17th February ‘Tracing the path for Supply Chain with Blockchain’

According to recent reports, the Global Blockchain Market is thriving in the postpandemic period. The Supply Chain Industry that was slowly adopting Blockchain Technology is now picking up pace. It is stated that the postpandemic Global Blockchain and Supply Chain market size has extended to a much greater number and is expected to reach from USD 253 million in the year 2020 to USD 3,272 million by 2026.  

Evaluating the present situation, it can be said that Blockchain Technology has taken a giant leap forward in the Supply chain industry. But How? 

Big Innovation Centre, India, hosted its second Blockchain Series Webinar on 17th February 2021. Referring to Blockchain Technology’s demand, there is a staggering need to clear the air about Blockchain. Thus, our webinar ‘Tracing the Path for Supply chain with Blockchain’ was our effort to discuss the Role of Blockchain in the Supply Chain Industry.  

The Webinar started with the introduction of our Moderator, Mr Jay (CSO, Big Innovation Centre, India) and the highly acclaimed Panelists, Ms Mohua Sengupta (Blockchain Evangelist and Seasoned IT Services Leader), Mr Anuj Kumar Garg (Innovation Leader, IBM) and Mr Fernando Santiago- Cajaraville. Along this, the Webinar moved the lines of a brief discussion about Blockchain and the Supply chain unification, bringing a little perspective about the rest of the session.  

The Webinar covered three major Sub- Topics, how is Blockchain remodelling the Global Supply Chain, Improving data quality with Blockchain, Supply chain financing with Blockchain and discussed the various case studies regarding, how blockchain has boosted the Global Supply chain during the Pandemic. The Webinar ended with a perspicuous summarization of Blockchain and its potential to uplift the Supply chain Market.  

If you have missed the webinar and want to hear the experts talk about it, Click Here 

 

How is Business Intelligence Transforming Businesses to be Future-Ready?

How is Business Intelligence Transforming Businesses to be Future-Ready?

The Digital Revolution is having a roaring good time, and the market is subject to trade places as per the very demanding nature of consumers. While Data has become a powerful thing, every industry is diving into the unknown, taking risks to place themselvein an advantageous position. However, the rapid development of technology and innovation has guided us through a tough time and equipped us to provide the right. At this time, businesses need a thorough, insightful model of functioning processed through Business Intelligence.  

A report by Zion Research predicts that the global Business Intelligence market is accounted for US$16.33 billion in the year 2015 and is expected to expand to a whopping US$26.50 billion by 2021. This makes Business Intelligence one of the best career option for the year 2021. In this blog, we will find out how the worth of Data is directly propositional to the growth of Business Intelligence in the Job Market? 

Why do Companies need Business Intelligence?  

Customer Engagement is a massive subject and companies are working tremendously to extract quality data from their customers to provide the best suitable services, products or solutions. So, what is the role of Business Intelligence, and how is it transforming businesses? Business Intelligence is a combination of strategy, technology and tools that helps or influences strategic discission for any organization.    

Data Mining, business analytics, data visualization, and implementation of tools and infrastructure help improve efficiency, productivity and all in all the revenue of any business. Thus, Business Intelligence processes data and provides actionable insights to look into. BI displays a clear picture of what is trending and what is affecting the business’s performance in the market or even predicts the future to capitalize on the opportunity.   

What are the trends that are providing BI with an Edge? 

Just like the growing technological developments around the globe, the future of Modern BI looks promising. A better customer engagement and retention is the goal for every business and the following trends are boosting its relevance with each passing day.  

1.Data Governance

According to ForbesStrong Data Governance will help Business Intelligence have a new perspective. In the present time, Data Governance and Management has become the key priority for businessesOrganizations emphasize just any data but useful quality data curated by classifying it into categories like its source, accessibility, and how it will help them achieve the desired goal? With proper Data Governance, they will improve data quality, privacy and security and thus help BI. 

2. Prescriptive Analysis

After much research on Descriptive and Diagnostic Analysis, future trends suggest that businesses will invest in the prescriptive analysis. A great deal of time and effort is put into the strategic planning of the approach, and Prescriptive Analysis is about creating a model that will highlight any market’s future. This determines a well-thought-out outcome than rushing into discussions.

3. Collaborative and Integrative BI

Collaborative BI is the combination of business intelligence software and collaborative tools, as well as social and web technologies, to enhance data-driven decision making. It explores data in real-time, where systems will be able to send automatic alerts to users and update them about needful changes that must be made in the data to operate better.

