The democratisation of AI
While the usage of chatbots is common now, the potential of AI is being explored to solve some unique problems.
In India, AI is becoming pervasive and has now seen adoption in a huge number of firms that are looking to automate some of their key processes. While the usage of chatbots is common now, the potential of AI is being explored to solve some unique problems. For example, Uttar Pradesh state is using an AI-powered video analytics tool to monitor prison activity across 70 prisons in real-time. The AI solution will ensure that law enforcement authorities are notified immediately as soon as something unlawful is detected.
Similarly, in the case of the jewelry giant, Tribhovandas Bhimji Zaveri, AI is being used for automating product and attribute identification. TBZ is using AI to look at the design of each jewelry and automatically capturing all the attributes. This will help the firm in not only tracking what is available in stock but will also help it in saving manpower and in estimating cost and pricing.
While the usage of chatbots is common now, the potential of AI is being explored to solve some unique problems. For example, Uttar Pradesh state is using an AI powered video analytics tool to monitor prison activity across 70 prisons in real-time
HDFC Life is using AI to build applications such as Face Sense which compares the images of customers visiting its branches for payouts with their KYC submitted at the time of policy issuance. This helps the insurer to determine whether they are the same customer, thereby reducing the risk. The firm also uses text mining techniques to read customer e-mails and identify the ones who are unlikely to renew their policies.
At ICICI Lombard, when a motor policy comes for renewal past its due date, a surveyor comes and checks the vehicle for any damages. This process has been made AI-enabled. The vehicle owner can take a few photographs and upload it for the AI algorithm to check for any damage. In case the vehicle has dents, spots, any kind of damage – then the AI engine decides, based on the photographs whether the policy is eligible for renewal or not. Currently, close to 60 percent of motor policy renewals, that are past their due date and require an inspection, are processed through AI.
At Wockhardt, an AI-based solution alerts the probability of an employee leaving the firm. This has helped the firm in curbing attrition. AI is being used as a teaching assistant to help students learn at their own pace at IIT Guwahati.
Titan has taken AI to a different level, and has used AI to create new designs of watches. The firm has created an AI-based design tool, which after learning from images of existing watches is able to create new watch designs. The AI tool has the ability to blend aesthetic elements of successful watches and re-imagine watch forms. This not only helps in reducing the design turnaround time but also augments the capabilities of its watch designers. Over a period of time, as AI systems analyse massive amounts of data, they will be able to solve some of the biggest problems known to man (example, urban flooding, a cure for cancer).
In the future, as AI systems learn and unlearn, expect IT to push the benchmarks of excellence in every business process.
Editor, Express Computer