Unveiling the Impact: How Artificial Intelligence is Reshaping Industries - Hindustan Times

Unveiling the Impact: How Artificial Intelligence is Reshaping Industries

Published on Mar 21, 2024 06:12 PM IST

As industries increasingly integrate AI-driven technologies into their operations, the impact on productivity and competitiveness becomes increasingly profound.

Unveiling the Impact: How Artificial Intelligence is Reshaping Industries
Unveiling the Impact: How Artificial Intelligence is Reshaping Industries
ByHT Brand Studio

Artificial Intelligence (AI), once the realm of science fiction, has emerged as a transformative force reshaping industries worldwide. At its core, AI encompasses the development of computer systems capable of performing tasks that typically require human intelligence. This includes but is not limited to, learning, problem-solving, perception, and decision-making. Through advanced algorithms and data processing, AI enables machines to mimic cognitive functions, unlocking unprecedented possibilities across diverse sectors. From automating repetitive tasks to analyzing vast datasets for insights, AI empowers businesses to drive innovation, enhance efficiency, and unlock new avenues for growth. As industries increasingly integrate AI-driven technologies into their operations, the impact on productivity, competitiveness, and even societal norms becomes increasingly profound. In this era of rapid technological advancement, understanding the fundamentals of AI is essential for navigating the complexities of the modern business landscape.

Rahul and Abhishek Agarwal are the visionary Co-founders of FinnUp, a ground-breaking platform revolutionising debt fundraising for Indian businesses. Through harnessing the power of artificial intelligence, FinnUp has developed a platform facilitating borrower-lender connections through AI matchmaking. This innovative approach addresses the challenges both borrowers and lenders encounter in the debt marketplace. By leveraging AI, FinnUp streamlines and accelerates the entire process, significantly reducing the time required. Tasks that previously spanned weeks or months are now completed within hours, marking a significant efficiency boost for stakeholders.

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Samir Kamat, CEO & Co-founder of Splashgain, asserts that Artificial Intelligence (AI) is significantly transforming the education sector with a new era of personalized learning and operational efficiency. With over 50% of educational institutions planning to incorporate AI by 2024, the technology is streamlining admissions through AI-powered interviews, enhancing the selection process with scalability and reducing biases. AI proctoring for remote exams offers a secure and efficient alternative to traditional methods, maintaining the integrity of online examinations. Furthermore, AI accelerates the grading of descriptive answers, reducing teachers' workload by up to 40% and allowing more time for student interaction. It simplifies question paper generation, ensuring alignment with the curriculum and difficulty levels with the syllabus. AI can assist you in defining question papers as per your requirements. Generative AI can help define interactive, adaptive case study-oriented assessments to evaluate student skills and share feedback. By embracing AI, educational institutions can offer more adaptive and inclusive learning experiences, making education more accessible and tailored to individual needs.

Ravi Kaklasaria, Co-founder and CEO of edForce, underscores the pivotal role of Artificial Intelligence (AI) in reshaping industries, particularly within the IT sector. With edForce being one of India's largest training and certification companies, it's spearheading efforts to meet the growing demand for AI expertise. As AI revolutionizes traditional business models, enhances efficiency, and fosters innovation, edForce recognizes the imperative to invest in its AI learning portfolio. Through initiatives like ProAI, we empower IT professionals with comprehensive training on cutting-edge technologies. From predictive analytics to chatbots, AI-driven solutions are transforming how IT services are delivered and consumed. This strategic focus on AI upskilling aligns with our commitment to supporting the Indian IT industry's advancement in this transformative era. As we embrace AI in 2024, its widespread adoption promises to catalyze growth and drive unparalleled transformation across industries, marking the dawn of the AI Revolution.

Abhishek Soni, Co-founder & CEO of Upwards Fintech Pvt. Ltd., highlights Artificial Intelligence (AI) as a transformative force across various industries, with its impact most pronounced in financial services. Revolutionizing traditional practices, AI has empowered financial institutions with unparalleled insights, efficiency, and security. In banking, AI algorithms analyze vast datasets in real-time to detect fraudulent activities, minimise risks and safeguard customer assets. Moreover, AI-driven chatbots provide personalized customer support, enhancing user experience and streamlining operations. In investment management, AI-powered algorithms predict market trends, optimize portfolios, and execute trades with unprecedented speed and accuracy. This enables firms to make informed decisions, maximize returns, and mitigate risks. Insurance companies leverage AI to underwrite policies more accurately, assess claims efficiently, and personalize offerings based on individual needs and behaviors, thereby enhancing customer satisfaction and loyalty. Overall, the integration of AI technologies in financial services not only enhances operational efficiency and risk management but also fosters innovation, ultimately reshaping the industry landscape for the better.

Ruchi Rathor, the founder of Payomatix, observes the profound impact of artificial intelligence (AI) on the financial industry firsthand. AI technologies are revolutionizing fintech in various ways, from enhancing customer experiences through personalized recommendations and chatbots to optimizing risk management and fraud detection processes. The application of AI algorithms enables financial institutions to analyze vast amounts of data rapidly, leading to more informed decision-making and improved operational efficiency. Moreover, AI-driven predictive analytics plays a pivotal role in identifying market trends, enabling better investment strategies and portfolio management. However, while AI brings immense opportunities, it also poses challenges such as data privacy concerns, algorithmic bias, and regulatory compliance issues. As fintech professionals, navigating these complexities while leveraging the transformative potential of AI to drive innovation and deliver value to customers responsibly and ethically is crucial. Ultimately, AI's integration into fintech is not just about technological advancement but also about reshaping the future of finance with integrity and inclusivity.

