AI will add $15.7 trillion to the global economy by 2030

Most organisations today acknowledge that Artificial Intelligence (AI) has the potential to solve complex problems at scale, enhance efficiency and optimise costs. According to a recent survey done by PwC ‘With AI’s Great Power Comes Great Responsibility’, 65% of global and 62% of Indian CXOs have implemented AI in some form. This growing popularity is only going to see an uptake, with companies looking to become fit for future.

However, study also reveals a fundamental challenge organisations face with AI applications. Businesses may have been able to address issues around data supply chain, they are still grappling with the ‘black box’ problem, i.e, lack of understanding and explainability of AI decisions. In fact, 58% of survey respondents admit they lack understanding of how AI applications made decisions and only 10% CEOs are confident about the reliability. This lack of understanding has resulted in many instances where AI systems did not behave the way they were expected to.