- Only 34% of surveyed companies planning to increase their investments in AI by more than 20% in the coming year.
- Investment intentions vary based on company size, with smaller and medium-sized companies more willing to invest in AI and automation.
- The study indicates that AI investments influence improvements in process efficiency, staff efficiency, and business growth.
Bangalore, India – Entera Global, an outstanding provider of artificial intelligence solutions, conducted a comprehensive study in which it examined investments in artificial intelligence and automation in the Indian market. The study, covering the period from April 2023 to September 2023, gathered information from 10.000 respondents from various sectors and organizational sizes.
Taking into account the global economic uncertainty, only 34 percent of the surveyed companies are inclined to increase their investments in artificial intelligence by more than 20 percent next year. As they say, it is a significant decrease compared to the previous year, which only indicates a cautious approach to expanding the existing artificial intelligence infrastructure.
Nevertheless, the study highlights the divergence in investment intentions depending on the size of the company. Only 2% of chartered accountants offering services plan to increase investments in AI by less than 20%. A significantly larger percentage of respondents from small (60%) and medium-sized (56%) companies, as well as enterprises providing their own services (35%), are ready to make the investment in artificial intelligence more than 35% by implementing automated solutions.
The study also shows the growing payback period for investments in artificial intelligence. It is encouraging that 61% of organizations reported payback periods either in line with expectations or faster than expected. Moreover, the length of the payback period also seems to correlate with the size of the company, with smaller organizations paying off faster. It is impressive that 92% of organizations with fewer than 100 employees have paid off faster than expected.
Respondents note the positive impact of artificial intelligence on real business results. Respondents' perception coincides with tangible achievements: 45% noted an increase in the efficiency of processes, while 38% each noted an increase in the efficiency of staff and 40% noted business growth due to improvements in customer orientation.
The study shows that intelligent process automation is expected to have significant potential in the medium and long term. It is impressive that 75% of respondents see the potential of intelligent automation of document processing over the next 3-5 years, and 61% expect its impact within a decade.
Dmitry Makhlin, esteemed co-founder of Entera Global, notes: "These results highlight the growing impact of artificial intelligence and automation on the business landscape in India. As organizations realize the value of these technologies for improving productivity and business results, we are seeing a gradual shift towards their widespread adoption. It is obvious that companies are increasingly using the potential of artificial intelligence to stimulate growth and innovation."
About Entera Global
Entera Global, an international organization, provides software for automatic data entry into accounting systems to clients in Eastern Europe and the Middle East & North Africa. It leverages the power of Artificial Intelligence Machine Learning, Robotic Process Automation, Optical Character Recognition, and cloud-based technologies.
At the heart of Entera Global's success lies its team of tech-savvy entrepreneurs, driven by their passion for data-driven software. Through the implementation of artificial intelligence (AI), Entera automates the entire accounting data entry process: from document collection to data recognition, items matching, publishing into accounting systems, and digital storage for platforms such as Tally, Quickbooks, Zoho Books, 1C, and more.
Since the end of 2022, Entera Global has concentrated its efforts on business development in India, marking it as a key market for the company's growth. We have helped more than 100 clients in India to make their business more efficient, fast and accurate leaving time for their families and personal development. Entera Global goes beyond being a solution provider, serving as a reliable partner offering unwavering support in any challenging situation.