Here’s how AI is driving transformation across industries

Though artificial intelligence (AI) is new, it has been adopted across sectors and industries. Companies across various sectors have been exploring ways to deploy AI across functions to save time, cost, and boost productivity.

 “Our clients have started saving about 50% of time spent on each task,” said Mukul Gupta, chief enterprise architect, Minfy. Though this raises question on job security of people involved in these functions, he argued that AI will not replace humans, rather humans who don’t use AI will replace those who don’t.

Addressing the India Internet Day event by TiE, he said that Minfy, that offers AI solutions to companies, is streamlining business solutions to help clients across industries. He said that Minfy has recently developed a chat bot for human resources functions like preliminary interviews conducting, documentation support, HR portal navigation, etc.

A key advantage of a new technology is that entrepreneurs start ways to explore business ideas built on it. Similarly, in India, several AI-driven start-ups have started emerging. Commenting on this, Sampath P, Partner, Kalaari Capital said,

“AI has multiple dimensions. While some are working on development of AI-driven applications, some are working on offering data security, developing guardrails, etc.”

Today, according to him, AI is being used across a wide spectrum. While some start-ups are developing application for businesses, some are working on the development of consumer focussed applications. “However before investing, we look at the application of the technology, and analyse what problems it is solving. That’s how we define our AI investments.”

Rohan Chincholi, chief digital officer, Havas Media Network said, “AI has travelled all the way from being an experimental technology to being an integral part of consumerism. From offering personalised shopping recommendations to finding right target audience for products, from brand building to designing campaigns, D2C companies have been actively adopting AI across multiple functions.”

According Chincoli, just with the right prompts, such time taking tasks can be performed in just about 15 minutes.
Concluding the session, Gupta said, however, only preliminary and repetitive tasks can be addressed using AI. “The idea should be to let AI tackle the first set of queries, and transfer it to humans only if it fails to solve the issue,” he said.