Artificial Intelligence, Machine Learning revamp services sector
Sep 2018, Novel Analytica Research Team.
Mundane office tasks in operations like HR management, accounting, billing, payments and customer service are being automated. Software programs can scan documents, enter numbers into spreadsheets, check the accuracy of customer records and make payments with a few automated computer keystrokes. The technology is still in its infancy, but it will get better, learning as it goes. So far, often in pilot projects focused on menial tasks, artificial intelligence is freeing workers from drudgery far more often than it is eliminating jobs. Custom made bots are mainly observing, following simple rules and making yes-or-no decisions, not making higher-level choices that require judgment and experience. This is the least intelligent form of AI. But all the signs point to much more to come.
Robotics help Manufacturing Industry
Aug 2018, Novel Analytica Research Team.
There is a strong emphasis on domestic manufacturing that the government is putting with its Make in India initiative. Robot manufacturers expect to see strong growth in sales. The demand for robots is coming from a plethora of sectors like packaging, healthcare, automobiles, auto accessories, FMCG, food packaging, defence as well as academic institutes. The uptake of robotics in India has been pathetically low. While 2,800 robots were sold in India, the number in China was about 75,000.
Companies like Universal Robotics unveiled a range of collaborative robots that are designed to work with humans and assist them with a variety of tasks, priced Rs 16 lakh onwards. Co-bots help automate and streamline repetitive and potentially unsafe processes thus, ensuring safe work environment while increasing productivity and efficiency. These advantages also will drive adoption among small and medium-sized enterprises (SMEs). Since it doesn’t take away jobs, the company sees a huge potential and demand.
SMEs deploy Artificial Intelligence and Analytics for sustained business growth
July 2018, Novel Analytica Research Team.
AI and other machine learning tools are an excellent way to help SMEs achieve their goal of consistent business growth in today’s competitive environment. They allow SMEs to effectively delegate routine tasks to be done by innovative yet fast methods/technologies, making executives free to focus on other creative avenues that can help businesses grow.
However, to achieve success with AI, small businesses need to strategise and align these applications with their respective business goals. The AI journey can be fruitful for SMEs if they understand the importance of this emerging phenomenon and accordingly prioritise it to achieve long-term and scalable success.