AI Governance Crucial for Indian Businesses: IBM Study

Published Date: 20/06/2024

Indian CEOs emphasize the importance of AI governance for trusted AI adoption and innovation, according to a recent IBM study.

A recent study by IBM Institute for Business Value and Oxford Economics has highlighted the significance of AI governance for Indian business leaders. The global study, which surveyed 3,000 CEOs across 30 countries and 26 industries, revealed that 7 out of 10 Indian CEOs believe that trusted AI is only possible with effective AI governance in organizations.

The study also found that 49% of Indian CEOs are hiring for Gen AI roles that did not exist until last year. However, nearly half of the Indian CEOs surveyed pointed to regulatory constraints as the top barrier to innovation.

 According to Sandip Patel, Managing Director at IBM India and South Asia, Indian CEOs recognize the need for AI guardrails to derive real business value responsibly for growth and competitive success. However, the study reveals a gap between their intention and actual implementation, highlighting the complexity of implementing AI governance.

The study's findings emphasize the importance of AI governance for Indian businesses, with 75% of Indian CEOs believing that governance for generative AI must be established as solutions are designed, rather than deployed. With more than 70% of Indian CEOs surveyed believing that AI's success will depend more on its adoption rather than the technology itself, C-suite executives said 34% of their workforce will require retraining and reskilling over the next three years.

In conclusion, the study highlights the importance of AI governance for Indian businesses, and the need for effective practices and policies to ensure responsible AI adoption and innovation.

FAQs:

Q: What percentage of Indian CEOs surveyed believe that trusted AI is only possible with effective AI governance?

A: 7 out of 10

Q: What percentage of Indian CEOs are hiring for Gen AI roles that did not exist until last year?

A: 49%

Q: What is the top barrier to innovation according to Indian CEOs surveyed?

A: Regulatory constraints

Q: What percentage of Indian CEOs believe that governance for generative AI must be established as solutions are designed?

A: 75%

Q: What percentage of the workforce will require retraining and reskilling over the next three years?

A: 34%

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