How AI is Revolutionizing Modern Businesses
Artificial Intelligence (AI) is transforming the way businesses operate across the globe. In India, several companies are utilising the power of AI to innovate, improve efficiency, and offer personalized experiences to their customers. This article explores how AI is revolutionizing various industries in India, providing specific examples of businesses that are leading the way.
How AI is Revolutionizing Modern Businesses
Telecommunications
Reliance Jio has made significant strides in using AI to enhance customer service and network optimization. Their AI-driven Jio Video Call Assistant, developed in collaboration with Radisys, streamlines customer interactions by addressing repetitive queries and reducing wait times. This assistant can be accessed on any 4G-compatible phone without the need for a separate app, making it highly accessible to users.
Jio has launched JioBrain, an AI platform that integrates machine learning capabilities into telecommunications and enterprise networks. Developed after two years of research by hundreds of engineers, JioBrain supports applications such as speech-to-text translation, text-to-image generation, and code generation, making it a versatile tool for various business needs.
Jio’s Haptik platform has introduced “Contakt,” a generative AI system designed to create personalized customer service bots, supporting over 100 languages and integrating with multiple communication channels.
Mukesh Ambani, Reliance Industries Chairman, highlighted that Jio Platforms aims to develop India-specific AI models and AI-powered solutions across domains. Jio is also collaborating with Nvidia to build cloud-based AI compute infrastructure, leveraging advanced technologies like the Nvidia GH200 Grace Hopper Superchip and Nvidia DGX Cloud.
IT Services
Tata Consultancy Services (TCS) is at the forefront of AI innovation, applying AI solutions in healthcare, finance, and retail. TCS has launched WisdomNext, a generative AI platform, to customize solutions for its clients.
This platform supports a wide range of AI applications in sales, marketing, customer services, IT, supply chain operations, and insurance claims settlement. TCS’s AI pipeline includes over 200 projects, which are now moving from proof-of-concept to production.
Banking Sector
HDFC Bank is utilising AI to improve customer service and operational efficiency. The bank’s AI chatbot, Eva, handles millions of customer queries, providing quick and accurate responses. Additionally, AI is used in credit scoring and fraud detection, ensuring secure and personalized banking experiences for customers.
E-commerce
Flipkart is a leading example of how AI can transform e-commerce. The platform uses AI to provide personalized recommendations, optimize search functions, and enhance supply chain management. AI-driven fraud detection systems also ensure secure transactions, improving overall customer satisfaction.
Food Delivery
Zomato is actively exploring generative AI to enhance customer experience. The company has appointed a head of AI product development to drive these efforts, focusing on integrating AI into customer interfacing features such as search and notifications, and backend tools like product photography and customer support. Zomato and its quick commerce platform, Blinkit, are using AI to predict food preparation and delivery times, optimize supply-chain costs, and reduce delivery times.
Retail
Lenskart employs AI for virtual try-ons, allowing customers to see how different frames look on them without physically trying them on. This has provided convenience to customers, who can now choose the correct frame from the comfort of their couch. AI also helps with inventory management and personalized recommendations, enhancing the shopping experience and operational efficiency.
Lenskart’s partnership with Tango Eye, an AI video analytics solution, helps analyze customer footfall in physical stores, improving sales, efficiency, and security.
Insurance
PolicyBazaar leverages AI to recommend suitable insurance products, detect fraudulent activities, and improve customer service. Their AI-driven chatbots assist customers in navigating insurance options efficiently, ensuring they find the best policies for their needs.
Healthcare
CureMetrix is revolutionizing healthcare with AI by improving the accuracy of mammography screenings. Their AI algorithms enable early detection of breast cancer, leading to better patient outcomes and potentially saving lives.
Oil and Gas Sector
Bharat Petroleum Corporation Limited (BPCL) has introduced Urja Chatbot, the first AI-based chatbot in the oil and gas sector. Urja enhances customer interaction by providing instant responses to queries related to LPG booking, payment status, and delivery.
This chatbot supports multiple languages and is accessible through the BPCL website and mobile app, making it a valuable tool for improving customer service in the industry.
Conclusion
AI is transforming modern businesses in India by driving innovation, enhancing efficiency, and offering personalized experiences across various industries. From telecommunications and banking to e-commerce and healthcare, AI’s impact is profound and far-reaching.
As AI technology continues to evolve, its potential to revolutionize business operations and customer interactions will only grow, promising a future where AI-driven solutions become integral to success and growth.
You can explore an AI tools directory for further enhanced business operations, there you can find a curated list of best AI tools suitable for various business needs.
AI is not just a buzzword but a reality that is reshaping the business landscape in India. Companies like Reliance Jio, HDFC Bank, Flipkart, Zomato, Lenskart, PolicyBazaar, CureMetrix, and BPCL are leading the charge, showcasing the diverse and impactful applications of AI. Whether it is through improving customer service, optimizing operations, or enabling early disease detection, AI is proving to be a game-changer, making businesses more efficient and customer-centric.
