Discover the impact of AI across several sectors and how they are embracing the change.
One revolutionary force surprises us in a world where technology is advancing at lightning speed: Artificial Intelligence (AI). Imagine a time when a mere wristwatch which is designed to tell the time, would also become your health companion. Or when a humble refrigerator, tasked with keeping things cool, would not only chill your food but also remind you to restock your groceries. Unbelievable, right?
This is the remarkable power of AI. It can breathe life into the most ordinary objects, transforming them into extraordinary tools.
AI’s impact has rippled across sectors and revolutionised how things are done.
Companies in the automobile sector are adding personalisation and enhancing safety. Whereas, in the steel sector, AI is used to improve operational efficiency. And a similar pattern is seen in every other sector, out of which today we will look at IT and financial services.
1. Automobile Sector
AI has revolutionised various aspects of the automobile sector. It has transformed an ordinary car into an intelligent vehicle.
The magic of AI was seen in the US when Tesla came up with self-driving cars, where the driver just needs to select the destination on the map, and the car will drive itself. Later, it enhanced safety measures and added personalisation in its cars by adding AI-powered cameras to monitor drivers’ eyes for signs of drowsiness to improve road safety.
In India, Tata Motors is developing a vehicle called Tata Avinya. This car incorporates cutting-edge technology, software, and artificial intelligence. This is still a work in progress.
Other companies like MG Motors have taken car technology to the next level with their SUV, the Astor. This futuristic vehicle has a personal AI assistant that resembles human emotions and voices and provides information.
Nissan has an AI-driven car named Nissan Leaf, whose Auto Pilot mode keeps the car’s lane position and speed in check.
The Hyundai Kona Electric has integrated AI-powered features such as smart control, connected car services, and driver attention warning.
2. IT Sector
According to The Economic Times, AI has significantly changed the IT sector. Generative AI is in trend these days, and it is said to impact around 1% of India’s IT workforce potentially.
According to Moneycontrol, top IT companies, including TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra, plan to leverage this opportunity.
Generative AI refers to the ability of AI systems to generate human-like content, such as images, text, and even code. This technology has the potential to automate repetitive tasks, allowing IT professionals to focus on more complex and strategic work.
It can also accelerate software development and testing processes, increasing productivity and efficiency.
3. Steel Sector
AI technologies can enhance operational efficiency, optimise production processes, and improve quality control in steel manufacturing.
By leveraging machine learning algorithms, AI can analyse vast amounts of data from sensors and other sources to predict equipment failures and optimise maintenance schedules.
According to Mint, in 2020, Tata Steel harnessed the potential of AI by integrating cutting-edge scheduling algorithms into their hot strip mill operations. The company then witnessed a remarkable 7% surge in productivity while concurrently achieving a 2% reduction in energy consumption.
Additionally, AI can detect market trends, demand patterns, and logistics data to facilitate efficient inventory management and distribution.
4. Financial Services
AI is transforming the financial services sector in India. Banks and financial institutions use AI-powered algorithms for fraud detection, where AI algorithms analyse transactional data and identify fraudulent patterns.
Customer experience is improved through AI-powered chatbots and virtual assistants, providing personalised support and tailored recommendations.
In the securities market, algorithmic trading is optimised by AI models, which analyse market data faster and place trades by themselves.
In conclusion, while AI presents many opportunities, it also comes with challenges like data privacy and security. If these challenges are addressed successfully, India can fully embrace its AI potential and experience a transformative shift in various sectors.
*The companies mentioned are for information purposes only. This is not an investment advice.