According to a recent Gartner report, by 2025, the 10% of businesses that develop best practises for machine learning (ML) or artificial intelligence (AI) engineering would produce at least three times more value from these initiatives than the 90% of businesses that don’t.
It is difficult to disagree that the future of businesses depends largely on AI and ML technologies together with other digital technologies given the substantial value predicted to be obtained only from the implementation of ML/AI practises.
A world that accepted technology at a rate that would have otherwise taken a very long time to evolve has been revealed by the epidemic.
Enterprises have been able to overcome these difficulties thanks to the widespread adoption of new technology brought on by the pandemic. For organisations, cutting-edge technologies like AI and ML are opening up a whole new universe of possibilities.
Taking advantage of the early-mover advantage can help organisations make critical business decisions more intelligently and intuitively.
Innovation was hampered by outdated techniques such as rigid, monolithic systems, limited adaptability, and manual procedures.
Modern technologies are becoming more and more useful every day. By successfully integrating ML algorithms into their processes, marketers are beginning to leverage ML-based solutions to personalise offers to their clients and further gauge their satisfaction levels.
These are just a few examples of how AI/ML algorithms are helping companies operate their operations profitably and wisely.
Additionally, businesses are seeing the advantages of ML and AI-integrated cloud apps and infrastructure.
They let businesses to concentrate on high-value tasks that generate profit-generating outcomes rather than manual labour and management. Enterprise IT workloads may become more efficient as a result of ML, which will ultimately lower the cost of the IT infrastructure.
This is especially true for India, where consulting firm Accenture projects that the usage of AI may boost the country’s GDP by $957 billion by the year 2035, providing that the “proper investments” are made in cutting-edge technology.
India has a huge potential to unlock the actual potential of AI because to its entrepreneurial drive, wealth of talent, and access to the necessary educational resources. However, they need the right partner.
The largest drawback of employing AI is that businesses frequently experience implementation problems, which can range from a lack of data science skills to a platform’s inability to operate in real-time.
As a result, there is some hesitation among organisations to accept AI, which is having an adverse effect on consistency and effectiveness.
However, India’s full potential can be realised with the proper partner. We must lead the shift as we transition to an AI/ML-driven future by developing the necessary skills.
Building smaller, more specialised “MLOps” teams, similar to DevOps teams in application development, is a more practical alternative to marshalling an army of data science PhDs, which many businesses lack.
Such teams might include not only data scientists but also developers and other IT engineers, with the goal of deploying, maintaining, and continuously enhancing AI/ML models in a production setting.
While enterprises must coordinate resources to support the development of an AI/ML led ecosystem in India, IT professionals bear a significant portion of the responsibility.
AI and machine learning will eventually become the competitive advantage that organisations must employ in order to survive and grow.
According to Forrester, one in five organisations will increase their investment in “AI within,” or AI and ML integrated into their systems and operational procedures.
The use of AI and ML, two potent technological tools, is essential to helping a company achieve its objectives for digital transformation.
