AI Has Given Organizations The Tools to Make Intelligent Decisions
Artificial Intelligence is an important component of the end-to-end digital revolution. There is tremendous interest and desire across organizations on how AI can be effectively used and the role of AI in organization’s operations. Availability of huge compute power at lower cost coupled with availability of large application data sets have enabled and propelled the use of AI. Currently, businesses have the unique opportunity of being at the helm of this shift within their industry, provided they align with the imperatives of the digital world.
According to Abhay Pendse, Chief Architect, Corporate CTO, Persistent Systems, organizations have introduced the use of Machine Learning and AI in their back-office operations. Large scale document processing of handwritten and typed documents using OCR and Machine Learning algorithms have helped in the speedy digitization of back-office work. These data sets are now being used to generate actionable insights and predictions using AI. AI analysis and insights are also being used to make the automation of repetitive tasks more intelligent and effective (Intelligent Automation).
Manufacturing industries are using AI to predict maintenance cycle and for effective inventory management directly improving productivity and capacity.
Organizations are also using AI effectively to detect, identify, isolate and stop cyber-security threats. Insurance companies are using AI models for fraud detection resulting into operational improvements and high optimizations on the costs.
In the healthcare space, AI technology is used in the image processing of X-ray and other medical images for detection of anomalies. This is giving vital data points to Doctors resulting into accurate diagnosis. Some of the life-sciences companies are using AI on huge data sets to speed up the discovery of new drugs which can eventually benefit millions of people.
“AI has given organizations the tools to make intelligent decisions and the ability to predict based on data analysis. This ability given by AI will continue to improve and drive organizational efficiencies to new levels” he added.
According to Dr. Vijay Srinivas Agneeswaran, Senior Director, Technology, SapientRazorfish, AI has helped improve operational/marketing efficiencies for organizations:
-Organizations are able to reach consumers better and able to give what they want – implying marketing efficiencies have improved. This is purely due to AI based recommendation/targeting systems.
-Operational efficiencies is also being improved – this could be w.r.t risk analytics or in certain cases, optimization approaches driven by AI/ML.
Challenges faced by companies using AI in India:
It is critical to understand that AI practices are already being implemented in today’s business environment via analytics software, automation services and even through mobile assistance. “The real challenge is keeping up with the global market. India is lagging behind in the developments of AI as compared to other nations like US and China. Similar to other products of globalization, AI in India is also a side product of globalization which is becoming widely available,” said Ritesh Gandotra .
Nowadays, organizations are utilizing the possibilities of AI with respect to their businesses but at the same time they are skeptical towards it. Sahil Chopra, CEO and Founder, iCubeswire said that there is no reason for them to refute consolidating it with their business, but the challenge arises when it has to be strategically integrated and seamlessly incorporated in the work process. Organizations may not be aware of the ideal way to utilize AI due to insufficient information. However, it is not very difficult to comprehend the usage of AI, but it certainly isn’t too easy as well. Another challenge that hampers AI integration could be self-doubt or lack of trust required for its incorporation. Many organizations still bank upon the traditional methods of dealing with the customers and they do not wish to explore new arenas even if the chances of success are higher than that of failure.
According to Abhay Pendse, one of the most important challenges that are faced by companies in India is unavailability of people with the right data science skills. With only small number of good data scientists available to do AI work, companies need to work with Universities in India to develop skilled data scientists as well as develop in-house training programs to train employees on core data science skills.
All of these challenges can only be addressed when developing a Company-Wide Digital Transformation Strategy. The strategy can be started by thinking of the stakeholders that keep the business alive: the customers. “Also, being consistent and transparent is the key. The organisations must keep employees informed and involved through the whole process of digital transformation. Empower them and paint them a future they can all work towards. The organizational structure should be fluid too— because the new frontier of technology, data and the customer experience will require it be so” said Ritesh Gandotra.
Sahil Chopra aptly concluded by saying that there is no set prototype to overcome these challenges, but one has to conduct a thorough R&D of AI which is indeed a futuristic approach and consolidate its usage with respect to their brand and end motive.