PwC, the largest professional services firm of the world, in a survey has claimed that 71% of the business leaders who participated in the survey opined that AI will help us to enrich our lives by solving complex problems. The growing trend of AI adaptation by businesses and institutions around the world bears testimony of the fact that AI is indeed in the process of changing how we interact with the machines. We are already using smart phones with AI assistants and their role in enriching our experience is undeniable.
What is the hype all about?
In the beginning AI was conceptualized as the ability in machines to mimic human intelligence. However, rapid advances has led to amazing results as AI powered machines have the ability to perform complex tasks like learning from experience and making decisions to solve difficult problems. Thus, the technology has found applications in almost every possible field. Some of the practical instances are-
- Speech to text conversion.
- Translation and voice recognition.
- Automatic image colorization and image recognition.
- Intelligent robots which can handle multiple tasks.
- Self-driving cars and intelligent advisors.
- Data collection, computation and analysis.
The list is never ending which indicates AI’s high potential!
Role of AI in India
India is the fastest growing economy today and being the second most populous country, has to play an important part in the AI revolution. The government of India recognizes that and the NITI Aayog has already established a national program on AI with the help of which it aims at building a vibrant AI ecosystem in India. With the unique brand #AIforAll, NITI Aayog hopes to place India among the leaders of AI utilization.
Top Indian banks are already utilizing AI to perform better and the story of SBI is worth discussing-
SBI is the largest public sector bank of India and maintains its huge customer base of 420+ million customers by its foresight. The bank had launched a hackathon- “code for bank” to enable startups and developers to come up with innovative ideas for the banking sector. The SBI chatbot SIA is a phenomenal example of the use of AI as an assistant. SIA is capable of handling more than 10K enquiries per second and continues to enrich customer experience in the bank’s website.
The road ahead for India
Although India is on the right track in embracing next gen techs, yet the country has its own fair share of challenges. A recent study by Aspiring Minds suggests that most of the Indian graduates are unskilled to be employed in the AI based positions and the talent gap is disturbing. The demand for trained professionals is very high especially in Indian cities like Bangalore which houses most of the AI based startups. This is why institutions offering Artificial Intelligence training in Bangalore has become very popular. It is taken for granted that after completing Artificial Intelligence training in Bangalore any individual can land on a lucrative job opportunity in the city itself.