Artificial intelligence (AI) has been a subject to fare shares of debates including concern of machines overtaking, or even replacing the human workforce.
However, the ground realities suggest the main concern should be the acute shortage of skills.
WHAT ARE THE REQUIREMENTS FOR AI?
One of the main blocks in the active adoption of AI is the availability of skilled professionals. There are simply not enough data scientists to interpret massive amount of data that is generated every day. Further, since the skill-set of data scientist needs to constantly evolve along with technology, the demand-supply gap is only growing long.
In countries like India, AI adoption is driven by the evolution of the IT infrastructure. According to the IDC cognitive user adoption survey (2018), an over-whelming majority of Indian organizations have either adopted or have plans to leverage cognitive capabilities in the next 18 months.
In India, the telecom, technology and banking industries are front runners in adoption. State bank of India recently announced plans to leverage AI for its integrated platform, YONO (you only need one). This digital banking platform gives users access to banking platform gives users access to banking as well as a host of lifestyle services through a single sign-on.
Then there is the health-care industry that relies on AI to the accuracy of medical predictions, and chose a fitting line of treatment.
Retail is another and more obvious industry, where this technology has found its strong hold. E-commerce firms depend on AI tools to detect malpractices, improvement ratios and consumer buying product ratios. For instance, Tata Cliq, and the Label life are working with Mad street den that offers visual research technologies and personalized homepages based on taste of each individual customer. This improves the consumer experience by a larger scale.
Since the CEO of the company has to look after thousands of markets and stores, Manthan Analytics, based in Bengaluru, is constructing a $100-million, voice based AI platform called Maya. With Maya, a CEO gets access to statistics on a specific market at any time and can deduce the response of sales, everyday.
Companies like starbucks and pizza hut are working to execute chatbots to help accelerate customer purchases. As chatbox technologies become more advanced, virtual agents will enhance a more personal relationship with each of the individual customer. This data can be integrated to recommend products or services.
RISING BUDGETS FOR AI
Using AI, retailers are expanding their boundaries to manage the data in their systems. Adopting AI helps organizations present insights, revenues and boosts efficiencies, help thinking through complex problem areas.
Overall, industries are expected to experience more AI use cases in the near future, from digital shopping in retail to factory automation systems in manufacturing.