India's business environment is undergoing significant transformation through the integration of artificial intelligence (AI), enhancing innovation, efficiency, and competitiveness. This evolution positions India as a burgeoning market for AI solutions, despite facing challenges in its AI journey.
During a panel discussion at the Tech Outcomes Event 2024 in Mahabalipuram, Tamil Nadu, Achyuta Ghosh from Nasscom highlighted the increasing adoption of AI across various sectors. Organizations are leveraging AI to cut costs, boost operational efficiency, enhance customer experiences, and drive revenue growth.
Kavitha Srinivasulu of Tata Consultancy Services pointed out that while AI automates routine tasks and enhances cybersecurity, it cannot replace human judgment. She emphasized the need for robust data collection and transparency in algorithms, particularly in healthcare, to overcome challenges like data quality and regulatory hurdles.
Divya Madaan from Sun Life Global Solutions noted the impressive growth of Global Capability Centers (GCCs) in India, attributing this to skills development and progressive policies. She mentioned that the insurance sector is embracing advanced technologies such as facial recognition and biometric voice recognition to improve customer interactions.
Vinod Sharma from Hero Future Energies stressed that for India to thrive in an AI-enabled landscape, it must address skilled labor shortages and inadequate digital infrastructure, particularly in rural areas. He underscored the rising demand for data centers in sectors like finance and healthcare, which requires substantial investment.
Ghosh concluded that India's interconnected challenges necessitate a holistic approach, emphasizing investments in cybersecurity, training, connectivity, and digital infrastructure to leverage AI for sustainable growth.