New Delhi: In the era of advancing artificial intelligence (AI), with its increasing prominence in the business landscape, seventy-five per cent of technology leaders are actively exploring Generative AI for potential implementation within the forthcoming year, as per a report conducted by Experian in collaboration with Forrester Consulting.
This report highlights that business leaders perceive technological disruption as the foremost external factor poised to impact their enterprises over the next two years, underscoring the imperative of the race for AI supremacy as a means to enhance business efficiencies and mitigate costs.
Seventy-five per cent of the participants in the survey believe that securing a competitive edge within their respective industries will hinge on their ability to adeptly leverage AI.
Concomitantly, seventy-five per cent of senior leaders concur that Generative AI (GenAI) will significantly augment their risk assessment capabilities, as delineated in the report.
The study encompassed a comprehensive survey of 1,320 C-suite and director-level leaders from the Financial Services and Telecommunications sectors across ten countries in the Europe, Middle East, and Africa (EMEA) and The Asia-Pacific (APAC) regions, including India, Australia, Denmark, Germany, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands.
"This year's research underscores the critical importance of two pivotal factors: the imperative to vie for AI supremacy, with business leaders recognizing its critical role in securing a competitive edge within their sectors. Additionally, there is a pronounced focus on the investment in analytics tools and infrastructure aimed at more effectively harnessing the power of data, despite the ongoing challenges associated with the time and effort required for model development and deployment," stated Manish Jain, Country Managing Director, Experian India.
The report further reveals that leaders in data and analytics are prioritizing the consolidation of disparate datasets into a unified platform that amalgamates data and analytics capabilities, thereby facilitating the expedited deployment of AI/ML models into production.
Moreover, the report indicates that over three-quarters, or 76 per cent, of respondents perceive the development and deployment of AI/ML models as a time-consuming process, with 63 per cent noting an increased frequency in model updates to adapt to evolving consumer credit behaviors.
"It is gratifying to observe that the majority of senior leaders are optimistic about future growth prospects, with intentions to bolster technology investments. However, we are navigating through broader macroeconomic challenges, with customer financial distress identified as a significant concern. AI and ML technologies offer a substantial opportunity to refine the accuracy of credit assessments for both new and existing customers, thereby facilitating proactive engagement with vulnerable clientele," concluded Malin Holmberg, CEO, EMEA and APAC, Experian.
