Indian Midmarket Firms Embrace Generative AI, Surpassing Global Average in Digital Transformation

Indian midmarket embraces Gen AI, reveals SAP study - Times of India

SAP revealed a new research showing that 96% of midmarket organizations in India, with 250 to 1,500 employees, are prioritizing generative artificial intelligence (Gen AI). The survey, conducted globally with 12,003 businesses, including 800 in India, highlights the growing importance of AI in the midmarket sector. Manish Prasad, President and Managing Director of SAP Indian Subcontinent, emphasized the crucial role AI plays for Indian midmarket businesses."AI offers agility and actionable insights, allowing companies to thrive in a digital economy. With SAP as a technology partner, businesses can integrate AI into critical processes, making Business AI a reality for organizations of all sizes," Prasad said. Rajeev Singh, Vice President and Head of Midmarket at SAP Indian Subcontinent, noted that over 27,000 customers globally, including Indian companies like PGP Glass and Suzlon Energy, are already benefiting from SAP's AI solutions. Singh remarked, "AI empowers businesses with intelligent insights and automation, enabling them to compete on a global stage." The research also showed that AI adoption (66%) in India trails only cybersecurity preparation (67%) as the top priority for midmarket businesses in 2024. Additionally, 49% of Indian companies are using AI for forecasting and budgeting, ahead of the global average of 40%. Despite rapid AI adoption, talent scarcity remains the biggest challenge, with 39% of businesses struggling to find skilled professionals. Concerns around data transparency and quality also present challenges, highlighting the need for robust AI strategies to fully capitalize on the technology's potential. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

96% Indian midmarket firms prioritise AI, surpassing global average: Report

As many as 96% of Indian organisations, housing between 250 and 1,500 employees, are prioritising generative artificial intelligence (GenAI), according to a report by SAP Now. This is notably higher than the global figure of 91%. The survey, which included 12,003 businesses globally, with 800 participants from India, highlights the forward-thinking mindset of India's midmarket businesses. For these businesses, the adoption of GenAI ranks as their second-highest priority, just behind addressing cybersecurity threats, and ahead of initiatives like improving environmental sustainability in business operations. Manish Prasad, president and managing director of SAP Indian Subcontinent, said: "India's midmarket businesses are the backbone of the nation's economy. AI is a game-changer for these companies, offering agility, actionable insights, and helping them thrive in a digital economy." Indian businesses are also outpacing their global counterparts in adopting AI. For example, 49% of Indian respondents are using AI significantly for forecasting and budgeting, compared to 40% globally, according to the report. Similarly, 48% of Indian companies are leveraging AI to develop marketing and sales content, compared to 41% globally. Additional uses in India include gathering market intelligence, monitoring regulatory compliance, and mitigating cybersecurity threats. Rajeev Singh, Vice President and Head of Midmarket, SAP Indian Subcontinent, said: "Today, more than 27,000 customers globally are already using SAP Business AI, recognizing the impact on enhancing operations and enabling real-time decision-making. For example, Indian customers like PGP Glass, Suzlon Energy and many more have already embraced the transformative potential of AI in their businesses." Rajeev Singh, vice president and head of midmarket at SAP Indian Subcontinent, said: "Today, more than 27,000 customers globally are already using SAP Business AI, recognising its impact on enhancing operations and enabling real-time decision-making. Indian customers like PGP Glass, Suzlon Energy, and many more have already embraced the transformative potential of AI in their businesses." Talent and data: The AI challenges One of the major challenges Indian businesses face in leveraging AI is the talent gap. Approximately 39% of respondents identified finding, attracting, and retaining skilled AI professionals as the primary obstacle. Data-related challenges, such as the lack of transparency behind AI results, the risk of acting on incorrect information, and inadequate data quality for effective AI model-building, are also significant concerns.