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As India continues to embrace emerging technologies, a new report points to generative artificial intelligence (AI) as having the potential to add up to $1.5 trillion to the local economy in the next seven years. The report, put together by Ernst & Young (EY), highlights the benefits of generative AI tools for Indian enterprises while shedding light on potential areas of risks. Per the report, wholesale adoption of generative AI is required for Indian enterprises to navigate the era of “Digital Darwinism.” The report identifies a boost in efficiency and productivity across financial services, logistics, health care, retail, transportation, and education. In its submission, EY says the bulk of perks associated with generative AI will come in the form of personalized customer experiences, employee productivity, and efficient operations. While the technology has the potential to bring in a wide array of opportunities across industries, EY warns enterprises to be wary of risks associated with the emerging technology. The report identified data privacy risks as a major concern for firms seeking to integrate generative AI into their existing processes to prevent reputational and financial losses. While most C-suite-level executives agree that incorporating generative AI into business processes can trigger massive economic growth, a consensus on a national blueprint must be established. “Amidst rapid evolution of Gen AI across various dimensions, it is by no means certain what specific path this ecosystem will take going forward,” read the report. Over 56% of respondents say generative AI will significantly impact their operations, with the bulk of executives identifying customer experience as the area expected to bear the brunt of the impact. Some 75% of executives identify partnerships with external technology providers as the ideal method of integrating AI into their systems. Others argue that pursuing in-house AI capabilities, acquisitions, and forging strategic alliances may yield positive returns to…

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Filed under: News - @ December 31, 2023 10:16 am