Rise of Big Data, AI and Analytics; what matters the most for Indian Enterprise
Organizations are now considering AI/ML not just as specializations but as an actual integral part of problem-solving writes Salman Khan, Solution Architect at Liferay.
India is the fastest growing major economy with the second largest population in the world. It has a significant impact on technology globally. Data, AI and Analytics are a few such technologies. AI, in particular, is looked upon as a technology that has a high potential to transform economies. The Indian government is taking strong steps to ensure AI is considered by all enterprises. “Hon’ble Finance Minister, in his budget speech for 2018 – 2019, mandated NITI Aayog to establish the National Program on AI, with a view to guiding research and development in new and emerging technologies” (niti.gov.in)
On the other hand, data is the backbone for research. AI also revolves around the data gathered. Considering the size of the Indian population, one research claims everyday data generated in India is approximately 20TB. This includes phone calls, Internet, Surveillance, IOT, etc. This data needs to be analysed, The Analytics process is continuous and recursive.
According to the Press Trust of India, the Indian data analytics Industry is estimated to generate $2.71 bn in revenues. Organizations are now considering AI/ML not just as specializations but as an actual integral part of problem-solving. This creates lots of opportunities in India for Analytics. Studies show sectors like Telecom, financial services, e-Commerce, and private sector banks and insurance companies have an Analytics adoption rate of 100%.
It’s fair to say that going forward, AI, Machine Learning, Data, and Analytics will not only be the central pillars of technology but will be fundamental in driving economic expansion as well. These technologies will help bridge the gap between consumers and companies. Today most big companies have to do significant research if they want to ensure a new product they introduce will be a success. However, data collected and sorted using AI will allow companies to create products that are more likely to be a success. Data will be the oxygen that will lead to the production of new products and services.
Despite the great interconnectedness obvious today, individuals, consumers, brands, and leaders still remain far too disconnected. Gradually this is changing, some parts of the world are better connected than others, however, this is only the tip of the Iceberg. As a leading New York Times journalist said, the world has gone from flat, to fast, to deep. New technologies that earlier could only be used by businesses are now in the hands of consumers. For instance, less than a decade ago only a business could afford an AI system to inform them when a delivery arrived at their doorstep. Such a system alerted business owners by displaying a message on their Smartphone, today ordinary consumers have this system. The Interconnectedness between businesses and consumers is growing and many intermediate steps that had been part of the buying process are being completely eliminated. All this is possible because of technology like AI, analytics, data, and machine learning.
Gradually these technologies will become even more intertwined with people’s lives. Even the way consumers interact with technology will undergo a dramatic change. Already ML and AI make it possible to interact seamlessly with technology using only one's voice. While using touch to Interact with technology is still commonplace, going forward it will gradually be replaced by voice. More and more consumers will begin to interact with technology using voice, it may be that AI and the issuing of voice commands become as ubiquitous and unobtrusive as electricity.
Machine learning and AI have made it possible for consumers to interact with technology without them having even a rudimentary understanding of how technology works. Data and analytics are being used by companies to better understand consumer's desire and how they can satiate these desires by selling the right products. The development of these technologies isn't isolated; rather it is happening simultaneously across the globe. Certainly, there are some companies and nations that are ahead of others in developing and using such technologies, yet India is among the leaders in this space. The penetration of these technologies across India will certainly grow and lead to the creation of data which analytics will use to glean insights into consumer behaviour. Even rural populations in India will continue adding immensely to the volumes of data being generated. The penetration of these technologies into rural areas of India will lead to the creation of better products for those living there.
In conclusion, when it comes to advanced technologies and growing countries, the discussion is always about maturity and penetration. India has proven time and time again that penetration plays an important role, with mobile devices, internet, software in general, commerce, and similar technologies. So, the fact that data, AI and Analytics operate as a unit, it is hard to rank them however if we consider the penetration and the current mood of the country, Analytics tops the chart. Data matters in general for all the enterprises and Intelligence would be the next step. As there are still places in India which are undergoing a digital transformation and hence for intelligence, penetration is a challenge.
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