AI changing the current world of MNC's

Introduction

 Artificial intelligence (AI) is fast evolving as a significant general purpose technology. It is no longer restricted to technology companies and is currently being pursued widely across all major sectors, such as manufacturing, agriculture, healthcare, retail, banking and financial services, and public utilities. AI is even being implemented in the fields of national defence and security. While an increasing number of industries have already embraced AI and started to reap its benefits, many others seem willing to explore the significant business opportunities and societal value offered by AI. Companies that are at a relatively lower maturity level along their digital roadmap need to identify the potential business cases for cautious AI application. The government’s enthusiasm, support and initiatives undertaken for building AI-led solutions have provided a further push to their adoption. This traction has already motivated innovators and early adopters to develop solutions integrating human touch and machine capability. A vast majority of the tech giants and digital natives are currently in the space of augmented and assisted intelligence, wherein they are deploying AI to augment the human ability to perform tasks more efficiently with decision rights either held solely by humans or shared with machines. Chatbots, connected worker spaces, predictive asset maintenance, smart agriculture and many other such business cases serve as precedents for successful human–machine interaction models. Given the extensive applicability of AI, it has managed to create both excitement as well as perceived uncertainty regarding future employability and the role of humans and AI collaborative ecosystems. In this report, we lay emphasis on the current state of AI development in India across key sectors. We further examine the perception of industry professionals regarding the impact of AI on businesses and the risk of job automation across these industries and functional roles. The report also assesses their readiness and requirements in terms of skill sets, infrastructure, etc., to adapt to a post-AI environment.

*How has  AI help in different fields

1) Manufacturing and supply chain-The manufacturing sector has resorted AI/ML techniques for inventory optimisation, predictive asset maintenance, robust demand forecasting, structured scenario analysis, defect detection of raw materials and inefficient machines, yield optimisation, and reduction in cost of poor quality, to name a few. 

2)Healthcare- The healthcare sector in India already bears the burden of a rocketing population and a dearth of trained doctors and nurses, thus depriving a large segment of people of primary healthcare services. As an immediate increase in the count of care providers seems an impossible task, AI-powered intelligent systems could assist in meeting this unmet demand for quality and affordable healthcare in the country. These systems can serve more patients with the added advantage of lowered healthcare expense.

3)Education -AI has been percolating into the education sector at a slower pace as compared to the other sectors and its application is mostly prevalent across start-ups, which aim at improving the quality of education by providing personalised recommendations to teachers and students using an AI platform. In the process, teachers identify and rectify the gaps in the areas where students lack clarity and the students can also learn at their own pace.

4)Agriculture- AI/ML can be integrated across the entire value chain of agricultural practices. Currently, state governments have collaborated with technology giants for developing ML-based multi-variant agro-commodity price forecasting models which determine the minimum support price (MSP) for products.4 Further, AI is also being used to assist farmers in smart farming by informing them of the optimal time for sowing, providing timely and site-specific