4. Natural Language Processing (NLP)

Along with AI and Machine Learning, NLP has been helping BI to indicate a plan for future business strategies. Chatbots and virtual assistants are dealing with humans since some time now. It is only through NLP, they will help address human concerns (your customers) preferably human-like by analyzing customer sentiments and response, abstract information from statements through conversational AI and registering appropriate data to act upon and also to add personalization to consumer needs.    

 To conclude, the BI landscape is shifting only to adapt to the market’s current needs only to increase the business’s competitivity structure. If you think this is the right time to switch careers and step into the world of Business Intelligence, enrol yourself in Big Innovation Centre, India’ e-learning Course on Power BICheck out our Membership Options and Sign in Today.  

Will AI be the Next Big-Thing in Education?

AI and Education in the Future

The influence of Artificial Intelligence on our daily lives have put us to crossroads. It is somewhat debatable how technology is a boon or a curse. Nevertheless, we could never deny its potential to reign our lives. Artificial Intelligence is growing at a tremendous pace, and it’s difficult to predict the ever-changing dynamics of the market outlining numerous Industries. While it is evident there are no resources that point out how the market will react to AI in the future, the present is a significant example of its excellence, especially in the field of Education.  

The recent research and developments have presented that two types of AI have contributed to the elevation of the education spectrum. While previously, AI used Knowledge representation and reasoning (KR, KRR) to solve complex tasks, it has altered to data-driven machine learning. This subset of AI helps in various sections of Education like Adaptive assessment and Grading, Improve Student Retention and Performance Predication.  

1. Artificial Intelligence for Grading 

While Grading can be a timeconsuming and rather meticulous job, AI Grading has transformed how the entire process works. The new advanced data-driven AI and Deep Learning learns from the available data and replicates how humans grade papers and assignments. It is considered accurate and is said to manage large volumes of critical work like assessment. 

2. Improving Students Retention  

There are varying reasons that indicate the early dropping out of Students pursuing higher education around the world and dissatisfaction with academic performances, or course content is one that needs to be addressedAI and Machine Learning together can solve this issue by scanning tons of data and analyzing the chances of students dropping out of courses. It can also help provide personalized solutions for such cases and improve the academic experience of students.  

3. Performance Prediction 

Academic Support and Guidance have always been the prime importance for educational institutions and their curriculum plan. While teachers and instructors were appointed previously to look into the matter and help students, technology has taken over this sphere of performance analysis and prediction by examining a student’s academic level. AI, along with Machine Learning, Data Mining, Collaborative Filtering and Artificial Neural Networking take into account different types of data and identifies a pattern to provide predictions and recommendations. 

Forecasting of Artificial Intelligence in Education 

A market study by Markets And Markets suggests ‘The global AI in education market is projected to reach USD 3.68 billion by 2023, at a CAGR of 47% during the forecast period 2018 till 2023.’ 

While we have already discussed how AI is changing the education landscape through e-learning, providing real-time feedback and pressing on Smart Content for flexible and adaptable Education Planning, the future of AI in Education is leading rapidly towards Collaborative Learning. Emphasizing on developing computational thinking, cognitive and soft skill abilities among groups having similar academic pace and reflective practices. The future also predicts the rise of Global Digital Literacy that prepare students to work alongside AI and be comfortable in a digital workspace.  

Thus, AI is facilitating quality learning and persistently upgrading to provide better learning, as well as a teaching experience to students and teachers. In no time AI is becoming the backbone of Education. Will AI be the next big thing in education? We say it is a colossal thing that is going to stay with us and help us refine what we learn, and how we learn. Big Innovation Centre India is devoted to design such transformations for the society, and our efforts have just begun to give in. Since AI is emerging as pathbreaking solutions to complex contemporary problems, we need to understand the depths of this Emerging Technology. Come learn the science behind Artificial Intelligence and how it works with us. Register for our Artificial Intelligence Programme to know more.   

Understanding RegTech and why it is needed to maintain Data Privacy and Compliance Regulations

We are constantly on the internet, reading articles, downloading apps, accepting cookies and thus privacy has been a significant issue these days. According to a RiskBased Security Report, there is a substantial growth of Data Breaches in 2020. The number of valuable data that was exposed in the first quarter of 2020 spiked to 8.4 billion. It is about a 273% increase in numbers as compared to the first quarter of 2019.  

