AI Appreciation Day Special: Unleashing The Power Of AI In Business
Every year 16 July is celebrated as Artificial Intelligence (AI) Appreciation Day. The day is meant to celebrate the achievement of AI, which is transforming and redefining the power of technology and creating a disruptive future worldwide.
The advent of AI has enhanced every human life in several ways. Business, an important aspect of our life that helps in economic development, has also embraced AI which fits every aspect of its strategy.
What Experts Say
According to a McKinsey Survey, companies that had adopted the advanced technology have witnessed up to 40 per cent of improvement in operational efficiency and a substantial reduction of up to 30 per cent in costs, said Siddhesh Naik, Country Leader, Data, AI & Automation Software, Technology Sales, IBM India and South Asia.
Naik stressed that even though the developments in generative AI have woken businesses up to the diverse possibilities most organisations who want to invest and deploy this smart technology are unsure of its implementation. So it is important for the AI systems to be explainable and transparent to ensure a user’s trust, he added.
Today it is important to use this generative technology more efficiently. Commenting on the potential usage of AI, Nabendu Das, Chief of Engineering at Tally Solutions shared “While AI brings potentially huge benefits, it is also imperative for us to ensure that ethics is maintained in operations. It includes data privacy, unbiased insights and predictions, that ensure serving the right business in doing.”
Weighing in on this, Sindhu Gangadharan, SVP & MD, SAP Labs India and Head, SAP User Enablement said, AI is at the heart of the business strategy, helping a company to become an intelligent, sustainable enterprise. With AI, businesses can build a most critical working process and work alongside their consumers, discovering exceptional insights and efficiencies, for valuable services, she added.
Artificial intelligence and machine learning not only detect a threat during their usage but also take appropriate action to protect business applications. Through continuous upgrades and innovative AI-powered tools can thrive in bringing an increasingly competitive market, underlined Manish Mimani, Founder & CEO, Protectt.ai.
AI can ensure faster and more accurate detection and prevent cyber threats that hamper the companies’ growth, while also pre-empting frauds with minimal false positives, notified Joy Sekhri, Vice President Cyber & Intelligence Solutions, South Asia, Mastercard.
Gopali Contractor, Global Lead - Advanced AI and ML Capability, Accenture & Lead - AI Practice for Cloud First, Advanced Technology Centers in India, Accenture shed light on the ‘Reinventing Enterprise Operations’ research that showed nearly 73 per cent of companies are prioritising AI over all other digital investments with an immediate focus on improving operational resilience.
She said companies need to scale AI in order to strengthen their foundation and be in a position to reinvent, compete and achieve new levels.
On similar lines, Giridhar Yasa, Chief Technology Officer, Lendingkart expressed great optimism in AI he said “The one big change that is revolutionising the fintech space today is AI Tech without a doubt”.
Furthermore, Vasu Merugu, VP- Product, Head Digital Works (A23) told BW Businessworld that “Artificial intelligence clubbed with human intelligence has the ability to disrupt the tech landscape across the globe. It has the ability to analyse vast data and extract meaningful insights to help businesses gain a competitive edge with immersive results.”
By deploying the right AI technology, many businesses can save time and money by automating mundane tasks said Sven Krasser, Senior Vice President and Chief Scientist at CrowdStrike.
He underlined that firms could improve their productivity, operational efficiencies, and customer experience through AI.
Speaking on the push for Artificial General Intelligence (AGI), Manuj Desai, Global Chief Information Officer at STL said “AI has become the daily bread and butter for businesses, offering a new world of possibilities and challenges.”
The AI Revolution
It certainly wouldn’t be an exaggeration to say that the AI revolution is the next big thing. Reports say the new technology spin will be responsible for creating nearly 2 million jobs by 2025.
“Artificial Intelligence is revolutionising industries across the globe by widening the realm of possibilities. Its integration into various sectors is reshaping workflows, optimising processes and propelling innovation to unprecedented heights,” said Manu Saale, Managing Director & CEO at Mercedes-Benz Research and Development India.
Saale said at Mercedes we strive to develop pioneering innovations utilising AI, deep learning and immersive technologies. He underlined that our competent teams are working relentlessly to create AI-powered safety and luxury features that will revolutionise our business.
Sameer Mahapatra- Country Manager-India & SAARC, Aeris Communications told BW Businessworld that the ability of AI to process vast amounts of data has revolutionised decision-making in businesses becoming an indispensable component in today's rapidly evolving world.
Varun Babbar, Managing Director, Qlik India & SAARC said AI is user-centric eliminating traditional business barriers, it is empowering companies to engage effortlessly bringing in the revolutionising technological interaction.
From the same perspective, Prakash Balasubramanian, Executive Vice President and Global Head, Engineering Practices and Delivery, at Ascendion stressed that it is crucial to harness the transformative power of AI in a competitive business landscape today. He said the AI transformation unlocks unprecedented profitability.
