India Inc lacks a formal approach to Artificial Intelligence risk evaluation: PwC India study
- Over 60% Indian businesses have adopted AI in some form, with over 50% of Indian CEOs planning to introduce AI initiatives over the next three years.
- However, majority of organisations are yet to incorporate AI as an integral part of their business strategy.
- 67% of the surveyed organisations in India are unsure of the regulatory compliance with respect to AI and have minimal understanding of tools needed for maintenance of data integrity.
New Delhi, 06 October, 2019: Artificial Intelligence (AI) has the potential to solve complex problems effectively at scale. However, badly designed AI can cause more harm than good, according to a report launched by PwC India, ‘With AI’s great power comes great responsibility’, highlighting the importance of having a roadmap for enterprises to embark on an AI journey responsibly. The report is basis a comprehensive study conducted with over 1,000 CXOs and business decision makers from India and other regions, between May and September 2019. The intent of the study was to understand their outlook towards AI in India. Findings of the report strongly indicate the need to invest in building AI systems that are responsible, understandable and ethical, ensuring customer trust.
Commenting on the study, Deepankar Sanwalka, Leader- Advisory, PwC India said: “It is encouraging to see Indian organisations adopt or willing to adopt AI significantly in the coming few years. However, to scale AI initiatives, organisations will have to ensure these solutions are ethically sound, compliant with all regulations, with a robust governance framework.”
Sudipta Ghosh, Leader- Data and Analytics, PwC India added: “Merely adopting AI will not yield desired results. AI must be supported by strong performance pillars addressing bias and fairness, interpretability and explainability, robustness and security. Else, the enthusiasm to implement AI projects is very likely to run into headwinds. Benefits of AI may be realised when an appropriate governance framework and dimensions are in place, and humans and machines can collaborate effectively. We need to ensure that AI acts in the interests of society at each stage of development.”
PwC advocates the implementation of the ‘Responsible AI’ framework that can help organisations assess potential threats and mitigate foreseen or unforeseen risks. This study reiterates the need for a comprehensive Responsible AI (RAI) framework and toolkit for its widespread adoption. It also highlights how AI’s potential can be unlocked as well as maximised if a structured approach is taken towards addressing the associated risks. Consequently, even when using AI, businesses need to ascertain what benefits AI will offer them while being aware of their operations being vulnerable to any disruptions.