The world’s major tech players are pouring millions of dollars into the development of AI and large-level models (LLMs) across the world, including in India. Surprisingly, 76 percent of Indian business leaders are worried about missing out on the benefits of general AI According to a Salesforce report, this is reportedly putting pressure on data management teams to power algorithms with high-quality data.
Arun Krishnamurthy, CEO and MD, AXISCADES Technologies, said, “Concerns among IT industry leaders about generative AI facilities may stem from its implementation challenges, potential ethical implications, data security issues and uncertainty about the need for skilled professionals to manage and optimize these systems.” .
For example, ChatGPT-maker OpenAI raked in USD 540 million but the company earned just USD 23 million last year.
The development and maintenance costs of generative AI can be quite substantial. Emphasizing this, Krishnamurthy says, organizations face the challenge of balancing these costs with the potential benefits. The financial performance of companies like OpenAI suggests that achieving profitability in the short term may be challenging, but long-term success may depend on the growing adoption and refinement of generative AI applications and innovative business models.
The report provided insights into trends impacting IT leaders, including AI advancements, security threats and AI governance.
According to the report, nearly 92 percent of Indian IT leaders are making strides in AI and consider data management a high priority.
Security threats are the biggest obstacle for Indian business leaders in the report, with IT leaders citing security threats as their number one data challenge. Only half of respondents i.e. 55 percent of Indian business leaders are completely confident about the accuracy of their data.
About 94 percent of analytics and IT leaders in India are actively adopting data governance measures. Adding to this, 84 percent of them are preparing to intensify investments in data training in the coming year.
Arun Kumar Parameswaran, MD – Sales, Salesforce India, said, “In the face of increasing data volume and complexity, data integration will be a top priority for business leaders to extract better value from their data sources and effectively leverage AI.”
The survey was conducted from over 11,080 analytics and IT decision makers in 18 different countries across North America, Latin America, Asia-Pacific and Europe.
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