Impact of AI and Digital #Tech on businesses: Key Takeaways from #TwitterChat
AI is transforming businesses and organisations across various industries are harnessing the power of AI to automate mundane, time-intensive tasks to make data-driven decisions and improve operational efficiency. Bloggers Alliance hosted a Twitter Chat in association with NASSCOM Community via @BlogIndiaBlog on 31st May, 2020 and it witnessed huge success. The theme of the discussion was “Impact of AI and Digital #Tech on businesses” and the invited guests were Sidharth Balakrishna and Dr. Reema Aswani, AI Research Specialist NASSCOM Research. The session was moderated by Shruti Swaroop, Founder – EMBRACE.
Here are my key takeaways from the Twitter Chat on “Impact of AI and Digital #Tech on businesses”
- Digital technologies provide enterprises with the right set of tools to transform their businesses
In today’s times, when we commonly hear that data is the new oil, digital technologies provide enterprises with the right set of tools to help them enhance customer experience, operational efficiency and for augmenting revenue generation.
- AI helps enterprises take informed decisions by generating insights from complex data
AI makes it possible for machines to learn from experience, adjust to new inputs & perform human-like tasks. Along with its component technologies, AI is helps enterprises generate insights from complex, real-time and multi-source data.
- Globally retail, BFSI, healthcare and manufacturing sectors accounted for >50% AI spending in 2019
Global AI spend stood at $37.5 bn. in 2019 and is expected to reach $97.9 bn. by 2023 as per IDC and significant implementation of the technology has been witnessed in banking, retail, manufacturing, healthcare and professional services sectors. Sectors expected to see the fastest growth comprise media, government education, resources and utilities.
- COVID-19 is the biggest driver of digital transformation yet, AI is now a mandate!
COVID-19 & subsequent lockdown has created unparalleled impact on economy with a slowdown expected in most sectors. Existing challenges faced by most sectors have further exacerbated due to making AI a mandate instead of ‘good to have’. With everything shifting to a contact-less mode, amount of data generated is huge, making real-time data-driven decisions even more critical
- AI is taking the centre stage amidst COVID-19, helping enterprises survive the crisis and thrive in the long term
The use cases pan across multiple sectors, and as a fallout of COVID, sectors like healthcare, retail, manufacturing demand a greater focus for the country to survive the crisis. Digital enterprises that are utilising the data generated to deploy AI-powered solutions have a significant edge to thrive in the long term. #TechFightsCovid is becoming the new mantra.
- AI will play an assistive role and will create more job opportunities than it will replace!
AI will not completely replace humans; instead, it will augment and support humans by carrying out tasks repeatable tasks. This is will instead allow humans to focus on their value adding tasks. AI will create much more new job opportunities than it will replace. However, humans will have to be agile, flexible and proactive, willing to re-skill themselves to focus on the newer roles that they will take up.
- Technologies like cloud and edge computing will help in democratisation of AI – bringing AI to the masses
Tech trends in AI are also driven by other technologies like cloud and edge computing seeing immense growth in this #TECHADE. “As-a-service” and “at-the-edge” models along with AutoML will bring AI to the masses. The task for all of us really is how to take AI and digital tech to those on the other side of the digital spectrum.
- Shift from Machine Learning to Machine Intelligence will completely transform the AI space
We are currently in the narrow AI stage. AI can be structured on three evolutionary stages:
- Artificial Narrow Intelligence (ANI) – Machine Learning (NOW!)
- Artificial General Intelligence (AGI) – Machine Intelligence (Post 2030)
- Artificial Super Intelligence (ASI) – Machine Consciousness (Post AGI)
- AI along with its component technologies benefits multiple sectors with multiple use cases
Natural language processing, computer vision, pattern recognition, reasoning and optimisation are key components that are deployed in majority of the AI use cases. Retail, BFSI, healthcare etc. are some sectors that heavily deploy AI-powered solutions using one or more of these cognitive modes. AI-powered chat bots is one of the most common and effective NLP based use case that is implemented across service sectors.
- AI adoption playbooks by NASSCOM Research will act as ready reckoners for enterprises
NASSCOM is working on a set of playbooks that will provide a deep-dive on four sectors including Retail, BFSI, Healthcare and Agriculture. These would act as ready reckoners for enterprises while they embark on their AI journey.
The first playbook on Retail is already out! It was launched during AI Parley on 10th June, 2020. Here is the link to the executive summary: bit.ly/2XPncpZ
We are doing another Tweet Chat on NASSCOM Insights handle (@NasscomR) on “The Role of AI in Data-Led Digital Transformation”, tune in at 5:00 PM on 16th June, 2020 to participate.