Nearly 80% of C-level executives in India believe that companies will be out of business by 2025 if they fail to deploy AI (artificial intelligence) across their organisations, showed a study by Dublin, Ireland-based technology firm Accenture.
However, only a few companies have made the shift from mere experimentation to creating an organisation powered by robust AI capabilities. These companies have achieved nearly three times the returns from AI investments as their lower-performing counterparts.
“Those who push through barriers to embed AI more deeply in their organisation are seeing a return on their AI investment of 70% or more. Indian businesses need to step on the pedal and learn from the leaders. They need to make strategic investments to scale AI as that’s the only way to realise its true business value,” Anindya Basu, geographic unit and country senior managing director, Accenture India, said.
The report reveals that the secret to success for top performers centres around three key elements: a strong data foundation, multiple dedicated AI teams and a C-suite-led commitment to strategic, organisation-wide AI deployment.
According to the report, nearly all global respondents (95%) agree on the importance of data as the foundation for scaling AI, but the top performers are more intentional and focused on ensuring that the right, relevant data assets are in place to support their AI efforts. They are more adept at structuring and managing data, with 61% wielding a large, accurate data set and more than two-thirds (67%) effectively integrating both internal and external data sets.
The report suggests that the companies need to ensure their employees understand both what AI is and how it applies to their day-to-day lives.
Another key characteristic of top performers is that they gather the right talent to drive results, showed the report.
“Instead of relying on a single AI champion, 92% have strategically embedded multi-disciplinary teams throughout their organisations. This cross-functional approach also helps ensure diversity of thinking, which, in addition to having tangible benefits for considerations like responsible AI, can maximise the value an organisation sees from their AI deployments,” it said.