TWTW Weekly Wrap Up: 12-18 March

Last Week’s Latest:

• OpenAI has released a powerful new image- and text-understanding AI model, GPT-4, that the company calls “the latest milestone in its effort in scaling up deep learning.”
• LinkedIn is introducing AI-powered writing suggestions, which will initially be offered to people to spruce up their LinkedIn profiles, and to recruiters writing job descriptions.
• Amazon targets 2024 launch of first Kuiper internet satellites; Amazon's satellite internet unit, Project Kuiper, will begin mass-producing the satellites later this year, the company said. 
• Microsoft announced the stable version of its Edge web browser will now include the new Bing AI chatbot in a sidebar.
• UK Spring Budget: Chancellor plans GBP 1 million annual AI prize, quantum investments and a new GBP 900 million ‘exascale’ computer.
• Global firms, including top Indian information technology, have started exploring use cases around ChatGPT and other generative AI technologies for their clients as well as use internally.
• Stakeholders participating in the first consultation of the Digital India Bill suggested that the government retain the safe harbor provision in the current Information Technology Act, 2000.
• In yet another feather in Hyderabad’s cap, global logistics behemoth FedEx has decided to make the city its first port of call, not just in India but also the world, for housing its Advanced Capability Community (ACC).
• India plans to force smartphone makers to allow removal of pre-installed apps and mandate screening of major operating system updates under proposed new security rules.
• Indian SaaS companies are likely to continue to grow and have a bullish outlook in 2023 as per the Bellwethers of Indian SaaS report, by EYX

Focused Story Of The Week #1: The Evolution Of Generative AI, Its Positive Impact On Businesses And The Way Forward

GPT-4 is the latest AI model from OpenAI that exhibits human-level performance on various professional and academic benchmarks. It is a large multimodal model that can accept image and text inputs and generate text outputs. It has the potential to transform the way businesses operate, from customer service to content creation and management, sales and marketing, business efficiency, and more.

GPT-4 can be used in businesses in various ways. It can help automate mundane tasks such as data entry, freeing up time and resources so businesses can focus on productive tasks. Faster task completion leads to greater productivity. Businesses can process information faster and more accurately, leading to better decision-making and more efficient operations and help deliver better customer service experiences. By analysing customer data and feedback, GPT-4 can help businesses understand customer needs and preferences, and tailor their products and services accordingly. 

GPT-4 can also be used for content creation and management. It can generate high-quality content for businesses, such as product descriptions, blog posts, and social media posts. This can help businesses save time and resources while still producing high-quality content. GPT-4 can also help businesses manage their content more efficiently. By analysing customer data and feedback, GPT-4 can help businesses understand what content is resonating with their audience and what content needs improvement.

Overall, GPT-4 represents a major leap forward in AI technology and could have a profound impact on businesses in the near future. Its potential applications range from automation to customer experience, making it a powerful tool for any organisation looking to stay competitive in the digital age.

"By understanding the evolution of Generative AI, its positive impact on businesses and the way forward, we can harness its benefits and mitigate its risks for a better future."

Focused Story Of The Week #2: Indian SaaS Companies To Continue To Grow In 2023

Indian SaaS companies are likely to continue to grow and have a bullish outlook in 2023, according to various reports and surveys. The Indian SaaS ecosystem has become the second-largest in the world after the US, with a total ARR of USD 12–USD 13 billion in 2022. This represents a four-fold increase from five years ago, while investments into this sector have risen six times to USD 5 billion over the same period.

India has emerged as a global leader in SaaS innovation and entrepreneurship, with more than 9,000 SaaS companies operating in the country as of 2021. These companies cater to various industries and markets, both domestic and international, and offer solutions ranging from enterprise collaboration, events tech, conversational AI, HR tech, cybersecurity, DevOps, data management, edtech, healthcare tech, logistics tech, e-commerce enablement, and more.

The Indian SaaS market has witnessed tremendous growth in recent years. According to a report by Bain & Company, investment in Indian SaaS companies is expected to grow by 170 per cent in 2021 to USD 4.5 billion. This is significantly higher than the 31 per cent growth seen in 2020 and 62 per cent in 2019. The report also projects that India's SaaS revenue will reach USD 30 billion by 2025.

The growth of Indian SaaS companies is driven by several factors, such as world-class products, cost competitiveness, service quality, and access to large global markets. The Covid-19 pandemic has accelerated the digital transformation of businesses across sectors and geographies. More businesses are adopting cloud-based solutions to enable remote work, enhance productivity, improve customer experience and optimize costs. Indian SaaS companies have been able to leverage this opportunity by offering innovative solutions that address the pain points of various industries and segments.

With these drivers in place, Indian SaaS companies are likely to continue their growth trajectory and have a bullish outlook in 2023 and beyond.

"India has become a global leader behind only the US in scale and maturity of its SaaS ecosystem, and this trend is here to stay in the coming years."