With close to three decades of experience in the IT sector, Raj as Chief Products Officer heads the Product Engineering Division at Bahwan CyberTek. In the role of CPO, Raj spearheads the development of BCT’s flagship products in the Predictive Analytics and Digital Supply Chain Management space. He is instrumental in the adoption of cutting-edge technologies into BCT’s products and services offerings. Raj heads the delivery of Enterprise and Digital Services across the globe. He leads multiple competencies ranging from Digital technologies, Enterprise Integration, Mobility, UI / UX, Managed services and Infrastructure.
If digital transformation helped enterprises optimize operations during the pandemic, Artificial Intelligence will help enterprises stay ahead of the competition in the post-pandemic era. India, especially, is well-poised for AI-driven growth.
In 2021, digital transformation created a more connected, intelligent universe. Fast forward to 2025, and we will confront 55.7 billion connected devices and 73.1 ZB of data. What does this mean for customer-centric enterprises in the post-pandemic era? Will this data unlock hidden revenue streams or be a drag on the amped-up digital momentum?
For aspiring future-fit businesses, the answer lies in AI-powered predictive analytics.
The convergence of 5G, AI and IoT has paved the way for real-time contextual predictive analytics. Intelligent foresight has replaced historical data insights and improved customer experience (CX) and decision intelligence. Adding an edge to rule-based data analytics, Machine Learning will provide enterprises with intelligence on customer behavior and market factors preceding an event and not subsequent to it.
India, in particular, is uniquely positioned at the intersection of digital consumption and digital talent. ‘Digital India’, increased smartphone penetration and high-speed Internet have made the subcontinent an attractive market for AI products. According to IDC, India’s AI market is expected to reach $7.8 billion by 2025. The palpable influence of AI in customer relationship management, enterprise risk management, supply chain, and operations applications is poised to increase in the coming years.
Predictive analytics for diverse verticals
The pandemic accelerated digital transformation in enterprises and customers, who want to do more with data. AI-powered predictive analytics will help data-rich sectors prepare for the future.
Agriculture – This could mean smart farming where remote sensing and data on soil health, temperature, rainfall, and humidity will ensure quality harvest and reduced wastage.
Pharma – AI-based analytics can predict roadblocks in manufacturing due to raw material shortages caused by natural disasters or supply chain bottlenecks.
Energy – Data from sensors, devices and assets will provide real-time data for energy firms. Frontline engineers and maintenance teams, equipped with this data, can make informed decisions to reduce downtime, improve operational efficiency and prepare contingency plans for any disruptions.
Financial services – AI-based predictive analytics solution can collect comprehensive borrower information from multiple sources (internal and external to a bank) and analyze it across parameters for early identification of incipient stress, based on global compliance standards. This early warning will help banks reduce NPAs (non-performing assets) and improve profitability.
Retail – ML will help e-commerce brands create personalized marketing campaigns and analyze end-to-end customer journeys. Brands will enjoy the advantage of predicting product recommendations before order placement.
Why India is poised to power an AI-world
According to Forrester Consulting, 98 percent of global organizations believe data analytics is important to meet business goals, but fewer than 40 percent of workloads are leveraging advanced analytics or Artificial Intelligence. While we know that India has a large population of IT-trained tech-savvy professionals, there has been a sharp increase in the number of AI patent applications. As per Nasscom, more than 4000 patents were filed in the last 5 years in the AI space. In the previous five years, from 2011–2016, just 1,000 patents were filed. In the AI industry development and technology adoption, India is positioned high on global charts.
Why extended data teams can give you the advantage
For customer-centric enterprises that do not have exclusive data science teams, strategic external partners can play a vital role in helping reap the benefits of AI-powered predictive analytics. These partners can serve as extended data teams and drive performance improvements. Their expertise in establishing AI/ML-based solutions and facilitating collaboration between data and business teams will allow enterprises to focus on core competencies.
Data footprints matter in the future world
Our devices are connected than ever and our technologies are more intuitive. We are living digital lives furnishing the Internet with staggering amounts of data. We have become conscious – of what we consume, how we consume and how much we leave behind. For smart enterprises, this is the perfect ecosystem of data, devices, technology and people to build next-generation businesses.