However, as we step up by using technology as a saviour to such incidencesRegTech as a framework follows the laterals of data protection and legal compliance. But how does it prevent such cyberattacks and threatsThis blog will help you understand how RegTech is ensuring data protection and eliminating privacy concerns for banks, businesses and enterprises? 

What is Cyberattack? Is it this common? 

cyberattack is known to be a malicious act that steals data or disrupt any digital life for businesses or institutions. It includes threats like computer viruses, Denial of Service (DoS) and data breaches. To answer the question, cyberattacks have become common in these present times. While there are various reasons that contribute to this factor. Let’s look at the most known reasons. 

1. Lack of awareness about cybersecurity  

There is a serious need a cybersecurity awareness in businesses, even people. The understanding of data privacy security is an issue that must be dealt with immediate effect.  Prioritize security over other factors. Invest in tools, technology and software that provide premium security to your data. Improve governance and design data management strategies that narrow down such risks.  

2. System Vulnerabilities 

To detect system vulnerabilities, businesses must identify the patterns of Cybercriminals. These hackers are prone to spot blind spots and outline its faultline, thus crawling to the core of the flaw. There is no better way to intercept such occurrences than to precast policy that acts against it. Update your software, explore data surveillance tools, hire professionals to keep a check on activities etc.  

3.  The inability of Assessing cyber-risk 

Check out the best Risk Assessment Methodologies suitable for your business. Implementing quantitative measures is ideal for sustenance and maintenance.  

In 2020, breaches are the digital pandemic proving to be just as insidious and difficult to stop as Covid-19. Cyberattacks on healthcare facilities alone in the U.S.  for the year 2020 have affected 17.3 million people in 436 breaches tracked by the U.S. Department of Health and Human Services (HHS) Breach Portal.”– Forbes 

It is an alarming situation and according to the predictions by Forbes, “55% of businesses are planning to increase their cybersecurity budgets in the year 2021, and around 51% are investing on full-time cyber staff in 2021.  

 

How will RegTech combat this situation? 

Cyber Interactions are becoming more complex daily; we need more stringed laws and regulations to smoothen this process of transactionHowever, keeping up with this ever-changing compliance is not an easy task. Thus, RegTech lends help from Emerging Technologies to identify greater risks, strategize according to risk tolerance and govern regulatory requirements 

 

Features of RegTech to provide Cybersecurity 

 

  1. Compliance- RegTech reviews all prevalent regulations and reports, tracks the potential impact of these regulations over the use rand implements data privacy laws. 
  2. Protection against Fraud– It standardized a process that authenticates user ids and details. Having a meticulous process called Identity Management and Control helps filter unwanted or suspicious ids through KYC etc.   
  3. Monitoring and Surveillance– It keeps a close eye on any financial transactions and checks against money laundering and terrorist financing through Blockchain.  
  4. Analysis for Future Risks– It combines various information through its records to analyze the scenario and strategize against the risk of any unpleasant occurrences. This process is known as Risk Management.  
  5. Reporting– RegTech is utilized to generate and distribute real-time reports and information required by regulators. This entitles regulators to share data within a secure space. 

Irrespective being the nascent stage, it is established that there is a lot that RegTech qualifies to deliver. The way in which RegTech is helping to support integration into the current regulatory structure, it indeed will play a vital role in navigating both expansion and implementation stages. Big Innovation Centre, India is just a medium to help you understand the importance of RegTech, and we are doing so through our regular webinars. If you have missed our webinar on ‘Road to RegTech’ you can surely watch it here 

The demand for RegTech Professionals is at an all-time high and this might be great to select a RegTech Course that provides a comprehensive understanding of the subject. So, we have launched our ‘RegTech Programme’ for all who wishes to explore this Regulatory Technology up and close, making it a career choiceMake the best use of this time and learn something new. Be a Cybersecurity Professional today.  

20th January ‘Implementing Blockchain for Financial Transactions’

According to a report by Markets and Markets, “The Global Blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025.” This makes Blockchain a specific topic of interest for organizations and institutions.   

Marking the road to emphasize on this advanced solution, Big Innovation Centre India initiated its Blockchain webinar series and conducted a webinar ‘Implementing Blockchain for Financial Transactions’ on 20th January 2021. The Webinar was meant to draw some attention to the role of Blockchain in Financial Sector. The Webinar started at 4:30 PM (IST) and swept through a course of 90 mins. Though it was not reasonable, to sum up a comparatively new and massive subject like Blockchain and its relevance in the Financial Sector, our speakers were proficient to elaborate into the matter.  

