In todays business ecosystem, artificial intelligence (AI) is an effective tool to immensely increase production. By implementing AI, accurate results can be achieved and further, physical disadvantages such as manual labour gets ruled out.
According to Accentures report, Rewire for Growth: Accelerating Indias Economic Growth with Artificial Intelligence, AI can boost Indias annual growth rate by 1.3 per cent by 2035.
As per the cited report, AI helps to enable growth in three ways, which are as follows:
These factors show how implementing AI can bring ease in doing business.
Why is AI a Growing Need?
In the evolving tech world, remaining market-relevant is as important as administering ones business regularly. The trend of digitization and automation have massively impacted the business ecosystem as a businesss digital presence is more empowering today than its physical form.
In 2017, the highest count of layoffs took place in Indias IT sector, making it one of the most catastrophic periods for the IT employees in the country. Over 56,000 IT employees were laid off in that year, which consequently led to a depression in the IT sector. Digitisation, as well as automation, were considered to be major reasons for these massive layoffs.
This scenario, in turn, exhibited as to where businesses are heading to and what tools businesses need to streamline with changing times. Automation and digitisation are straightforward responses to this.
Streamline Business Operations with AI
In the past, entrepreneurs have learnt the importance of AI in businesses and thus they are implementing it to leapfrog in the market today.
For instance, in the last two years, Swiggy, a food-delivery business is increasing its reliance on artificial intelligence massively, according to the daily news, The Economic Times.
As per cited reports, the number of interactions on its platform since October 2017 has gone from 2 billion (across consumers, riders and restaurants) to 40 billion in January 2019. In that time, Swiggy has gone from a business working with 12,000 restaurants to over 55,000; from seven cities to 70; and from the number of delivery staff of 15,000 to 120,000.
Swiggy is accelerating owing to its increasing focus on technology, especially AI to enable growth, Dale Vaz, Engineering and Data Science Head at Swiggy, told the daily news.
Similar to this, homegrown companies viz., OYO, Flipkart and Paytm have also invested in AI and in turn, have enhanced their businesses.
This shows that AI adoption is vital for companies today as it gives a better insight into consumer trends and further improves production rate.