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Generative AI Adoption In India: Emerging Trends & Opportunities
Gen AI drives operational efficiencies across sectors by automating routine tasks, optimising resource allocation, and facilitating real-time decision-making.
By: ABP News Bureau | Updated at : 04 Apr 2024 04:25 PM (IST)
The current AI landscape is witnessing explosive growth in the adoption of Generative AI tools, marking a paradigm shift in how we interact with technology. A striking testament to this is the meteoric rise of platforms like ChatGPT, Copilot, Gemini, Stable Diffusion, and others, which have collectively amassed staggering user bases. ChatGPT alone reached a remarkable milestone of 100 million users in just two months.
But it is not just about the numbers; it’s about what these Gen AI apps are doing. These pioneering Gen AI applications are not only reshaping the AI landscape but also catalysing a revolution in productivity and efficiency across industries.
Let’s dive deeper to understand the emerging trends and opportunities:
Diverse Use Cases for Diverse Industries
The applications of Generative AI are vast and transformative. In healthcare, Gen AI-powered tools enable faster and more accurate disease detection, building patient information summaries, creating transcripts of verbally recorded notes, and helping radiologists interpret images or find essential details in medical records. Similarly, in finance, Gen AI is being leveraged to analyse vast datasets, identity patterns and forecast market trends with unprecedented accuracy, empowering investors and institutions alike.
From personalised product recommendations to hyper-targeted marketing campaigns, AI-driven insights are being leveraged by e-commerce and retail to optimise inventory management and even design bespoke products tailored to individual preferences. Predictive algorithms can be leveraged to optimise supply chain routes and reduce delivery times in the logistics sector, enhancing overall efficiency and customer satisfaction.
The recruitment space is not behind. Gen AI is revolutionising traditional onboarding practices by automating candidate screening processes and extracting and analysing vast amounts of data from diverse documents, such as CVs, education records, job application forms, IDs, and more – speeding up the verification Turnaround time while ensuring accuracy and compliance.
Leading companies like AuthBridge are at the forefront of leveraging Generative AI to streamline processes, increase verification capacity, and carve out room for strategic endeavours that add significant value. With Gen AI, we can seamlessly handle over 10 million documents monthly where we first OCR the images, pass the output stream to an LLM, extract the relevant fields via prompts and validate the authenticity with external/internal sources, all in under 5 seconds.
The New Era of Generative AI Startups
Between 2021 and 2023, the number of Gen AI startups in India doubled. According to market studies and research, investments in AI forward startups reached approximately $8 billion from 2013 to 2022, with $3.24 billion invested solely in 2022 across more than 1,900 Indian AI startups.
In the startup world’s lexicon, generative AI has been exploding and redefining boundaries by making traditional businesses enter a new era of innovation and creativity. Generative AI startups have offered unprecedented growth and innovation opportunities and reshaped traditional business strategies. Now, entrepreneurs are more empowered to make data-driven decisions for enhanced, efficient operational processes and personalised customer experiences.
Going beyond the Standard models
Customising Gen AI models by fine-tuning them with proprietary data or tailoring them for specific use cases through prompt engineering and prefix learning will enable companies to unlock new performance frontiers, boosting responsiveness to change signals, and supercharging capabilities.
At AuthBridge, we’ve successfully implemented this approach where we have deployed a BOT using an open-source LLM that has been trained on due diligence data so that it can help clients identify the right solution to their problems and ascertain the current business risks very quickly.
It has had over 5,000 multi-layered conversations in the last two months, resulting in 400+ new business proposals which are currently in different stages of the sales cycle.
Developing AI copilots and integrating them with humans will streamline all stages of the engagement lifecycle – eventually leading to heightened outputs and opportunities. With Generative AI at the forefront, certain tasks will be automated, others will receive assistance, and some will remain unaffected. Additionally, new responsibilities will emerge for humans, including ensuring the precise and ethical utilisation of emerging GenAI models.
Driving Operational Efficiency & Productivity
Gen AI drives operational efficiencies across sectors by automating routine tasks, optimising resource allocation, and facilitating real-time decision-making. For instance, we have been using Generative AI for Data Extraction and Summarisation, which, in classical BERT models, would have taken a lot of time because of sample annotation and model training.
Some of the documents which are being processed through our models are CVs, education documents, Job application forms, Employment documents, IDs, Litigation documents, Loan application forms, Loan sanction letters, etc, We are now processing 15 per cent of our workload using GenAI which is projected to increase to 50 per cent in the next 12 months. This is expected to drive massive productivity gains while helping us solve client problems faster.
Customer Delight with Hyper-personalisation
Gen AI models are giving new kinds of hyper-personalised intelligence into human hands. Examples include customer support, sales enablement, marketing, human resources, medical and scientific research, corporate strategy and competitive intelligence.
Large language models are useful in tackling a major slice of customer service communication by providing instant access to an extensive repository of information and analysing customers’ data in real-time to anticipate needs and proactively address issues, further elevating the customer experience. This level of customisation not only fosters customer delight but also strengthens brand loyalty, ultimately driving business growth.
The way GenAI is gaining traction will touch every business function; we also need to understand that it is a massive step up for crucial business functions to adopt it in their day-to-day work. Each team is now creating its champion to improve productivity.
Final Thoughts
Adopting Generative AI presents diverse business opportunities, including improved operational efficiency, optimised resource allocation, and personalised marketing strategies. As Generative AI matures, Indian businesses stand to benefit significantly by leveraging its potential for sustainable growth and competitive advantage.
Source: ABP Live
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