While the majority believes that artificial intelligence is ready to steal our jobs, become autonomous or even get rid of humanity, we are still far away from this moment
While the majority believes that artificial intelligence is ready to steal our jobs, become autonomous or even get rid of humanity, we are still far away from this moment. And the real problem is the lack of data analysts and AI developers.
AI cannot be adopted commercially in industries yet because we are short of qualified professionals. Cognitive computing can help with data processing but there are not enough analysts to feed them with basic information, so they can evolve. Large amounts of data are generated on a daily basis and unfortunately, people are engaged in working on repetitive tasks. Technology progresses faster than professionals do.
AI networks learn from raw inputs of data, which are entered by humans. In order for these networks to work properly, huge volumes of integrated and quality data should be loaded in the first place. Small and medium-sized companies find this process time and money consuming. Furthermore, implementation of new technologies seems unjustified.
However, predictions from IDC state that AI investments will grow in the years to come with an annual rate of 39.7%. Intel India expects that already near 70% of Indian organizations have implemented or plan to add cognitive computing to their businesses in the coming 18 months. In comparison, in Asia-Pacific countries, only one in ten companies uses AI software of some form.
Indian companies now understand the benefits AI may bring. Despite that, AI has a long road to go; it is already valued for its advantages in the fierce competition on the market. It is no surprise that organizations like IT & ITES and BFSI start to deploy AI platforms in different economic sectors. Intelenet, a BPO company, has adopted Robotic Process Automation, which eventually led to both lower human error rates and higher productivity and 10% revenue boost.
The banking sector is not underestimating the potential of artificial intelligence as well. State Bank of India is planning to launch AI software on its digital banking platform YONO (You Only Need One). Another great example from the banking sector is Lakshmi, an AI-based robot that assists customers. It speaks English as well as Tamil and provides information about account balances, deposits, credit history, and loan rates. Sensitive information is presented only on screen, she seems smart doesn’t she? Indian health care centers use AI for diagnosing and treatment issues. The e-commerce sector is also adopting smart technologies for making personal recommendations and offers.
The Indian government is interested in making the country economically competitive. Organizations are starting to realize that if they put into practice all the information they possess in their databases, they may make better and more accurate predictions, boost revenues and efficiency, lower error rates, and transform customers’ experience. We can only hope that once AI platforms go mainstream they will deliver positive results for everyone.