Aug. 17, 2020 /Hindustan Times Tech/ – Artificial Intelligence is becoming the need of businesses, especially in the Security, Healthcare, Transportation, and Financial sectors. Here are the challenges and opportunities.
Artificial Intelligence is set to play a crucial role in a post-Covid-19 world. Already, we have seen the deployment of cutting-edge technology in a variety of sectors.
We spoke to Satyen Vyas, Chief Executive Officer, and Symphony SummitAI, to discuss various aspects of Artificial Intelligence. We also discussed how cloud and other related technologies can work together with AI. Here are the edited excerpts.
What should be the role of Artificial Intelligence in the COVID and post-COVID worlds?
Adoption of technology, more so Artificial Intelligence has witnessed an uptick because of the COVID-19 pandemic. Known for its predictive capabilities and problem-solving prowess, AI is being used extensively in research and analysis to find a solution to end this pandemic. AI is also used for analysing medical data, preparing treatment plans, contact tracing, analysing transmission rates, drug development, detecting hotspots, and keeping workplaces safe.
A Gartner study in 2019 says 79% of respondents had ‘fear of the unknown’ for using AI like value measurement, risk/liabilities, understanding what AI is, etc. With job losses resulting from the pandemic and working from home becoming a permanent strategy for some enterprises for meetings, discussions and seminars which are held using applications that are developed using AI. Research and development are conducted using AI algorithms and systems to fight against COVID-19. AI will be used extensively in scientific research for quicker drug development, testing and treatment.
What is your understanding of AI’s potential? Did we overestimate its capabilities? What should be realistic expectations?
Tons of scholarly articles have been written about what Artificial Intelligence can do and how it can transform our lives. The full potential of AI is yet to be harnessed to its fullest. With Digital Transformation gaining momentum, AI and Cloud computing will play a significant role in accelerating the pace of digital transformation. Quoting again a survey from 2019, the top use cases for AI are fraud detection, process optimization, market segmentation and sentiment analysis. AI is also being used as a crisis management tool. The current pandemic has fuelled the adoption of AI to track migrant workers to offer help and help them find shelter. AI is also playing a significant role in the healthcare sector/scientific research for quicker drug development to combat the COVID pandemic. According to estimates, AI capabilities are expected to offer between $9.5 trillion and $15.4 trillion in annual economic value. AI adoption is going to drastically go up in the post COVID world across the industries.
How cloud and AI can go together?
Cloud and AI are fuelling each other’s growth. Artificial Intelligence needs to have data to begin to learn and think like human, and there is no dearth of data in the cloud. By accessing this data, AI can begin to learn the ways in which we converse and make decisions to better communicate with us. It can also put this learned data back into the cloud, helping other AIs learn in the process
For eg. at SummitAI, we have a cloud-based NLP activated and AI-powered digital agent called CINDE – stands for Conversational Interface and Decisioning Engine. CINDE can recognize natural language and respond intelligently using its AI capabilities. CINDE can pull out a relevant knowledge article from millions of data stored in the cloud, where it serves as a continually improving knowledge base for deep learning. The more people use voice-activated assistants, the smarter they get. Today, CINDE works like an extended HR resource answering questions on organization policies like would COVID treatment will be covered by insurance, etc.,
How can the cloud help modern enterprises?
Cloud computing began as an alternative to the soaring IT infrastructure costs, and within a short span, it has become the most defining trend in computing. Cloud computing is no longer a good-to-have option, but a MUST have one. In an era where enterprises are fast embracing digital transformation, Cloud computing is a must for accessing information and data, anytime, from anywhere and from multiple devices. In fact it would be right to say Cloud computing is integral to enabling faster digital transformation.
Can Indian technology firms go global? What will it take to make it big?
Many Indian firms have embarked on the global path and have been successfully leading to the emergence of Indian multinational companies. Be it a technology enterprise or a manufacturing firm, the key to remaining successful and finding acceptance to your product or service is INNOVATION. Innovative products/services which add value to the customer’s needs is sure to attain global acceptance. Symphony SummitAI is an example of a global success story. We started in India and grew to a successful global company with 225+ enterprise and mid-size customers across the globe.
About Symphony SummitAI
Symphony SummitAI’s advanced, modular solution unifies service management, asset management, and operations management into a single, easy-to-use platform. Enterprises and service providers use SummitAI to dramatically reduce the cost and complexity of their IT management while improving efficiency, productivity, predictability, and control. Leading enterprises across financial services, healthcare, manufacturing, education, and many more verticals are delivering exceptional user experiences while lowering their IT costs using Symphony SummitAI. Symphony SummitAI is a portfolio company of SymphonyAI.
SymphonyAI is building the leading enterprise AI company for the digital transformation of the business enterprise, across the most important and resilient growth verticals, including life sciences, healthcare, retail, consumer packaged goods, financial services, manufacturing, and media. In each of these verticals, SAI businesses have many of the leading enterprises as clients. SAI is backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist. Since its founding in 2017, SymphonyAI has grown rapidly to a combined revenue run rate of more than $300 million and over 2,200 talented leaders, data scientists, and other professionals.