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Dr. Chandrasekhar Subramanyam

Dr. Chandrasekhar Subramanyam, IFIM Business School.

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Big Boom in AI - Future of Business in India

Another good thing happening is a number of start up have come up in AI Space to solve complex problems in almost all areas. This is an indication that the AI Market is booming.

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Artificial intelligence AI wave is getting stronger  not only in India but the whole world.  With globalization and technology dismantling the entry barriers, there is ample opportunity to ride on the  AI boom just as we did earlier in business outsourcing IT outsourcing wave. But the rate at which the technology is changing has increased tremendously and India should not wait  too long for it to mature. 

Artificial intelligence are software programs that mimic the way humans learn and solve complex problem. These systems are different from other applications which mainly process transactions and takes decisions which are explicitly programmed. Such applications cannot learn on their own.

With the adoption of Mobile Cloud Social Media technology large amount of data has been collected and AI systems need large amount of data for learning and adoption. This may be one reason why they did not take off early. With Prime Ministers push for Digital India and Make in India significant investments have gone to build eco system on which  applications can be developed.

Another good thing happening is a number of start up have come up in AI Space to solve complex problems in almost all areas.  This is an indication that the AI Market is booming.

With Digital push at country level , Internet of things and Smart cities coming up millions of devices will be connected and such a large scale connectivity security becomes an important aspect. With block chain technology becoming scalabl,e many of the applications specially those requiring secure transactions have to adopt to this technology. This opens up a huge opportunity for India as current applications needs to be ported.

AI has already made clear differences in our lives today.  If one looks at it, majority of repetitive jobs that were previously carried out by humans are now being carried out by Robots and AI Applications. An example is the Automobile and Textiles where in repetitive work done by humans have been carried out   by Robots. Uber & Ola and many E commerce companies have been using AI platform for targeted advertising and recommending customized plans. At the back end an, AI engine processes large volume of data in real time and at the same time,  also learning from new data to advise the customers for an optimum solution. Without AI this task would have been impossible by humans, irrespective of the numbers put on the job.

AI will be largely used in Banking, Financial Services, and Insurance sector. Chat bots exist today to handle customer queries on a 24 X 7 basis. With younger generation being tech savvy, they are more comfortable interacting with an AI System than a human in some areas. Probably when AI Systems mature, advise from such systems may be more unbiased compared to humans. One has to wait and see.

On a positive note repeatable labor work can be assigned to Robots and provide an incentive to workforce to be trained to higher skill level such as Design , Development and oversight. Also automation of repetitive tasks will create more time for Innovation. A huge opportunity opens up for education sector to train/upskill and to develop talent who can face future challenges.

AI Boom will necessitate a good amount of collaboration between Academics and Industry . These will be in the areas of research and development, training etc., thus inducing a push in the academic sector too.

However, a concern that needs to be addressed is the breach of privacy where hackers can exploit AI Solutions to collect private and sensitive information. A broad policy frame work needs to be put in place so that misuse will not take place. Another threat is the miss use of Machine Learning algorithms to develop automated techniques that jeopardize safety and security.

We must also increase the R & D Expenditure in AI Research and build awareness at Top management level for adoption of this technology so that we will not be left out.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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