Key takeaways
- India is becoming a hub for artificial intelligence with significant advancements in robotics and deep learning.
- Businesses incorporating AI are expected to see substantial revenue growth, enhancing communication and operational efficiency.
- AI is viewed as a productivity booster, capable of reversing profit decline and augmenting human labour.
The hype around artificial intelligence is very real in India with the country building deep tech pockets in robotics and deep learning areas. Research centres are rife in Bengaluru and Hyderabad where these solutions are being applied in the local economy, businesses and enterprises. Even with this progress, many organisations still pose the question: How can businesses benefit from AI.
According to a study by Accenture, organisations which incorporated AI into their business models predicted that their revenue would rise by 38% by 2035. AI has become business-friendly because it simplifies communication with clients by assessing user behaviour patterns. AI systems are also being used to control production processes and interconnected devices. At Cypher 2018, Dakshinamurthy V Kolluru Of INSOFE highlighted several use cases that indicated the paradigm shift that happened over the last five years with diminishing investments in AI, but output and performance surging, thereby resulting in a higher return on investment (ROI).
So pegged as the future of growth, AI has become a productivity enhancer, which has the potential to
- Reverse the falling profit growth through automation
- Augment human labour
- Intelligent automation/virtual workforce
- Labour and capital augmentation
- Technology innovations
