- However, the BCG report indicates that achieving the full potential of AI remains a formidable challenge.
- Sectors experiencing the most significant integration of AI include fintech, software, and banking.
- Country is not just poised for increased adoption of AI but is also on the path to generating substantial, measurable value.
A significant 30 per cent of Indian companies are successfully maximising the value of AI, surpassing the global average of 26 per cent, according to Boston Consulting Group.
The proactive approach positions India as a frontrunner in leveraging emerging technology to enhance business operations.
The sectors experiencing the most significant integration of AI include fintech, software, and banking, reflecting a trend where industries are increasingly reliant on technology to improve efficiency and drive innovation.
After substantial investments in AI, coupled with a focus on talent acquisition and pilot projects, CEOs are beginning to demand tangible returns from these initiatives.
However, the report indicates that achieving the full potential of AI remains a formidable challenge. Despite widespread implementation, only 26 per cent of global companies have developed the requisite capabilities to transition from mere proofs of concept to generating genuine value from their AI investments.
The BCG report titled “Where’s the Value in AI?” is based on a comprehensive survey involving 1,000 Chief Experience Officers (CxOs) and senior executives across various sectors in 59 countries, including Asia, Europe, and North America.
Transformative potential
The findings reveal a stark contrast between those who have successfully harnessed AI and the majority who are yet to realise its benefits. A mere 4 per cent of companies worldwide are reported to have advanced AI capabilities that consistently deliver significant value, while another 22 per cent have formulated an AI strategy.
Alarmingly, 74 per cent of companies have yet to demonstrate tangible value from their AI endeavours.
Saibal Chakraborty, the India Leader of the Technology and Digital Advantage Practice at BCG, said that India’s accelerated adoption of AI is redefining its global competitive edge.
“With every Indian company actively experimenting with AI, the nation demonstrates remarkable readiness to exploit its transformative potential. The maturity of India’s AI initiatives spans both traditional and digital sectors, indicating a broad-based adoption that extends beyond technology-centric industries.”
As India’s AI leaders move towards innovating new business models rather than merely enhancing productivity, Chakraborty said the country is not just poised for increased adoption of AI but is also on the path to generating substantial, measurable value.