According to a survey by CIO&Leader and BM Nxt, majority of leading businesses with annual turnover of over Rs 50 billion, are planning to increase their investment in artificial intelligence (AI) and machine learning (ML) technology by 10 to 30 per cent in 2024.
As per the survey, 78 per cent respondents want to invest in Al and ML to improve customer experience and engagement. Meanwhile, 72 per cent respondents want to enhance the use of AI and ML for discovering useful insights to improve decision-making, 74 per cent for innovation or improving products and services, 67 per cent to make processes more efficient and cut costs, 64 per cent to increase operational agility, 61 per cent to develop new data-driven business model, and 60 per cent to increase revenue.
The survey included over 350 chief information officers and information technology (IT) decision-makers and all enterprises with annual turnover of over Rs 50 billion. The study combined qualitative and quantitative approaches.
