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'Almost 25% of businesses currently implement or plan on using AI'

Arindam Singha Roy, CIO - East India Udyog

 

“Advances in digital technologies such as cloud computing, robotic process automation (RPA), machine learning (ML), artificial intelligence (AI), and block chain are transforming how companies do business. Moreover, the speed and impact of these technologies— automating, self-learning, reshaping business processes, change the traditional business models to disruption which is high on board agendas. The scope and complexity of these implementation efforts and the impact on the business, systems, controls, and resource requirements is key area of focus for our company.

 

Our digital strategy and how can the use of big data and advanced analytics drive our business has become table stakes for broader.

 

Over the past two decades, technology has evolved at an accelerated pace thereby transforming societies, cultures and economies. The emergence of Social Media, Big Data Analytics, Artificial Intelligence, Machine Learning, Blockchain and the Internet of Things, have managed to deeply transform the lives of people in various sectors including manufacturing. Industry 4.0 is the name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. I4.0 addresses highly intelligent connected systems that create a fully digital value chain, Data acquisition, data blending and advanced analytics of its always-on data streams will play a crucial role in boosting targeted improvements and systemic adjustments to production processes, product designs and other continuous improvement efforts. Almost 25% of businesses currently implement or plan on using artificial intelligence. Stand-outs are in the health, financial services and automotive sectors. Where there is data there is potential to benefit from AI. Today’s AI systems start from zero and feed on a regular diet of big data. This is augmented intelligence in action, which eventually provides executives with sophisticated models as basis for their decision-making.

 

There isn’t an area that can’t benefit from artificial intelligence. Artificial intelligence within CRM systems enable its many automated functions, such as contact management, data recording and analyses and lead ranking. AI’s buyer persona modelling can also provide you with a prediction of a customer’s lifetime value. Sales and marketing teams can work more efficiently through these features. AI can Increase efficiency without making compromises. It can provide assistance to human decision making. The algorithm makes a suggestion and provides reasoning that allows a human to accept or reject the recommendation. It will make life more interesting, any task that a human can achieve in under a second has the potential to be performed by AI. Artificial intelligence is quite extensive and already are fully inherited into our daily routine from Alexa or Google Voice assistance, to Netflix making recommendation based on pattern of our viewing.”

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