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Microsoft-IDC study states that Artificial Intelligence (AI) will help double the rate of innovation improvements and employee productivity gains in India by 2021. The study was based on a survey involving 200 business leaders and 202 workers in India.

Those companies that have adopted the AI journey, expect it to increase their competitiveness by 2.3 times in 2021.

Rohini Srivathsa, National Technology Officer, Microsoft India said “Today, every company is a software company, and increasingly, every interaction is digital. To be successful in this new world, organisations need to be fast adopters of best-in-class technology, including AI. In addition, they need to start building their own unique digital talent and ensure that all of this is based on trust and security. Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive
benefits that are enjoyed by leaders,”.

The researchers found the top five business drivers to adopt and implement technology. Twenty four per cent of respondents chose higher competitiveness as number one driver followed by Accelerated innovation (21 per cent), better customer engagement (15 per cent), higher margins (14 per cent) as well as more productive employees (nine per cent).

Ranganath Sadasiva, Director, Enterprise, IDC (International Data Corporation) India said “Last year, organisations that have adopted AI saw tangible improvements in those areas in the range of 8 to 22 per cent. 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,”.

The study also evaluated six dimensions critical to ensuring the success of a nation’s AI journey. It revealed that India needs to build upon its investment, data, and strategy in order to accelerate its AI journey.

The study found that India business leaders and workers hold positive viewpoints about the AI’s impact on the future of jobs. More than half believe that AI will either help to do their existing jobs better or reduce repetitive tasks.