Artificial intelligence, a $15-trillion opportunity
Artificial intelligence (AI) presents a $15-trillion opportunity for India over the next few years with the transformations it can bring to supply chains, vendor management of companies and tackling a wide genre of issues across markets, said Joe Atkinson, chief AI officer at global consultancy PwC.
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“Companies can now deal with larger pools of data across a larger volume of clients and customers,” said Atkinson. “As a result, microtransactions have become much more workable and attractive. Before AI, building an expensive infrastructure to pursue microtransactions was often impractical. It’s one example where AI is unlocking new business models.”
He said that by using data derived from micro-transactions, companies can provide personalised services to customers on a different level, thanks to the hyper-personalised user environment generated with the help of recommendation engines using AI and gen AI.
Despite the power and abilities of AI and gen AI to work on data and create new insights, some companies are still not convinced about the technology and its impact on the overall production cycle.
Instead of urging them to trust the technology blindly and expect a positive outcome, these companies should start implementing AI and these tools to improve productivity,
