Organizations recognized AI as a key to improve productivity

A report by BML Munjal University highlights that 44% of organizations have achieved productivity gains through AI, with 21% viewing it as a driver of innovation. While AI benefits sectors like finance, healthcare, and manufacturing, challenges such as talent shortages, regulatory issues, and data privacy persist.

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A report titled Industry 5.0 and AI by BML Munjal University highlights that 44% of organizations have experienced significant productivity gains through AI integration. It notes that AI is becoming a competitive advantage, with 21% of organizations viewing it as a driver of innovation, facilitating new products, services, and business models, particularly in finance, healthcare, manufacturing, and marketing.

“Approximately 33% of organizations focus on product development, while 29% use AI in customer service through chatbots and robotic process automation (RPA). Marketing teams, representing 19% of businesses, rely on AI for trend analysis, and 13% utilize it to improve supply chain operations. Financial planning benefits from AI, though only 6% of organizations have adopted it for this purpose,” the report said.

The survey, conducted among 1,000 professionals with input from 50 industry experts, underlines that AI adoption is not without challenges. “Around 34% of organizations face a shortage of AI-trained talent, which limits their ability to maximize AI’s potential. This skills gap is driving 31% of businesses to implement mentorship programs,” the report noted.

AI’s impact differs across sectors. In mergers and acquisitions, 28% benefit from personalized campaigns, but 22% cite data privacy concerns. IT and augmented reality sectors report 44% productivity gains but face talent shortages. In finance, AI aids risk management, though 18% encounter regulatory challenges. Healthcare has seen diagnostic advancements, but ethical issues worry 18% of professionals, while 23% of manufacturers have optimized processes, though 21% struggle with legacy systems.

Transparency remains essential, with “21% expressing concerns about the ‘black box’ problem.” Algorithmic bias (20%) and data privacy (22%) are also significant issues, prompting “38.3% of organizations to adopt ethical AI guidelines.”

According to Pratik Modi, Dean of BML Munjal University’s School of Management, AI is enhancing human-machine collaboration. “The report offers a roadmap for integrating AI while fostering ethics and creativity,” he said.