Not too long ago, AI was largely just a buzzword. But today, we are right in the middle of an already unfolding story of how AI is altering the business and technology landscape across industries.
A State of AI 2022 report indicated how organizations in India are leading both the UK and the US regarding AI adoption and data maturity. It also revealed that nearly 84% of organizations in India are already leveraging AI in some form, more than even US and UK! This indicates that India is rapidly becoming a digital-ready nation and organizations are preparing to be future-ready by leveraging the power of AI.
India’s Connected Millennial Consumer Spurring the AI Adoption
India, being one of the fastest growing economies of the world that thrives with a young population, is witnessing how the new generation is redefining businesses in the country. And their preferred option for shopping, communication, entertainment, transactions, and everything else is online! Experiential shopping, convenience, personalization, and connected experience at every touch point—this is how the young generation likes to be engaged with businesses. For businesses to thrive and remain relevant to this generation, AI presents the opportunity to understand customers better and offer personalized solutions.
Powering through AI
Personalization, instant gratification, and deeper engagement are key factors for the success of an enterprise today. And what powers it is data and artificial intelligence. By tapping into AI-enabled technologies, organizations can generate business value, whether it is through augmenting human capability, expanding efficiencies, growing revenue, or increasing customer engagement. Let’s have a look at how key industries are leveraging AI to transform services and accelerate growth:
Banks have been capitalizing on artificial intelligence to leverage real-time data and extract valuable insights. Technologies such as AI bots, digital payments, and fraud detection systems have significantly enhanced multiple aspects like risk mitigation and customer experience by delivering high-quality services. A few of the broader areas of AI implementation we have seen in banking include conversational AI for personalized banking services, predictive maintenance for ATMs, robotic software for automation of operational tasks, and AI-powered chat assistants to provide customer service round the clock.
Leading fintech players in the country are adopting AI for multiple reasons, such as facilitating risk assessment, fraud detection, and offering personalized and pre-approved credit offerings. AI-enabled technologies have been significantly helpful for fintech players in the lending space. The algorithm used in AI/ML has enabled lenders to evaluate credit risk and automate the underwriting process, thereby fast-tracking applications.
Artificial intelligence is transforming India’s insurance sector. Insurers are adopting AI to automate the underwriting process, enhance customer experience, prevent fraud, and streamline the claims process. AI has helped insurance organizations overcome two major challenges—the simplification of customer service at multiple touchpoints and deeper market penetration.
- Media and Entertainment
As online, on-demand streaming channels have mostly replaced traditional media channels, consumers today have limitless options! This means media organizations must constantly ensure they can provide quantity and quality of content. AI algorithms have helped media companies study individual users to offer a highly personalized experience. In this case, AI is used to provide personalized movie recommendations, generate appropriate metadata tagging, create performance reports, and process automation in film editing.
Edtech is primarily driven by the potential and benefits offered by AI technology. Thanks to AI, education providers are able to harness the power of data for improved knowledge delivery and assessment. AI has changed the way students learn and get feedback. With advanced analysis, adaptive content, AI-powered self-assessment, and accurate identification of learning gaps, the industry can provide students with a better and more effective academic journey.
AI is Here to Stay
Artificial intelligence is rapidly making inroads into all aspects of modern organizations. According to IDC’s latest Worldwide Artificial Intelligence Spending Guide, Asia/Pacific spending on AI systems will rise from $17.6 billion in 2022 to around $32 billion in 2025. Companies that have embraced AI have already started reaping its benefits. Companies still mulling over AI adoption – the time is now to take the plunge!
Views expressed above are the author’s own.
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