Organisations see AI as key to competitive advantage: Report

PTI New Delhi: A significant percentage of organisations see Artificial Intelligence as key to competitive advantage and said they have experienced a notable boost in productivity through AI integration, according to a new report. According to the "Industry 5.0 and AI report", compiled by BML Munjal University, 44% of organisations have experienced a significant boost in productivity through AI integration.

Additionally, 21% reported that AI can play a pivotal role in driving innovation, enabling the development of new products, services and business models, particularly in sectors like finance, healthcare, manufacturing and marketing. "Approximately 33% of organizations focus on product development, while 29% leverage AI for customer service through chatbots and robotic process automation (RPA). Marketing teams, representing 19% of businesses, utilise AI for trend analysis, while 13% apply AI to improve supply chain management. Financial planning, though less prominent (6%), benefits from AI's efficiency-boosting capabilities," the report added. Based on responses from 1,000 professionals and in-depth interviews with 50 industry experts, the report highlighted a significant shift in how businesses are integrating AI into their strategies. While AI has delivered numerous benefits, the report also highlights some key challenges. "Around 34% of organisations face a critical shortage of AI-trained personnel which hinders their ability to fully leverage AI's potential.

This skills gap highlights the need for better AI education and continuous learning programmes. In fact, 31% of organisations have started mentorship initiatives to help develop talent," the report said. AI's impact varies by sector; in mergers and acquisitions, 28% have seen benefits in personalized campaigns, but data privacy remains a hurdle for 22%.