New Delhi: Indian companies have now surpassed those in the US and the UK in making use of artificial intelligence (AI), a firm specialising in artificial intelligence has claimed. This, despite US firms having a headstart over Indian companies in terms of AI adoption.
The artificial intelligence company Peak made the claim in a report released on 4 October, titled ‘Decision Intelligence Maturity Report’, which focuses on whether companies in the US, the UK, and India are ready to rely on AI for decision-making. “Decision Intelligence (DI) is the application of AI to commercial decision-making,” said a press note issued by Peak.
It added that while the US was an early leader in AI, with 28 per cent of businesses adopting the technology over six years ago — compared to 25 per cent in India and 20 per cent in the UK — India is now the “more mature market when it comes to leveraging AI, scoring 64 (of 100) on Peak’s Decision Intelligence maturity scale, while the US charts 52 and the UK just 44,”
The firm making the claim, Peak, was jointly founded in 2015 by Richard Potter and David Leitch in Manchester, UK, along with Jaipur-based Atul Sharma, providing companies with a software platform they can use to make AI-based decisions on how to increase profits.
In 2021, Peak onboarded multi-billion dollar conglomerate SoftBank Group, which is credited with giving a major push to e-commerce globally with its investments. Its founder-CEO Masayoshi Son said in 2019 that the group was investing “USD 100 billion” just in AI.
“India has already overtaken the UK to become the fifth largest economy in the world, and there are clear signs that its growth won’t stop there,” said Peak CEO and co-founder Richard Potter in the release.
“The US and UK have lost ground in the global AI race too, with India claiming the top spot at a time when western countries are facing increasing geopolitical uncertainty,” he added.
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Survey of 3,000 decision-makers
The findings of the report are based on a survey of 3,000 “senior decision makers” employed by companies with at least 100 employees across the US, the UK, and India, conducted by Opinium, a London-headquartered third-party market research agency between 21 and 31 July 2022.
The questions in the survey revolved broadly around five areas, namely ‘decision making’ (how well a company uses AI to improve commercial decisions), ‘data and technology’ (the level of sophistication of the company’s data collection methods, ‘value’ (value generated by AI compared to how much money is invested in it), ‘strategy’ (how effectively company hopes to implement and improve AI adoption over time), and ‘people and processes’ (the company’s attitude towards AI).
Based on their responses to these questions, companies were scored on a scale of zero to 100 to estimate the current level of maturity in each of the five areas.
Indian companies scored more than those in the UK and the US in all five areas.
In the report, Atul Sharma, chief technical officer and co-founder of Peak, said a possible reason might be that Indian businesses “reached maturity behind many of their Western counterparts”. This meant that “Indian businesses started from a more advanced technology baseline, and haven’t faced the same implementation delays caused by legacy tech that we’ve seen in other markets”.
Another reason businesses surveyed in India might have scored higher is that more employees in middle management and below were “fully aware of AI projects in their organisations” than in US and UK firms, said the press note by Peak.
(Edited by Amrtansh Arora)
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