Home Industry New Research Reveals AI Regulation is Top of Mind for India Businesses

New Research Reveals AI Regulation is Top of Mind for India Businesses

by CIOAXIS Bureau

Alteryx released findings from new independent research revealing the key AI plays that will shape enterprises of the future. The research, titled Defining the Enterprise of the Future, uses data from 2800 IT and business decision-makers globally to draw the three-year roadmap for how enterprises will operate in an era of AI-delivered intelligence.

Innovation and regulation play an equal role in shaping the future enterprise
Innovation is naturally playing a key role in shaping the future enterprise. More than six in 10 (63%) of India business leaders say their investment in advanced technology will increase. Nearly eight in 10 (78%) say that AI is already impacting what their organisation can achieve, while 53% state they will invest in advanced technologies such as AI to respond to the changing market environment.

AI is clearly making its way across the enterprise, with 55% of respondents expecting that the use of AI will be pervasive across all sectors and business functions. Yet, this has raised some important ethical considerations around transparency (53%), data privacy (51%) and data governance (44%), which has shifted the narrative around regulation – moving from being a dirty word to becoming a hot topic for businesses. Most India business leaders (90%) believe that regulations and standards around AI usage – including generative AI – should be developed within their sector as it continues to transform the business landscape. Similarly, 91% believe that such policies would help businesses implement AI responsibly, and more than half (55%) worry about the possibility of legal and ethical consequences from not having an ethical AI framework in place.

AI is shaping the key skill sets of the future enterprise
Despite concerns around regulation, AI is significantly impacting the key skill sets of the future enterprise. While most businesses envision an AI-driven future for the enterprise, nearly one-third (32%) see the increasing volume and variety of data as the biggest threat to achieving this. To be prepared for this increasingly complex, data-driven future, companies see a need to get their digital transformation right, especially around AI and machine learning (24%), leverage AI-driven automation to augment work processes (24%) and facilitate human-machine collaboration (19%).

The employee of the future is a generalist, working with different tools and languages and perhaps developing a range of leadership and soft skills along the way. According to the research, more organisations are moving away from hiring people who are highly skilled in a single area of expertise towards hiring people who can contribute across a range of functional areas. Three quarters (75%) of India business leaders state it is more important for their employees to be multi-skilled than specialised in one area. While hard skills in areas such as data analysis and data mining (28%) and AI and ML (27%) continue to be important, there is now a higher demand for soft skills like digital literacy (27%), creativity (25%) and active learning (24%). Having the right AI tools will help these employees manage the increasing volume and variety of data and find the competitive edge their organisations need.

The insights from our survey paint a vivid picture of the enterprise of the future: to build a truly AI-driven enterprise requires balancing AI innovation with robust regulation and a workforce adept in both technical and soft skills. Regulation will play a key role in the successful implementation of AI and will be just as much of a priority as innovation is for leaders,” said Souma Das, Managing Director, India Sub-continent at Alteryx. “Aligned with the National Strategy for Artificial Intelligence introduced in 2018, laying the foundations for any AI technologies requires a business-wide approach to data-driven decision-making. It is crucial that we empower the entire workforce with accessible, self-service analytics and automation technologies that are safe and secure so that our businesses can jump on the AI train confidently and move forward on their generative AI journey safely.

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