Rising AI adoption in India throughout the year 2020

Surely the Pandemic has caused havoc in the world. However, it has also made an evident statement that Emerging Technology is gradually becoming an inevitable part of our daily lives. According to a recent report by PwC, 94% of Indian organisations now perceive AI will help to create more opportunities than cause a serious threat to their industry. The country has observed over a 45% increase in AI adoption rates in 2020.  

It was previously assumed that a country like India with diversities needs a considerable amount of time to embrace AI as a solutionbut the pandemic has been an accelerator and proved this theory wrong.  

We are being a part of sector reconfiguration. Be it medical facilities, universities or start-ups, they are trying their best to keep up with the changing times and receive potential benefits through Artificial Intelligence. The report also analysed the growth of AI during the next two years in the Indian market and its states that the adoption of AI by companies for various applications like customer profiling, due diligence, quality checking, classification of documents, compliance monitoring, and others presents a great opportunity gaining a significant advantage. 

14th December ‘The Road to RegTech’

A diverse subject of discussion needs a diverse panel. Big Innovation Centre, India was graced with the notable presence of four faces of leadership and strength for our recent webinar ‘The Road to RegTech’. relatively new concept to the India audience, RegTech as we now know is the is Technology that helps streamline the process of regulatory compliance, reducing cost and time spent on regulatory operations. 

Big Innovation Centre, India hosted its very first RegTech webinar on 14th December 2020. What better way to end the year other than learning from the very best. The webinar started at 4:00 PM (IST) with the leadoff of Mr Aravazhi K (Chief Operating Officer, Big Innovation Centre, India). Following the introduction of the best suited Moderator of the Webinar, Lord Tim Clement-Jones (Chair of RegTech Programme) and the fellow panellist Mr Salman Waris (Co-chair of RegTech Programme), Mr Vikrant Ponkshe (BFSI Thought Leader, Fin-tech & Reg-Tech Advisor) and Mr Shreyas Jayasimha (Advocate/Counsel).  

It was indeed a pleasure to hear the industry experts of RegTech, FinTech, and LegalTech talk about the industry and its latent future in India and overseas. They also discussed the approach that industries are taking up to familiarize themselves with this Technology, challenges that businesses are overcoming with this new Regulatory Technology.  

 

The stature of AI for Indian Healthcare Industry

With startups and various MSME companies offering Artificial Intelligence as solutions to complex challenges, we know that it has grabbed the market and is at the forefront. Amidst this, it is being proven that AI has become a champion in the Healthcare industry. According to a Forbes article, the total of public and private sector investment in AI for healthcare is stunning and it is expected to reach $6.6 billion by the year 2021. Accenture also predicts that the top AI-based applications may help in annual savings of $150 billion by 2026. 

And for India, the statistics look promising as the rest of the world. Niti Ayog has predicted that a gradational USD 957 billion could be added to the GDP by the year 2035 by adopting AI in various sectors like Healthcare and Education, which will be boosting India’s annual growth by 1.3 percentage points by the year 2035. This is excellent news for both the industries and as for Healthcare, the COVID-19 has projected a dire need of better infrastructure and facility for India.  

Why is India a great platform to experiment for AI in Healthcare? 

A country like India provides a unique opportunity for research and experiment in Healthcare. It demands off-beat solutions for diverse challenges. Be it rural-urban divide, demographic, skill or infrastructural, India has been an innovation ground to bridge a gap between these.  These contemporary innovation challenges would help AI prosper to its peak in the healthcare realm.  

How is AI useful in the Healthcare Industry for India?  

Among its numerous benefits, there a few that Artificial Intelligence has aced for the medical sector: 

  • Diagnosis, Prognosis and Prevention 

The old story would go by the norm of diagnosis, treatment and rehabilitation. However, this process can be sped up with the help of technology, Aka. Artificial Intelligence. The agenda is to cure and serve patients fast. And AI is offering a better decision-making advantage with precise facts and figures.  

  • Update and Evolve 

With every new research, there is a probability of an improved course of treatment and prevention. While at present, the absence of rapid testing and development makes this entire process becomes redundant with time. AI and Machine Learning are all about efficiency and accuracy, which helps the process to amplify and evolve consistently.  

  • Cut down on Healthcare cost 

Technology enables humankind to advance in due course of time. The role of AI in the Healthcare sector will not just make this service immaculate, but it will also reduce the hefty costs that come with it. Timely patient care with deep learning will save time, effort and make the entire process cost-efficient for all.  

Conclusion

 So, in terms of usefulness, AI will not just benefit, but it has the capability to advance the Medical sector for India. The process has already been started, yet there is a long way to go. Adding to the need, doctors have begun to believe that technology like AI can prove to be a great support to their experience and skill. On an interview with the Economic Times, Dr Naresh Trehan, Chairman & Managing Director, Medanta said, “There is a huge assistance from AI in the delivery of healthcare today. Now the physician has a complete picture of what could be the differential diagnosis and you try to compute it from there,”. 

The only need is to move forward with time. Big Innovation Centre, India is determined to do the same. Educating and supporting students, working professionals and even institutions learn all about Emerging Technologies and implement it to find solutions. BIC India is meant to look into the Global Perspective of Innovation and invention through a Kaleidoscope of opportunities. While we strive towards contributing much to society, we help it function better. Our efforts are to answer pertinent questions for people and their business.   

 

30th November ‘How is Blockchain going to simplify and automate commercial transactions?’

The concept of Blockchain meant for Cryptocurrency grazes reality and truth because Blockchain is a vast concept that is benefitting the present society in various ways. One of the significant contributions is to automate commercial transaction. So, Big Innovation Centre, India produced an opportunity for all to know this Emerging Technology a lot better. We hosted a webinar on 30th November 2020. 

The insightful webinar started with the opening address of Mr Debjyoti Deb (Associate Manager Marketing, Big Innovation Centre, India) and proceeded to introduce the Moderator of the evening, Mr Jay (Chief Operating Officer for Big Innovation Centre, India). The event moved along with the introduction to our esteemed speakers, Mr Fernando Santiago Cajaraville (Blockchain Research & Project Manager at Big Innovation Centre) and Mr Anuj Kumar Garg (Innovation and Blockchain Leader at IBM). Our panellists further elaborated their views over the subtopics, which were: 

  1. How the Blockchain application is modelled and how it processes transaction?
  2. How will Blockchain evolve in the Future?