With advances in computer processing power, memory, storage, and data tools, AI and machine learning will be integrated into the enterprise-software systems that form the heart of most organizational IT infrastructures.
How has been the adoption of AI among Indian enterprises in 2017?
Artificial Intelligence has come a long way; today it is not just for suggesting business ideas but has become a breakthrough technology enabling us to take business decisions cautiously after learning about their pros and cons. In fact, an IDC study indicated that 94%of companies believe machine learning (that also includes AI) is key to competitive advantage. In many cases, such as online shopping, machine learning understands our behavior and intent and is making precise, intelligent recommendations. Successful enterprises have realized the potential of machine learning used across business processes, applications, and line-of-business solutions to sustain a competitive advantage.
Which are the major industries that stand to benefit most from AI tools and technologies?
Enterprises and their IT Leaders are realizing the potential of AI used across business processes, applications, and line-of-business solutions to sustain a competitive advantage. Almost every industry can benefit from AI, especially manufacturing, logistics, utilities, healthcare and several others. Couple of instances of sectors closer to our home, that can take maximum advantage of AI include-
“Enterprises and their IT Leaders are realizing the potential of AI used across business processes, applications, and line-of-business solutions to sustain a competitive advantage.”
Head – SAP S/4HANA | GST Adoption | SAP Leonardo
SAP Indian Subcontinent
Retail: AI use cases for retail that are already deployed or in deployment in stores across the world. Going forward, innovators within the industry will continue to mine the countless possibilities for AI that make shopping more fun for customers and streamline many of the business processes that have strained retail resources for decades. The technology and its capabilities are sure to have the same transformative effect that retailers experienced with e-commerce and online shopping.
Banking: New banking behaviors like social payments and mobile wallets are on the rise as are the use of tech platforms that are tuned for digital customer engagement. With growing customer demand for personalized digital experiences, more efficient operations, and fast delivery of new product innovations, banks will be able to re-imagine their business processes with AI to better serve their customers and prepare for a future where the only certainty is accelerating change.
What is your advice to CIOs interested in integrating AI into their business processes and operations?
Don’t wait for the perfect time to get started: A common inhibitor is the tendency to try to fix all the problems first. Management wants operations to be flawless before shifting the focus to innovation. Our world is constantly changing, our customers are constantly changing, and the rate of change is constantly accelerating. If you wait to resolve 100% of your problems, then you’ll never get started.
Be inspired by the innovators: Companies that realize that the time is now look to create new business models and see how technology can enable them. They get the process started and adjust as and when business needs change.
Be willing to assume some risk: As compelling as the use cases may be, companies in general are afraid to fail. They want to innovate, but to do so with a 90% chance to succeed. They want to see other companies innovate, then follow suit and duplicate their ideas. This hesitancy is understandable. But you need to be willing to take calculated risks to achieve the greatest rewards. History has proven this true time and again.
Where do you see the influence of AI in businesses by 2020?
AI will become more main stream, undoubtedly. In fact, Gartner forecasts that AI will lead to $200 billion in new revenue and 768,000 new positions in 2018 itself. Thanks to advances in computer processing power, memory, storage, and data tools, AI and machine learning will be integrated into the enterprise-software systems that form the heart of most organizational IT infrastructures. This means that the software, using the mastery that it develops in individual tasks, will be able to contribute increasing levels of performance and productivity to the organization over time, rather than merely offering a one-time boost, as most software packages do today. We can only guess at the level of automation that will result, but the impact on business – and society – will be significant.