According to a new report, a significant percentage of organizations view Artificial Intelligence as key to competitive advantage and said they have experienced a notable increase in productivity through AI integration. According to the ‘Industry 5.0 and AI Report’, compiled by BML Munjal University, 44 per cent of organizations have experienced a significant increase in productivity through AI integration.
Additionally, 21 percent reported that AI can play a critical role in driving innovation, enabling the development of new products, services and business models, particularly in sectors such as finance, healthcare, manufacturing and marketing.
“Approximately 33 percent of organizations focus on product development, while 29 percent leverage AI for customer service through chatbots and robotic process automation (RPA). Marketing teams, which Representing 19 percent of companies, they use AI for trend analysis, while 13 percent “6 percent apply AI to improve supply chain management. “Financial planning, although less prominent (6 percent), benefits from AI’s capabilities to increase efficiency,” the report adds.
Based on responses from 1,000 professionals and in-depth interviews with 50 industry experts, the report highlighted a significant shift in the way companies are integrating AI into their strategies.
While AI has brought numerous benefits, the report also highlights some key challenges.
“About 34 percent of organizations face a critical shortage of AI-trained personnel, hampering their ability to fully realize the potential of AI. This skills gap highlights the need for better AI education and learning programs In fact, 31 percent of organizations have initiated mentoring initiatives to help develop talent,” the report says.
The impact of AI varies by sector; In mergers and acquisitions, 28 percent have seen benefits in personalized campaigns, but data privacy remains an obstacle for 22 percent. The IT and augmented reality sectors report higher productivity (44 percent), but struggle with talent shortages.
“In finance, AI improves risk management, although 18 percent face regulatory challenges. Healthcare has seen advances in diagnostics, but ethical concerns remain important for 18 percent of professionals. In manufacturing “, 23 percent recognize the process optimization benefits of AI, but 21 percent struggle with legacy system integration,” he said.
Qualitative interviews with industry professionals reveal that transparency in AI decision-making is crucial, with 21 percent expressing concern about the “black box” problem.
“There are also ethical concerns: 20 percent of respondents mentioned algorithmic biases and 22 percent expressed concerns about data privacy. These issues show the need for responsible governance of AI, leading to the 38.3 percent of organizations to adopt AI ethical guidelines to ensure transparency,” he said.
According to Pratik Modi, dean, School of Management, BML Munjal University, AI improves collaboration between humans and machines.
“As organizations embrace this new era, the report’s findings offer a roadmap for integrating AI while prioritizing ethical standards and fostering human creativity,” he said.
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