5 ways in which Artificial Intelligence and Business Intelligence can change the Indian market
AI is a collection of technology which helps us make sense of data and predict the outcome of new events based on learning from the historical data about the similar events in the past. AI is more or less similar to human intelligence, i.e., classifying or predicting the next outcome based on current and historical events. AI, in general, helps in automating and optimizing the tasks which are done by humans. AI will have a profound impact on the society and in shaping it. It will especially affect the emerging markets where the main workforce is non-intellectual labour. As it makes the robots more intelligent in doing the repetitive laborious tasks, the human jobs in manufacturing will diminish. The world market may not remain dependent on China for manufacturing, in-fact the US would be at advantage because of the cheaper power as it would be more economical to run the automated robots-run production lines where energy is cheap.
-By Nitin Gupta, Co-Founder, CEO & CTO, NeuroTags
In my opinion, Artificial Intelligence and Business Intelligence would change the Indian Market in the following ways.
1.Repetitive Jobs would diminish – In India, a lot of jobs in manufacturing and IT maintenance would diminish. However, for at least next 5 to 10 years the opportunity lies in training the workforce to create and tune the AI technology so that it can be employed in helping the companies across the globe adopting AI. There are close to 3.5 lakh jobs open in the AI domain across the globe, and the good thing is most of those jobs can be carried out remotely. Another advantage is that India has created its name in IT services so gaining the projects in AI services will not be an uphill task.
2.Manufacturing would be automated and local – Secondly, I feel most of the manufacturing for products consumed in India would move back to India from China in the next 20 years which would make the Indian economy more self-reliant. Although the jobs would mainly be carried out by the robots on the assembly line, there would be a lot more acceleration in local innovation, quality and customized offering for consumers.
3.Advancements in healthcare and medicines – Thirdly, if adopted early and properly the AI would help improve the service sectors, such as healthcare, in giving more advanced, caring and personalized services, which would help India further enhance the quality of its offering in this domain, and attract good business from developed countries for being economical.
The Pharmaceutical companies too if start to adopt the AI may have a lot of advantage within the next few years because of the easy access to the local and economical talent pool in AI and they would be able to compete with the top companies in the US in innovating the prescription and other life-saving drugs.
4.Revolution in education – Traditional educational institutes may see a decline in the number of students, as innovative technologies will bring the education online and make it more personalized with the help of AI. However, the innovative institutes and centres for entertainment, philosophy, and arts may see the growth.
5.Efficiency in Business – Lastly, in general, in business, the mid-management layer would also shrink due to the introduction of more AI based personalized communication, coordination and management tools. However, the employees will become more efficient, and their output would increase and so would their pay. The executives will become more efficient and informed in decision making with the help of AI-based Business Intelligence tools. The competition in almost all the sectors would increase as the cost to bring products to the market, and the cost of personalized marketing would become cheaper due to AI enabled technology. Which would, in general, be very good for Indian consumers and the overall market.
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