How is AI Impacting Businesses in India?
Artificial intelligence (AI) is significantly impacting many industries and businesses in India and across the planet. Here is a closer look at exactly how business owners leverage AI-powered tools to expand their reach and increase their annual revenue.
How does AI help businesses in India?
There are many ways in which AI-powered tools help Indian businesses grow, and the technology is now being leveraged more than ever by some of the country’s most successful businesses.
Some of the key industries where AI is currently being used in India include logistics, robotics, education, healthcare, digital entertainment & media, marketing, agriculture, and automotive.
It’s also being used in fashion, retail, energy, finance, eCommerce, cybersecurity, and many other industries.
In the digital entertainment industry, for example (one of the world’s fastest-growing industries), you can see AI being used at almost every top-class online casino in South Africa and India (and in most other major iGaming markets that are currently showing huge signs of revenue growth), to help personalise the user experience like never before.
AI also enhances customer service and website security, helps speed up payments (deposits and withdrawals), and reduces the time it takes to complete the onboarding and Know Your Customer (KYC) age/identification verification process.
AI helps iGaming businesses and many other Indian businesses in the following ways:
- Data analysis for better decision-making
- Boosts efficiency and automation
- Enhances the user experience and customer services
- Helps streamline operations and reduce costs
Let’s now take a closer look at what some of this actually means and why so many forward-thinking business operators in India today leverage a range of highly sophisticated AI-powered tools to take their companies to the next level.
Data analysis for better decision-making
Business owners can make far more strategic and informed decisions thanks to AI’s data-driven insights. Artificial intelligence systems can quickly analyse huge data sets to identify anomalies, patterns, and trends that humans might otherwise miss, and far quicker than humans can process the data.
Also, by analysing data in this way and identifying key areas that may need adjustments or improvements, it can help businesses allocate their resources more effectively, such as labor, financial, and inventory resources.
Thanks to predictive analysis, AI can also help businesses make far more accurate/proactive future predictions and anticipate emerging trends based on historical and current data.
Boosts efficiency and automation
AI helps operators automate a range of time-consuming tasks, such as data gathering and data entry and analysis, far quicker than humans. The tech also helps filter emails and customer service enquiries, which fees up human employers to work on other, more strategic tasks.
AI can also enhance supply chain management, optimise inventory, identify disruptions, and predict demand. By automating repetitive tasks in this way, the higher-value tasks that employers can concentrate on means that productivity is considerably boosted.
Enhances the user experience and customer services
AI-powered customer service chatbots provide instant, 24/7 support and demonstrate excellent levels of customer service. The technology also monitors how people interact with websites and uses their preferences, behaviours, and other relevant data to enhance the user experience and make it far more personalised/tailored than ever.
Helps streamline operations and reduce costs
AI can significantly help business owners streamline their day-to-day operations by upgrading existing systems. It helps improve efficiency, reduce costs, identify fraudulent transactions and other suspicious activities, and enhance cybersecurity to protect business owners and their customers.
Are there any other benefits of using AI?
Businesses can stay one step ahead of their rivals by leveraging various cutting-edge AI-powered tools. It can also generate unique content that can be used in sales and marketing campaigns, which saves businesses a great deal of time and money.
Artificial intelligence can also help employees upskill and remain on top of the latest emerging industry trends. For example, it can pinpoint employee skill gaps and then suggest personalised learning routes to quickly become proficient in any tasks they are required to undertake.
Final thoughts
Many of today’s biggest businesses in India use artificial intelligence, and it has many applications to upgrade their businesses and gain a significant competitive edge.
Some of the most notable Indian businesses that are currently thriving in the modern digital era, thanks to leveraging various AI-powered tools, are Reliance Industries, ITC, HDFC Bank, Hindustan Unilever, and Tata Consultancy Services.
Other market-leading businesses that are also heavily relying on AI to take their businesses to the next level are Bajaj Finance, Bharti Airtel, Infosys, State Bank of India, and ICICI Bank, to name a few.
As the technology continues to evolve, businesses that use this state-of-the-art technology will also continue to expand their reach and increase their annual revenue.
The post How is AI Impacting Businesses in India? appeared first on Daily Excelsior.
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