AI integration in industrial sector increases

Indian businesses are progressively adopting advanced analytics and making decisions driven by data. A PwC report highlights that the industrial products and manufacturing sector has demonstrated the most significant adoption of Artificial Intelligence and Machine Learning (AI/ML) in the preceding two years.

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In response to the Covid-19 pandemic, Indian enterprises are increasingly embracing advanced analytics and data-driven decision-making. A report from PwC indicates that the sector witnessing the most substantial uptake of Artificial Intelligence and Machine Learning (AI/ML) over the past two years is industrial products and manufacturing.

The report titled Advancing Toward a More Intelligent Future: Influence of AI in the Post-Covid Age highlights that within the span of the last two years, from mid-2020 to 2022-23, the industrial products and manufacturing sector has witnessed a notable surge of 20% in the adoption and application of AI/ML solutions. In the period spanning 12 to 18 months after the pandemic, these sectors reaped the most substantial advantages from AI across three key business domains: manufacturing and operational processes, supply chain and logistical operations, and information technology alongside cybersecurity.

Approximately 64% of surveyed organizations within the Industrial Products and Manufacturing sector indicate that they are presently in the initial phases of their AI-driven transformational endeavours. This underscores the potential for additional investments and expansion driven by AI/ML solutions within this sector.

Sudipta Ghosh, Partner and Leader — Data & Analytics, PwC India, said, “As organisations mature in their journey towards using AI for driving business outcomes, a three-pronged approach around identification of appropriate use cases, rigour of measuring and communicating the RoI along with driving adoption and scale at the enterprise level using the framework of responsible and explainable AI will be critical.”