The Guru's World

Almost half of Indian companies have adopted artificial intelligence (AI) and analytics to streamline their processes, according to a recent study. Data shows that 54% of these companies deploy AI and analytics to reduce costs and increase operational efficiency.

Global consultancy PricewaterhouseCoopers (PwC) found that digital pioneers from various sectors in India know the importance of resilience, transparency, and sustainability. Although they also acknowledged that the dynamic nature of the business environment today would require greater innovation and accelerated entry into the market to remain competitive.

PwC India’s Partner, Sudipta Ghosh, said that “organizations are focusing on improving the efficiency of processes, reducing assets’ downtime, reducing maintenance costs of expensive equipment, and reducing the cost of poor quality by using digital twins to understand the parameters needed for the golden batch.”

According to him, businesses are moving towards automated processes, such as connected workstations that utilize the Internet of Things (IoT) for greater shop floor visibility and workflow-based automated scheduling solutions.

According to a survey, 38% of Indian companies do not plan to adopt digital technology. Indian manufacturing companies, however, are inclined towards standardizing their digital solutions across all plants, according to the report. Comparatively, global companies prefer standardized digital solutions with diverse functionalities or modules.

Ghosh also highlighted how analytics can help improve decision-making at various business levels. “How organizations use data to gain insights and make timely decisions will determine how they maximize their return on investment,” he said.

The PwC report concludes that Indian companies emphasize people, policies, and mindsets more than global companies that build suitable systems to drive transformation. India emphasizes human-centricity as part of its digital transformation strategy, underscoring the importance of innovation and flexibility for winning in the digital age.

References

IANS. (2023, June 20). 54% of Indian firms implemented AI, analytics for business functions: Report. The Tribune. https://shorturl.at/glFSU