Commenting on the revolution that AI brought on the fitness industry Jitendra Chouksey, Co-founder & CEO of Fittr said, “We have witnessed a revolution in personalised guidance, seamless interactions, and enhanced user experiences.”
Our country has not pioneered AI technology, Aakrit Vaish, CEO and Cofounder at Haptik stressed underlining the fact that still the generative tech is all set to revolutionise the Indian SaaS industry, fostering inclusivity and accessibility. By leveraging AI, the industry will witness the democratisation of software as a service, empowering businesses of all sizes, Vaish added.
The AI Application In Businesses
AI will transform the way technology and humans may collaborate to generate great business profits and solutions. Commenting on the widespread adoption of AI, Mayur Datar, Chief Data Scientist at Flipkart, said AI has percolated across businesses and industries. Its adoption has spurred businesses to seek ways to bring agility, cost-efficiency and improve productivity. AI applications are to transform businesses to become more automated, dynamic, economical and productive.
In the mobility sector for instance generative AI will build a diverse range of first- and last-mile solutions to make urban transport systems effective and grow as the preferred mode of mass mobility, said Thameem Kamaldeen, Signalling and Infra, India, Managing Director, Alstom.
Moreover, AI plays a pivotal role in our marketing analysis efforts. By analysing vast amounts of customer data, AI algorithms provide valuable insights into consumer behaviour, preferences and trends, said Krutika Lal, Cofounder & CMO at Aretto.
Sathesh Murthy, Managing Director India and Head of Engineering, RingCentral said, "We see great potential in AI in its ability to arm sales teams with capabilities that automate things like meeting summaries, actions items and coaching based on conversation trends to help them close more deals, faster.”
Furthermore, Aryaman Vir, CEO of Aurum WiseX underlined the benefits of AI in prop-tech and real estate investments space, he said we are utilising AI to build interactive digital explorations, allowing potential investors to explore properties without facing geographical constraints.
On the same note Pankaj Sachdeva, Vice President, Data Science & Analytics and Managing Director, India Innovation said, “By harnessing the power of AI, we have optimized our route planning, reduced delivery time, and enhanced the overall efficiency of our shipping processes.”
Experts Appreciate AI
From making our lives easier to improving our businesses, the potential of AI is truly limitless, said Prashanth Seshadri, Director AI, Analytics & Data, Intuit India.
"In the era of exponential growth driven by transformative technologies, AI has emerged as an indispensable ally for businesses, said Karthikeyan Sridossan, Executive Vice President – Strategy & Growth, Indium at Indium Software
Joining the appreciation lines, Chaitanya Chokkareddy, Chief Product Officer at Ozonetel said, this is the beginning of AI that marks brands to build their roadmaps, planning to leverage AI to its full potential.
AI's contribution to business is twofold. Firstly, it significantly enhances efficiency by automating time-consuming manual tasks, allowing businesses to allocate their resources creatively. Secondly, it unlocks invaluable insights that allow businesses to make data-driven decisions, emphasised Vinayak Shrivastav, Cofounder and CEO, VideoVerse.
Talking about the healthcare business Ram Singampalli, Chief Delivery Officer, Emids said, AI has facilitated the sector to make more informed decisions, optimise processes, and enhance patient outcomes.
Embracing the technology Sanjay Jain, Chief Business Transformation Officer, WNS said, AI opens doors to new possibilities, enabling organisations to gain valuable data-led insights, streamline processes and deliver value to clients.
AI-powered solutions are enabling companies to optimise their processes, reduce overhead, decrease turnaround time and improve profitability in the long run, said Ajay Trehan Founder & CEO, Authbridge.
AI’s Promise
AI is often labeled as a threat to several jobs, commenting on this fear Michael Morris, CEO & Cofounder, Board Member for Torc said AI's promise is not about replacing people and eliminating jobs it is about complementing and speeding a person's capabilities to efficiently improve the businesses.
The ground-breaking technology is enabling employees to work more efficiently, Manish Bafna, Vice President, Engineering, RFPIO said, asserting to Morris’s remark.
The AI also promises to leverage the semiconductor mission of India. Jaswinder Ahuja, Corporate Vice President & India Managing Director, Cadence Design Systems said integrating AI into electronic design automation (EDA) will enhance chip productivity and speed up the design process.
The question on everyone’s mind of course is – will AI steal my job? But AI is set to disrupt how any business works today, it is not something to be feared. By enabling efficiency, creativity and innovation, AI will not replace humans, it will only make them more efficient, said Tanu Banerjee, Partner, Khaitan & Co.
Contrary to popular opinion, I don't think AI will take away a lot of jobs rather it will level up the quality of jobs and skills required for one to make a successful career, said Mayank Gupta - Co-Founder and COO, Zopper.