Dr. Parameshwara CM, the CEO of Smiles Institute of Gastroenterology LLP, expresses a deep fascination with the transformative power of artificial intelligence (AI) across industries. AI has revolutionized how diagnostics and treatment are approached in gastroenterology, streamlining processes, improving accuracy, and ultimately enhancing patient outcomes. Moreover, AI-driven technologies are reshaping business models, optimizing operations, and unlocking new avenues for growth and innovation. From predictive analytics to personalized medicine, AI is catalyzing a paradigm shift in how operations and interactions occur within respective fields. Through insightful analysis and real-world examples, Dr. Parameshwara CM aims to elucidate the profound impact of AI, while also addressing potential challenges and ethical considerations. Join Dr. Parameshwara CM and the team at Smiles Institute of Gastroenterology LLP on this enlightening journey as they delve into the extraordinary potential of artificial intelligence to revolutionize industries worldwide.

The Founder & CEO of Nivesh, Anurag Garg commented on AI, “I'm convinced that artificial intelligence (AI) is on the brink of revolutionizing industries in unprecedented ways. At Nivesh, we witness firsthand AI's power in reshaping finance. Our digital-first platform empowers mutual fund distributors with AI-driven insights, democratizing financial access, particularly in underserved regions. Beyond finance, AI promises innovation and efficiency across sectors like healthcare and manufacturing. Embracing AI's transformative potential is crucial. By leading in AI adoption, we can drive positive outcomes for businesses and society, unlocking opportunities and paving the way for a brighter future.”

Don't be surprised if your next job interview is taken by an AI bot. Generative AI is transforming the Talent assessment & video interviews industry. With Large Language Models (LLMs) as a foundational technology, GenAI can deliver faster, more accurate and reliable outcomes. LLMs when trained further with high-quality data, can be used to generate contextualised interviews for the candidates. CredoHire is at the forefront of driving this change in the industry. CredoHire's Co-Founder, Himanshu Kumar, explains how it works: "Our AI models create a contextualised interview based on company level context, job level context and even candidate level context. They then give these interviews to an AI bot over a proctored video call. By analyzing audio, video, and language data, we deliver actionable insights to the recruiters & hiring managers." This not only replaces L1, L2 interviews but also handles DEI issues, offers equal opportunities to the candidates and cuts time & cost by up to 90% for corporate.

Deb Tripathi, Co-founder and CTO of Edukemy emphasizes the application of GenAI in the landscape of Indian education. The UPSC sector stands at the forefront of innovation. Edukemy, a premier EdTech in this sector, has recently released its groundbreaking SmartGuess and Subjective Evaluation (Korrecto) frameworks, both powered by AI, providing valuable insights and rich feedback to students. Edukemy's SmartGuess harnesses advanced machine learning algorithms to offer personalized insights on the role of guesswork and how that can be converted to confident answers, while, Korrecto, the Subjective Evaluation frameworks employ AI-based methodologies to provide nuanced assessments and rich annotations, nurturing critical thinking skills essential for success in the competitive UPSC arena. As AI continues to permeate the fabric of Indian education, Edukemy remains committed to revolutionizing the UPSC sector, fostering innovation, efficiency, and excellence. With Edukemy's AI-driven solutions, aspirants can embark on their educational journey with newfound confidence, unlocking doors to success in the dynamic world of competitive examinations.

Srikanth Ravinutala, the Founder & CEO of Adaapt AI, observes that AI-employees are rapidly transforming process automation in various industries, fundamentally reshaping business operations. With advanced algorithms and machine learning, AI can replicate human actions like mouse clicks and keyboard strokes, as well as incorporate cognitive intelligence, leading to unmatched efficiency gains and cost savings. This adaptability enables enterprises to automate diverse processes, from procurement to order fulfilment and claims processing, all managed centrally without the need for separate systems or manual force across branches. Global adoption of AI-employees varies across industries: finance and banking lead at 70-80%, followed by healthcare (50-60%), manufacturing (40-50%), and insurance (40-50%), while retail and other sectors exhibit moderate adoption rates ranging from 30% to 50%. In manufacturing, AI-employees optimize production lines, boosting throughput and quality control while cutting costs. Financial institutions utilize AI-employees for fraud detection, transaction processing, and customer service, enhancing operational efficiency and compliance. Healthcare benefits from automated administrative tasks, freeing professionals to focus on patient care, and logistics sees streamlined supply chain management, improving inventory tracking and distribution logistics. As industries embrace AI-driven automation, the potential for enhanced productivity, cost savings, and innovation becomes increasingly apparent, marking a transformative era in industrial processes. The integration of AI into process automation signifies a shift towards greater productivity, reliability, and competitiveness. Products like Adaapt AI ensure automation reliability and success rates reach 100%, guaranteeing business continuity through 24/7 error and alert mechanisms, simplifying operations for enterprises.

In conclusion, the transformative impact of artificial intelligence on industries is undeniable. From streamlining operations to driving innovation, AI is revolutionizing the way businesses operate and interact with their environment. Embracing AI’s potential is essential for staying competitive in today's rapidly evolving landscape. By harnessing the power of AI, industries can unlock new opportunities, achieve greater efficiencies, and pave the way for a future defined by innovation and progress. As the journey into the AI-driven era progresses, industries must embrace the possibilities of AI and embark on a journey towards a more intelligent and interconnected world.

This story is compiled by Nandish Communication. For any query contact at +91-9873359807.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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