83% of Indian Media and Telecom Companies Embrace GenAI for Innovation
A recent report by PwC highlights that a significant 83% of media and telecommunication companies in India are leveraging generative AI (GenAI) for innovation and research. This technology is enhancing productivity and opening new avenues for innovation.
GenAI as a Strategic Priority
About 76% of companies have ranked GenAI among their top five strategic priorities, with 42% placing it in their top three strategies. CEOs in the technology sector expect more significant disruptions from GenAI compared to their counterparts in the telecom and media sectors. Specifically, 68% of technology company respondents see GenAI as a long-term disruptive force, followed by 51% in media and entertainment, and 40% in telecom.
Benefits and Adoption
Approximately 40% of TMT (Technology, Media, and Telecom) executives, especially in technology and telecom, report already seeing benefits from their GenAI initiatives and are on track to achieve the expected return on investment (RoI). Notably, 32% of technology sector executives expect to realize the desired RoI within the next year, while 30% of telecom sector respondents are uncertain about when they will achieve it.
Factors Driving GenAI Adoption
The easy availability of GenAI tools like Gemini, ChatGPT, and GitHub Copilot is a major reason behind the widespread adoption. These tools offer user-friendly interfaces and pre-trained models, making it easier for individuals and organizations to integrate GenAI into their projects and workflows.
Sector-Specific Insights
Technology companies have higher awareness and usage of GenAI compared to the media and telecom sectors. The technology sector is an early adopter, with most organizations already having at least one GenAI use case. In this sector, 40% have applications ready for deployment and a full strategic roadmap for implementation in more than two areas. The media and entertainment sector shows varied adoption stages, with 35% in the evaluation phase. In the telecom sector, 50% of respondents are currently evaluating GenAI.
Challenges and Concerns
Despite the advantages, companies are aware of the control, safety, and accountability issues associated with GenAI. Around 87% of companies conduct board-level reviews, and 67% acknowledge that their policy frameworks are insufficient to effectively address security concerns. Additionally, about 62% of companies have increased funding for employee initiatives to promote GenAI adoption.
Doubts Revealed
PwC -: PwC stands for PricewaterhouseCoopers. It is a big company that helps other companies with business advice and services.
GenAI -: GenAI stands for Generative Artificial Intelligence. It is a type of computer technology that can create new content like text, images, or music by learning from existing data.
media and telecom companies -: These are companies that provide services like TV, radio, internet, and phone connections. Examples in India include companies like Airtel and Jio.
strategic priority -: A strategic priority is something very important that a company focuses on to achieve its goals. It is like a top goal or plan for the company.
disruptive force -: A disruptive force is something that changes the way things are usually done in a big way. For example, smartphones were a disruptive force because they changed how we communicate and use the internet.
board-level reviews -: Board-level reviews are meetings where the top leaders of a company, called the board of directors, discuss important issues and make decisions.
policy framework gaps -: Policy framework gaps mean that there are missing or incomplete rules and guidelines that companies need to follow. It is like having some rules but not all the rules needed to play a game properly.