The ongoing COVID-19 pandemic that started in 2020 left several industries to look out for smarter solutions by leveraging new age technologies such as Artificial Intelligence (AI). Those businesses that were quite reluctant to accept technologies like AI did so during the pandemic to get seamless business operations done. Going contactless in the pandemic such as contactless deliveries, contactless payments, etc. put the use of AI for enterprises in the limelight, especially for e-commerce.
AI algorithms were being used by businesses and brands globally to make real-time decisions on the basis of data. AI for enterprises improved the customer services offered by businesses and brands.
As e-commerce flourished rapidly due to the pandemic, AI for enterprises played a crucial role in the following business processes as well.
- Human Resources and Management
- Finance
- Information Technology
- Supply chain logistics
- Human Resources
According to a prediction made by the International Data Corporation (IDC) , the artificial intelligence market in India is expected to reach around $7.8 billion in 2025.
Another reason behind the growth of AI in India is the rapid involvement of the Government.
Prime Minister of India, Narendra Modi has launched the ‘AI for All’ initiative with the purpose of making the understanding of AI easy and convenient for every citizen of the country.
Important AI trends
- When it comes to AI for enterprises, it is important to be up-to-late with the emerging industry trends.
- According to a 2021 survey ‘AI Strategies Buyerview’ from IDC, the most popular and widely used AI solutions by enterprises were conversational AI, enterprise knowledge graphs, and recommendation engines.
- Apart from the Government, it is the responsibility of the stakeholders and entrepreneurs to make AI in India successful.
- However, in the future, businesses could be looking forward to adopting powerful new age technologies such as augmented reality (AR), virtual reality (VR), natural language processing (NLP), machine learning (ML), and others.
- According to reports from IDC, AIOps will become the new normal for businesses in their IT operations by 2025.
- By all means, the success of any business, small or big, requires access to valuable data.
- Hence, for CEOs of top companies, it has become indispensable to leverage data to analyze the behaviour of customers, partners, and employees.
- The use of AI for enterprises is becoming vital for getting some crucial insights for taking data-driven decisions.
- AI for enterprises help make operational improvements of a business, and also offer real-time data to make informed decisions.
AI for enterprises – How is the use of AI services impacting various business in diverse industries
Several entrepreneurs are leveraging AI for getting robust solutions to their business problems, to increase their productivity and efficiency. However, the use of AI for enterprises is still gathering speed and not yet reached its full potential.
Here are the different sectors in which AI in India has shown real promise and success.
Banking and Finance
- Various banks and financial institutions in the country have leveraged artificial intelligence to offer exceptional customer service, higher returns, and lower risks for customers.
- Customers can easily find the answers to the questions they are looking out for through AI-powered chatbots and virtual assistants.
Agriculture
- Different AI tools and AI services are being leveraged by numerous new-age entrepreneurs to check the climatic condition as well as the soil conditions.
- AI-based data analytics can now help farmers when to sow and harvest crops.
Healthcare and pharmaceuticals
- The vaccine for COVID-19 was developed in a time span of just 3-4 months. Ever wondered how this was possible? Through the use of new-age technologies such as AI and ML.
- AI for enterprises have helped build low-cost, high functionality ventilators, to advanced X-ray systems.
Cyber security
- Another domain where AI in India has made its impact in cyber security.
- The use of various AI tools has helped to counter threats by identifying vulnerabilities.
- In today’s world, compromise of data security is the biggest threat which AI helps to counter by identifying suspicious activities.
Human Resources
AI for enterprises has helped eased the pressure on the HR Department of various companies.
From matching the right talent with the job role to seamlessly onboarding experience for employees, AI is capable of doing everything.
Sales and Marketing
- The use of various AI tools and techniques has helped businesses and brands establish stronger connections with the customers.
- The implementation of AI tools helps enterprises to train their sales and marketing staff effectively.
From the wide range of applications of artificial intelligence, it is evident that AI has got real potential in bringing about a drastic transformation in various industries. When it comes to AI in India, the boom is yet to be witnessed.
