that AI has the potential to solve complex problems but badly designed applications can cause harm.
This report is based on a comprehensive study conducted with over 1,000 CXOs and business decision makers from India and other regions, between May and September 2019. The respondents spanned across industries such as technology, media and telecom, financial services, professional services, health, industrial products, consumer markets, government, and utilities. This study was conducted to understand the outlook of India towards AI. Findings of the report strongly indicate the need to invest in building AI systems that are responsible, understandable and ethical, ensuring customer trust.
As per Deepankar Sanwalka, Leader- Advisory at PwC India that in coming few years, it is encouraging to see Indian organisations adopt or willing to adopt AI significantly. He also added that to increase AI initiatives, organizations need to ensure that solutions are ethically sound, compliant with all regulations, with a robust governance framework.
The report further states that, India (62%) is not very far behind global (65%) in terms of implementation of AI. The worrying part is that Indian respondents (53%) significantly outnumber their global counterparts (36%) in admitting that they have no formal approach to identify AI risk.
The study, PwC India said reiterates the need for a comprehensive Responsible AI (RAI) framework and toolkit for its widespread adoption.
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