Indian tech industry leaders highlighted on Saturday that the upcoming year offers an exciting chance for purpose-driven organizations to better serve their communities as we progress in utilizing AI in ways that will necessitate increased funding and expertise.
In the following year, businesses will revolutionize how they gauge performance and productivity, concentrating on outcomes such as products launched or leads generated rather than inputs.
"Business leaders have a duty to ensure that their teams have the appropriate resources and backing to seize unprecedented opportunities presented by AI," stated Arundhati Bhattacharya, Chairperson and CEO of Salesforce India.
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"AI's impact will be observed through heightened productivity within these ever-evolving business models. In essence, AI will influence every facet of the tech industry and the markets they cater to," she added.
As per a recent Nasscom study, AI and automation have the potential to contribute up to $500 billion to India's GDP by 2025.
"In the realm of Generative AI, we anticipate that it will significantly enhance efficiency, and we will all become familiar with the term 'semantic query.' Advancements in semantic query, essentially a question expressed in a 'human' language that is then translated into machine language, will significantly alter customer service," mentioned Bhattacharya.
Throughout 2024, industry leaders anticipate semantic query becoming a fundamental aspect of AI. Businesses can offer swift and meaningful, hyper-personalized service with AI using text, images, videos, and audio for search.
Generative AI (GenAI) is anticipated to generate economic value ranging from $2.6-$4.4 trillion annually, with about 75% expected to be concentrated in software engineering, customer operations, product and R&D, and sales and marketing—core service lines for many technology service providers in India, according to a recent Nasscom report in collaboration with McKinsey & Company.
Bikram Singh Bedi, Managing Director of Google Cloud, India, stated, "We are uniquely positioned to assist businesses in innovating with generative AI through our advanced models, aiding businesses in solving intricate problems and transforming in this new AI era."
"2023 has been an exceptional year for Google Cloud, particularly for our business in India. From establishing profound collaborations with CERT-In, Bhashini, and ONDC to introducing Gemini Pro, we have witnessed the potential of how technology can shape the future of Indian organizations, the public sector, and beyond," shared Bedi with IANS.
According to Rajesh Mirjankar, CEO and MD of Kiya.ai, generative AI is reshaping finance with human-like content generation, captivating a wide audience. "Financial institutions are poised to integrate this technology, deploying advanced finance advisors for a revolutionary impact on services like creditworthiness assessment and robo-advisory," he pointed out.
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