About 76% Of Indian Business Leaders Uncertain About Gen AI Benefits
Big tech players around the world are pushing millions of dollars into the development of AI and large level models (LLMs) around the world, including India. Surprisingly, 76 per cent of Indian business leaders are worried about missing out on the benefits from Gen AI. This is reportedly putting pressure on data management teams to power algorithms with high-quality data, according to a Salesforce report.
“Concerns among IT industry leaders about Generative AI benefits may stem from uncertainties around its implementation challenges, potential ethical implications, data security issues and the need for skilled professionals to manage and optimize these systems,” said Arun Krishnamurthi, CEO and MD of AXISCADES Technologies.
For instance, ChatGPT-maker OpenAI has exhausted USD 540 million but the company has reported only USD 23 million in revenue last year.
The development and maintenance costs of Generative AI can indeed be substantial. Stressing on this, Krishnamurthi said organisations face the challenge of balancing these expenses with the potential benefits. The financial performance of companies like OpenAI suggests that achieving profitability in the short term may be challenging, but long-term success could depend on the increasing adoption and refinement of Generative AI applications and innovative business models.
The report also provided insights into the trends impacting IT leaders including AI advancements, Security threats and AI governance.
Almost all 92 per cent of Indian IT leaders are making advancements in AI and considering data management on high priority, as per the report.
The report highlighted the biggest hurdle for Indian business leaders is security threats, IT leaders cite security threats as their number one data challenge. Only half of the respondents i.e., only 55 per cent of Indian business leaders are completely confident in their data accuracy.
Almost all 94 per cent of analytics and IT leaders in India are actively embracing data governance measures. Adding to that 84 per cent of them are gearing up to intensify investments in data training over the coming year.
Arun Kumar Parameswaran, MD - Sales, Salesforce India, said, “In the face of increased data volumes and complexity, data harmonisation will be a key priority for business leaders in order to better extract value from their data sources and effectively leverage AI.”
The survey was conducted from over 11,080 analytics and IT decision makers from 18 different countries across North America, Latin America, Asia-Pacific, and Europe.