We were pleased to have with us Mr Jay (Big Innovation Centre, India) as our moderator, along with Mr Fernando Santiago Cajaraville (Blockchain Research & Project Manager at Big Innovation Centre) Mr Anuj Kumar Garg (Innovation and Blockchain Leader at IBM) and Vikrant Ponkshe (BFSI Thought Leader, Fin-tech & Reg-Tech Advisor). This panel was very beautifully addressed by Mr Jay as varied experts with highly demandable experience, advocating, educating and navigating the adoption of Blockchain as a solution. 

The Subtopics that were addressed by our Speakers were: 

  1. Decentralized Banking function of Banking Sector 
  2. Exploring the opportunities provided by Blockchain to the Financial Institutions
  3. The underpinning Technology that is changing the face of Global Trade 

Pressing the Agenda: 

  1. Discussion on fundamentals of Banking Sector, Financial Institutions and Global Trade and its changing eco-systems. 
  2. What is the Future of Banking and Financial Services look like? 
  3. What do the experts think about the role of Blockchain in Multilateral Netting? 

To know more about the Webinar, watch it here: https://www.youtube.com/channel/UC6L8Hxyp4i04L99exugnuEQ/featured

Changing the Matrix of Procurement with Blockchain

In argument to the absence of trust that was previously determined to state Blockchain Technology, it is actually elevated various business platforms to express transparency, security and accountability. The undeniable abuse of information and communications technologies at organisations split paths and concluded to loss of trust over third parties. However, for trust literature Blockchain eliminates various intermediaries’ risk to create a safe and secured framework for all. Since 2008, Blockchain has emerged as a solution for multiple industries like Banking, Healthcare, Government or Retail and Consumer goods.  

 

Procurement 

This blog focuses on the revolutionary changes that Blockchain is bringing into Procurement. So, among many other ways, it helps in the accumulation of records as a digital ledger for processes involving one or multiple parties. It automatically adds a very new record for every new party leaving behind a digital footprint for every new transaction revisiting the Procurement Process. 

The Procurement Process Involves: 

Stabilised Procurement is essential for any business. It is the procedure of acquiring products and services from suppliers and vendors by emphasising on costeffectivenessBut what are the steps that consist in this process of Procurement? 

  1. Distinguishing Requirements 
  1. Determine Specifics of the Requirement 
  1. Sourcing and Scheduling 
  1. Negotiation & Finalisation of Cost and Terms 
  1. Purchase Requisition and Placing Order 
  1. Delivery of the Purchased Order 
  1. Dispatching for Evaluation  
  1. Product/Service Inspection 
  1. Processing Payment 
  1. Keeping Record and Review 

 

When do you restructure your Strategic Sourcing and Procurement organisation?  

Be it globalisation or technological advancements around us; these have frequently impacted how businesses operate. A successful business is a product of labour and toil, and the synchronised evolution and seamless moving of all the departments in one particular direction. Procurement has played a critical role in advancing your business; however, it is most neglected and misaligned with the rest of the departments. You know you need to realign your Sourcing and Procurement Process and ensure business growth. In the absence of which, the organisation might suffer inefficiency and misconduct.  

 

Where Blockchain and Procurement Meet 

As discussed before, we had long passed the day when it was considered that Blockchain was meant for cryptocurrencies. The needful utilization of Blockchain is well interpreted for business, and organisations have started to acknowledge its benefit in leveraging company needs. In 2019, IBM partnered with Blockchain developer Chain yard for a Trust Your Supplier Blockchain.  

Since Procurement is a labourintensive and expensive process, businesses are digitizing the ins and around this arrangement. Blockchain is one such Emerging Technology that is benefiting the Procurement ProcessAs per the World Economic Forum, streamlining information with the help of blockchain has the ability to increase trade by 15%. 

 

Analysing the use of Blockchain in Procurement 

There are various benefits of using blockchain in your business. However, there are some that sourcing and procurement are utilising for leading the horizon as well.  

  1. Smart Contracts– Smart contracts are self-executing contracts having the terms of an agreement between buyers and sellers been directly written into lines of code. The code lays across a well-distributed, decentralised Blockchain network. The code helps in controlling the dispatch, and transactions, which are trackable and irreversible. 

