Indian CEOs in India are rapidly embracing advanced technologies such as artificial intelligence, machine learning, generative artificial intelligence, and robotics to stay competitive in the digital era. A recent study by the IBM Institute for Business Value and Oxford Economics found that 49 percent of Indian CEOs are actively hiring for Generative Artificial Intelligence (GenAI) positions, reflecting the fast pace of technological evolution in the country.
Despite the enthusiasm for AI integration, there are challenges that need to be addressed. The study reveals that only 42 percent of Indian CEOs feel they have a good governance structure in place for generative AI, highlighting the need for effective AI governance. Additionally, 34 percent of employees in Indian organizations will need training and retraining over the next three years, indicating the workforce and cultural challenges associated with AI adoption.
Collaboration between different departments within organizations is also crucial for the successful integration of AI technologies. Seventy percent of Indian CEOs believe that the quality of collaboration between finance and technology departments is key to their company’s success, despite challenges posed by competition among senior executives.
Furthermore, the report emphasizes the importance of driving innovation in products and services to enhance customer experience. However, regulatory restrictions were cited as a significant barrier to innovation by nearly half of Indian CEOs. When it comes to funding AI projects, only 32 percent of Indian CEOs are using new IT budgets, while 68 percent are reallocating existing technology funds, indicating a cautious approach to new spending in uncertain times.
Overall, Indian CEOs are recognizing the need for AI integration within their organizations to drive competitive growth and success. However, they also understand the importance of addressing challenges related to AI governance, workforce training, collaboration, and regulatory barriers. By partnering with experts and developing effective practices and policies, Indian organizations can navigate the complexities of AI-driven transformations and realize the full potential of advanced technologies in their operations.
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