The impact of artificial intelligence (AI) on employment is expected to be severe, but the benefits exceed its concerns as it would lead to improved efficiency and cost saving, says a PwC India report.
According to the report titled ‘Artificial Intelligence- Hype or Reality’, about 68 percent of Indian business decision-makers believe AI will help their business in various ways such as boosting productivity, generating growth and addressing societal issues.
AS peer the report, while 65 percent of participants agreed that AI is likely to have a severe impact on employment in India, a majority believed the benefits outweigh any employment concerns as AI will open up opportunities for people to do more value-added work, apart from allowing for greater flexibility and work-life balance.
Given that AI integration requires significant time and investment, the report suggests that organisations would do well to prioritise those areas that could be automated with relative ease and with ready availability of data.
Moreover, companies should also focus those areas which would provide the most tangible and immediate returns in terms of improved efficiency, cost savings and customer reach.
Sudipta Ghosh, Partner and Leader, Data & Analytics, PwC India said, "While AI holds the potential to truly transform our lives as individuals and enterprises, its growth and adoption are wholly dependent on overcoming challenges related to reducing costs, securing the right talent and data, and addressing concerns around privacy and trust."
Ghosh further added, "The market reality we exist in today demands that we not only work towards upskilling our people, but also produce the smartest machines that can work with us.”