 

  1. Building Trust– Business is all about trust, and a long-term business relationship is based on faith and confidence in the other parties. As said by Robin Sharma- “The Business of Business is relationship; the business of life is human connection”. Blockchain enhances diligence in Procurement. It helps keeps transparency for both parties, whether buyers or sellers. It creates a network that is easily accessible to partiers for looking into transaction logs– Eliminating the risk of delay and duplication.  

 

  1. Heightening Security– A business involves various aspects of interaction and transaction. For a more secure idea, blockchain creates a decentralised ledger that is shared among a particular network to fill in sensitive data protection as well as maintain privacy.  

 

  1. Automation and Standardization– The manual process of keeping ledger or records is inefficient and timeconsuming. It also adds the risk of loss of data and errors. Blockchain, as a solution backs up the entire procurement process by digitizing and streamlining the procedure, untangling the complex, detailed documentation.  

Apart from these Blockchain has still a lot to offer for the procurement function, which is the reason why procurement professionals should start considering its use at the earliest. Integrating this tech to a company’s processes will result in sift pay-outs to vendors, precise invoicing and save a lot of paperwork. If you are considering to implement Blockchain in your business and need help in familiarising your employees with the Blockchain Technology, visit us at biginnovationcentre.in and enrol to our Membership Programme to receive a greater understanding of various Emerging Technology 

Embracing AI in Banking and Finance

We are going Digital. There is no second opinion about the fact that people are inclining towards a Digital Transformation. Think about how much things have changed around you. The DX has created an information society around us. Now think about how much tech-savvy have you become since the arrival of advanced technologies. We are experiencing ground-breaking innovation, which doesn’t mean we are just the spectators; we are the part of innovation.  

Artificial Intelligence is the most transformative technology present today, and his blog will tell you how it is needed in the Banking and Financial sector only for advancement. While previously, this transformation was expected to be slow, COVID-19 has turned the tables for industries, and banking is no different. According to statistics, the data suggests that the potential cost savings for banks through AI applications is approximately estimated at $447 billion by the year 2023 

Why Banks and Financial Institutions must adopt AI? 

Big Data and Advanced Analytics are two most fertile ground that AI holds over. Since Banking and finance is a sector that heavily deals with Big Data, Ai can be useful to change the business model for the future. However, there are various advantages that prove why AI adoption is beneficial for Banking and Financial service. 

  1. Increase in Digital Interaction- In the times when people need quick solutions for their problems, the internet is a boon and since the pandemic banks are experiencing higher online traffic through internet banking and digital banking services. The need of the consumer has remained the same, however, they need efficient and effective results. In this case, it is essential for banks to abide by the demand of its consumers and digitize their business model accordingly. AI can be the right solution for enhancing the experience.  

 

  1. Competitive advantage against other institutions- Financial Institutions are quick to adopt newer technologies and improving customer experience. You don’t want to lag behind and lose customers. While some institutions are still holding up trails and implementing AI to face customers for particular cases like AI assistance, investment banking predictions etc., other institutions are diving in and proving a complete AI experience in front-end and back-end. 

 

  1. Digital ecosystems challenging traditional models- Since the requirements are changing vigorously, and consumers are embracing new technology rapidly; financial institutions should develop a model that displays their very best. Identification, Authentication, Personalization, thus maintaining customer relationships, are some of the more significant benefits you can offer to your customers by switching to AI.   

 

  1. Cognitive Process Automation- Artificial Intelligence is known to back up the existing structure of the Financial Sector. Management is huge a department that Banking and Financial Services lacks in. It automates various tasks that otherwise need manual labour, which is costly, time-consuming, and tedious. Constant Machine Learning ensures ROI on behalf of the institution.   

While Banks are still in their experimental stage, it is expected to acquire some positive virtues. Banks are also deploying Artificial Intelligence to detect and check payments fraud and refine anti-money laundering processes and layout know-your-customer (KYC) regulatory.  

There’s a growing understanding that AI isn’t just about lowering costs but has an equally important role to play in successfully doing all the things that help you improve revenue, such as improving relationships with clients, making new contributions to innovation efforts, and more. That’s a big reason we believe what’s going on in banking has lessons that are more broadly applicable to those in other industries.”- Alex Kwiatkowski, a senior industry consultant for the SAS global banking practice. 

Come learn the global language of Digital Forefront like Artificial Intelligence with Big Innovation Centre, India. Join our Membership Programme and explore the AI arena, access to Pavilion and interact with a Global Knowledge Exchange Community.

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.