Over the next five years, AI will achieve accelerated growth with greater reception and practical implementation. Although AI will impact majority of industries, the ones that will be greatly dependent on AI in next five years will be automotive industry, education sector, financial services, financial advisory and healthcare, says Gopalakrishna Bylahalli: Senior Vice President & Chief Technology Officer, IT Services at Happiest Minds.
What future do you see in enterprise with AI moving in fast?
Artificial Intelligence (AI) has been in existence since last 30 years, however, the differentiating factor at present is the rapidly maturing AI technology and large scale acceptability of AI in different verticals. The evolution and influence of Big Data and disruptive technologies like Machine Learning (ML), Deep Learning(DL), Intelligent Robotic Process Automation(RPA) and Cognitive Computing has played a key role in this increased application of AI in various industry sectors. In short run, industries like BPOs and KPOs will be greatly empowered by AI due to its ability to automate the mundane tasks, increase efficiency and enable accurate, data-based decision making. In mid-term, AI also is expected to reshape many of the existing processes in healthcare, banking and manufacturing sectors.
From a developing world perspective, how do you see the adoption of AI for enterprise, and in what specific verticals?
From a developing world perspective, AI is expected to play a significant role in two crucial processes. Firstly, it will act as a decision making support system, by integrating a layer of AI over the vast quantity of available industrial data collected from multiple channels. The other critical process that AI will transform and revolutionize is self-service for employees, partners and customers by integrating applications that offer information, intelligent guidance and recommendations. The key verticals that will be impacted and enabled by AI will be manufacturing, BFSI and Services industries.
Is security an issue with AI apps? They use data and so, what kind of security measures does Happiest Minds recommend/install to fight risks?
As in the case of any other application that accesses data, AI also experiences the challenges of data security. The bigger issue though is how AI applications will use the available data. AI’s ability to self-learn has great potential, at the same time, it poses bigger risks. AI applications are prone to internal as well as external threats. To avoid this, Happiest Minds advices caution while using AI application and recommends controlled usage of such applications, so that they can assist and improve our businesses and processes. Every technology has its own pros and cons, it up to us on how we intelligently leverage the opportunities and benefits, and at the same time, mitigating the associated risks.
Do you see machine learning replace skilled resources in the near future?
Apart from automating mundane tasks, ML and AI are expected to create newer and better opportunities in almost all the business verticals. It will assist skilled resources in accurate data-driven and intuitive decision making, while ensuring a faster response time. AI also enables better time management, productivity and increased learning and efficiency of skilled resources, by eliminating or automating the regular and monotonous jobs.
Are we equipped to achieve the digitization of India using the current competency in AI?
AI is the key to digital transformation and will play a critical role in enabling digitization in India as well as across the globe. AI can enable Governments to drive growth and development across industries. It can be implemented in creating smart cities, that are connected, digital, and energy efficient. It can make a marked impact in education and healthcare sector by making it more accurate and accessible across the country. AI can also transform the tourism and agricultural sector and enable the ‘Make in India’ strategy by ensuring better and faster response time and accurate decision making.
AI has witnessed a phenomenal growth and acceptance in recent times, but it is just the tip of the iceberg. We still need to augment the competencies to leverage the actual potential that AI holds. The good news is that AI had earlier existed for a long time in academia, but owing to the increase in research and availability of technology, data and infrastructure, the AI technology is now getting more acceptability in terms of practical implementation. The impact of AI in all the industry verticals and businesses will increase significantly in the next two to three years.
In five years, what industries do you see becoming completely dependent on AI?
AI has the potential to enable digital transformation in businesses and industries. With the aid of ML, DL, Cognitive Computing and Intelligent RPA, it has the ability to revolutionize many industries. The next five years will witness an accelerated growth in AI with greater reception and practical implementation. Although AI will impact majority of industries, the ones that will be greatly dependent on AI in next five years will be automotive industry, education sector, financial services, financial advisory and healthcare. We at Happiest Minds are very excited to be a part of this journey and in helping our customers and partners leverage the full potential of AI.