New Business World with Artificial Intelligence

While we think that Artificial Intelligence (AI) in India is still at an ascent stage, it is rather growing fast. AI has silently begun to revolutionise various fragments of the industry. It shall change the way information is delivered across the verticals and provide better insights and predictive analysis for decision making. A lot of Banks have already adopted AI based systems to provide customer support, detect frauds. Some of the leading banks have also developed AI based chat bots which act like a virtual assistant. The use of AI in fraud prevention is now picking up as a concept in order to enhance security across business sectors including FMCGs, Retail & Finance. Many companies are now relying on AI and deep learning to detect fraudulent transaction patterns to prevent frauds.

Augmented reality is now a Public Relations & Marketing reality. It can be a powerful tool to provide new ways of building and maintaining public relations. With this tool, customers can learn more about a product or service in a fun and innovative way, instead of the preachy talking heads in traditional advertising. PR and AI in the future are going to offer unique brand solutions. We are already aware of how the world is affected by the campaigns of public relation practitioners. AI has the potential to distribute press releases, create media lists, transcribe audio and video into text and predict media trends etc. When we let machines do the repetitive tasks of counting, categorizing and detecting – it frees the PR professionals to do more strategic and creative work that they signed up to do in the first place. Not only will AI be a useful tool for assessing analytics, it will also provide PR professionals the ability to detect crisis more accurately.

Our powers of anticipation and responsiveness separate us from machines. These skills are the ones that will ensure the future of PR and prevent complete automation. AI will not replace humans but become a powerful tool to augment human power instead. It will create new communication patterns through new innovations. Creative thinking and accurately analysing information through the specific lens of client needs remains a job for humans, particularly when conducting analysis for global interests that span a variety of languages and cultures. We must harness AI in a productive way to meet our strategic communications goals. The future lies in Human-Machine relations.

From the perspective of adaptation of AI in technology service companies is going to be a game changer with intelligent agents that can offer 24×7 customer service for all IT related issues like password requests, tech support questions in multiple languages, company intranet powered by AI, answering employee questions on various topics like IT, HR Policies, Employee Benefits etc.

With the accelerated adoption of AI, however there has to be a great emphasis to analyse the risks associated with cyberattacks; in same way as no matter how AI reliant the nuclear weapons systems become, it is quite unlikely that a trigger of a nuclear weapon system will be delegated to an AI machine anytime soon as this would be a serious threat to global society.

Organizations will also have to invest on building skills around these intuitive technologies. The technology skill gap is something which needs to be assessed on a regular basis and organizations should invest on upskilling the employees on such emerging futuristic technologies. The future jobs of AI in India would be centred on machine learning, robotics, business intelligence, AI research and also cloud computing.

Mr. Sushil Menon SVP – IT (Infra)
Ms. Aditi Singh DVP – Investor Relations and Corporate Communications
Satin Creditcare Network Ltd