AI & Machine Learning transforming Indian Businesses

Whether we realise or not, our day-to-day functionality is deeply surrounded and influenced by Artificial Intelligence and our association with AI is getting deeper with every passing day. From SIRI to self-driving cars, Automated financial investing, Social media monitoring, healthcare management etc, tentacles of Artificial Intelligence crisscross the tangent of our daily life in multiple way and means, most of the time without ourselves being aware of it.

AI surrounding us is generally known as narrow version of AI as it is designed to perform a narrow task (e.g. only facial recognition, gaming applications driving a car etc). These are generally considered weaker as they lack the abilities to outperform human intelligence. For e.g. though Siri supports a wide range of user commands, performing phone actions etc but when we pose a set of question which Seri is not designed to learn, it often results with vague results as it not a conscious machine learning. However, the long-term goal of researchers around the world is to create strong AI.   Strong AI embedded machines would have a deeper understanding of our world and the way human being interacts and learn. It will have a superior to learn and to carry out a huge range of tasks. These programs  will have human-like flexible thinking and reasoning with advance applications. 

We know that technologies are usage neutral. This also applies to AI.  Our societies will have profound impact on the positive applications of AI. Societies will have ability to use a set of AI technologies and applications, which may with the best and brightest humans. This may help us in solving complex problems and challenges, which are consistently posing threats to human existence e.g Climate Change etc in a more innovative and greener way.   

According to various research reports, AI applications can create trillions of dollar of in value, annually across various business functions, spanning across different industries. Globally various industries are using AI for building innovative product and services. Healthcare, Food Technologies, Logistics, Fintech are at the forefront of this revolution. If we aspire to become a USD 5 Trillion-dollar economy, technology will be at the core of this growth and it will not be overoptimistic to assume that significant chunk of this growth will be directly or indirectly linked to the use of AI and Machine learning. The premise of assumption is simple that we cannot succeed with our peers in grabbing the bigger pie of global GDP, unless our manufacturing and services are cutting edge and best in class, suiting the needs of global customers.

In India, mature industries as well as start-up are building customer focused products around it. Stock broking firms e.g. Angel Broking and others are using the power of AI to solve the problems of financial inclusion and offering best in class financial products at lower cost. These businesses are the reflection how the power of Machine learning can be used for solving problems as well as creating wealth for the investors.   lot of young entrepreneurs are working on AI based technology for solving Indian and global problems. Intello Labs founded by Milan Sharma is one such AI focussed startup which is using AI, Machine Learning, and computer vision to solve food loss problems by digitizing the quality assessment of fresh fruits and vegetables. Doxper, founded by Shailesh Prithani is another example which is using AI for digitising healthcare data, which is currently missing in India and other developing economies.

By 2050 planet may have to support survival of 9 billion people. Mankind need food cloths, mobility, jobs and education. These technological developments make it imperative that in future communities are bound to witness fundamental transformation in the way we interact and conduct ourselves. With the assistance of emerging technologies, together we aspire to create a World which is more interconnected, transparent and helps every individual in succeeding and prospering while working together

Related articles