Artificial Intelligence (AI) is one of today's most influential technologies. It has progressed from a nascent idea to having pervaded a wide range of industries, from production to e-commerce, causing fundamental change, setting exponential development in motion, and addressing complicated business challenges.
What Does Artificial Intelligence Mean?
Artificial intelligence refers to the ability of robots to think, learn, and make decisions in the same way as people do. It has evolved from a specialist tool used only by financial institutions and huge technology deployments to a more democratised tool.
Personnel with non-technical backgrounds use AI in their functional tasks since it helps to eliminate "Human error" through deeper data analysis while also ensuring balance and scalability.
According to AIM & TAPMI's study State Of Ai Technology In India 2021, the Indian Ai - powered segment was worth at $7.8 billion in July-August 2021, a 22 percent rise from 2020. It also claims that there are around 109K AI Engineers working in The country across enterprises, a 20% increase over the previous year.
The message on the wall is clear: AI is here to stay, and India is preparing to keep up with the competition! At this point, with AI laying the groundwork for the future, it's prudent to consider how it will affect our daily lives. Finally, how does AI serve the average person?
Here's a few areas where AI is having a positive impact, with the potential for a greater impact as time goes on.
Scope of AI in BFSI
The banking and financial services industry is undergoing a transformation to become a digital-first, paperless industry. Today, there are an increasing number of options available to make banking safer and more efficient for users, ranging from digital payment transactions to digital KYC processes.
AI and machine learning-powered solutions have the ability to take this a step further, ensuring that not only are customers safeguarded, but also corporations are protected against fraud and malpractice.
Biometric and AI technologies may be used to help banks and financial institutions better authenticate client identities, detect fraudulent transactions in an ocean of activity, pinpoint non-performing assets (NPAs), and more.
Furthermore, because these institutions require sensitive and personal information from their clients, these solutions are effective tools for ensuring that consumer data is handled with the highest care and privacy at all times.
Artificial Intelligence in Healthcare
The significance of a strong public health system for any country cannot be overstated. This has, without a doubt, been greatly exaggerated since the onset of the pandemic. Furthermore, the epidemic brought the flaws in India's healthcare system to light, requiring all stakeholders to mobilise and ensure easier provision of medical services, particularly to those who are most in need.
This intelligence will undoubtedly become a game-changer in terms of providing patients with improved medical treatment. With AI at the helm, the patient path can be mapped immediately to provide transparency among medical service providers, lowering service costs and increasing effectiveness.
In the long term, we can expect a completely new future for healthcare, with robots interacting with people, checking on their health, and determining whether or not they need to see a doctor.
AI in Marketing & Retail
In today's India, ecommerce is expanding, resulting in a significant growth in brands, each with unique products and services. With such a broad customer base and many options to pick from, AI solutions have become crucial in assisting brands in becoming more visible and assisting consumers in making more informed decisions and breaking through the clutter.
Brands are already leveraging AI-powered marketing efforts to create smart, information-driven product recommendations via intelligent target marketing, gaining a better understanding of consumer behaviour and influencing decision-making.
Smart Cities in India
The trajectory of India's 'Smart Cities' may be directly connected to technology breakthroughs. The notion has materialised, and it is primed for explosive growth in the next years. Numerous cutting-edge technologies that employ AI, among many other things, have helped considerably to keeping cities secure, regulating traffic, and making transit easy and seamless in Indian Smart Cities today.
Smart cameras with facial recognition technology, for example, can be used to track patterns of movement in a residential area for a long time and aid in unusual discerning activity. The same technology may be utilised in traffic control, and it has been employed to help state police departments reduce crime rates in various circumstances.
We anticipate the emergence of numerous more smart cities in the coming years, ensuring that cities grow more pleasant, interconnected, inclusive, and safe!
Technology is strong, and as we enter a new era of rapid technological development, we must be mindful to use it properly. "Intelligence [artificial and otherwise] is not a privilege, it's a gift," says Dr. Otto Octavious from the popular Marvel movie franchise Spider-Man. And you put it to good use for humanity." We look forward to a new era in India's development storey, one in which technology is cutting-edge, offers limitless possibilities, is responsible, helps everyone, and is inclusive!
Role of AI in Manufacturing sector
Artificial Intelligence combined with advanced vision can improve the way information is gathered. Machine intelligence, learning, and speech recognition assist machines in gathering and extracting data, recognising patterns, learning, and adapting to new things or surroundings.
Second, AI has an impact on the Iot devices (IoT). Now, AI IoT will make it possible to provide items or services to clients who may not be aware that they are needed. It can also transmit detailed data back to producers to examine quality and issues that could cause failures.
By 2035, AI technologies are expected to increase production by more than 40%. By 2035, AI will increase economic growth by an average of 1.7 percent across 16 industries. As a result, proponents of AI argue that the technology is only an extension of automation, a foreseen outcome of the 4th Industrial Revolution.
AI-powered industrial solutions can help manufacturers automate processes, allowing them to create smart operations that cut costs and downtime. To forecast product demand and pricing efficiently, Ai technologies use predictive modeling and integrate it with human intelligence.
Utilities
With the improvement of infrastructure, EV adaptability, supply availability, and rising affluence, India's demand for electricity, gas, and water is fast increasing. To overcome such issues, utilities in India must reform old business processes and digitalize infrastructure in order to satisfy decarbonization targets and shifting customer expectations.
Not only has the recent pandemic forced everyone to work remotely, but it has also made us much more environmentally conscious. Utilities' ability to develop new skills, innovative business models, and a philosophy oriented on agility and collaboration will determine their survival.
AI technology (AI) has the potential to reduce energy waste, lower costs, and speed up the adoption of cleaner renewable energy in power grids, as well as improve power system operation, maintenance, control, planning, and execution. Likewise, AI can be used to design water - efficient plants and maximise water resources to lower long-term energy expenditures.
AI may also be used to detect any inefficiencies or lack of transparency by detecting any disparities in usage patterns, payment histories, and other data. It can also aid in the optimization of time-consuming and costly physical inspections.
The end result will be a cleaner atmosphere and more delighted customers!!!
In essence, what has been described thus far is only a sliver of the potential influence AI could have on development of business and operational models across industries and economies, with the power to impact every single person on the world. AI, as previously stated, is here to stay... and grow!
Written By: Ishaan Kumar
Edited By: Nidhi Jha
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