More than 95 percent of Indian organizations are prioritizing generative Artificial Intelligence (GenAI) as per a new study.
The SAP’s new midmarket AI research revealed that 96% of Indian organizations between 250 and 1,500 employees are prioritizing GenAI, compared to 91% in the rest of the world.
Over half of the Indian midmarket businesses surveyed (55%) have placed a high priority on AI to transform privacy and security and improve decision-making (52%).
The Indian businesses are also putting a high priority on AI to improve training and skills development at 51%, customer experience at 50%, and to optimize supply chains and logistics at 50%.
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Additionally, the SAP study revealed that Indian businesses are also adopting AI faster than the rest of the world. Of the total surveyed businesses, 49% said they were using AI for forecasting and budgeting to a strong degree compared to 40% of the world. Also, 48% of domestic firms are using AI to develop marketing and sales content. Other uses of AI in the Indian midmarket businesses include gathering market intelligence and monitoring regulatory compliance and cyber security threats.
Challenges
The biggest challenge for Indian midmarket businesses is finding, attracting, and retaining talent who is equipped with AI skills.
SAP report added that data is another major risk for such businesses. Lack of transparency behind AI results, acting upon incorrect information, and insufficient data size and quality for AI models, are among the other risks identified.
SAP report comprised the responses of 12,003 businesses around the world, including 800 in India.
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Manish Prasad, President and Managing Director of SAO Indian Subcontinent said, “AI is a game-changer for these companies, offering agility, actionable insights and helping them thrive in the digital economy”.
Rajeev Singh, Vice President and Head of Midmarket, SAP Indian Subcontinent said, “AI has the potential to empower organizations with intelligent insights, automation, and tools, allowing them to compete on a global scale”.