How Artificial Intelligence went from a buzzword to business backbone in 2024

How Artificial Intelligence went from a buzzword to business backbone in 2024

In the wake of the Fourth Industrial Revolution, the world bears witness to an extraordinary era fueled by unprecedented technological advancements. No longer confined to siloed experiments or futuristic speculations, AI in 2024 has infiltrated every corner of the corporate landscape.

Supply chains humming with predictive intelligence, anticipating demands before they arise. Marketing campaigns are driven by hyper-personalized insights; crafting experiences so bespoke they feel like whispered secrets. And healthcare empowered by AI-powered diagnostics, nipping ailments in the bud. With the potential to drive efficiency, innovation, and improved customer experiences, AI is set to bring unprecedented changes and opportunities.

Let’s dive into the insights and predictions of industry experts to understand the far-reaching impact and potential of AI across business sectors.

Personalized Shopping Experiences and Optimized Operations in Retail

Balu Chaturvedula, SVP & Country Head, Walmart Global Tech, opines that GenAI is set to revolutionize global shopping through context-based search capabilities, virtual assistants, and much more. It will further propel data-driven decision-making, enable more natural interactions for customers while shopping, and increase productivity for the workforce through automation. “GenAI will transform the way the world shops. Be it GenAI-powered search, virtual assistants, or automating tasks for developers—there are exciting possibilities to look out for.”

Vaidyanathan Seshan, SVP, International Technology & Head of India Technology Hub for Lululemon Athletica, underlines “GenAI expedites product ideation, creating dynamic concepts with human-like text generation, thereby accelerating time-to-market, and offering a personalized shopping experience. GenAI’s predictive capabilities optimize inventory management, employing advanced forecasting to align stock levels with customer preferences.”

The Health & Wellness Transparency Revolution

Naveen Gullapalli, Global Head of Global Business Solutions & Corporate Centres at Novartis, highlights the end-to-end applicability of generative AI in the healthcare sector. “The applicability ranges from research and clinical development, manufacturing, quality, commercial, IT services to a better experience for employees, customers, and patients.”

Rajesh Puneyani, GCC Site Leader at Kenvue, opines that the advance in AI will lead to an era of personalized nutrition, health plans, and beauty products tailored to individual preferences, suitability, and style. In his words, “The adoption of 5G technology along with integrated sensors and IoT devices will improve real-time data communication in manufacturing processes. This would trigger the evolution of smart packaging even more and provide real-time information about product freshness, usage, and other relevant data that would be leveraged for enhancing the customer experience, optimizing the supply chain ecosystem, and enhancing personalized marketing efforts.”

Efficiency & Transformation Enabled by GenAI in BFSI

Amit Kalra, the Managing Director & Head of Global Business Solution Centres in India at Swiss Re, emphasizes that the power of GenAI goes beyond being a mere tool. Kalra emphasizes it acts as a gateway to achieve unprecedented levels of innovation, efficiency, and transformation. Large Language Models, powered by AI, can optimize complex processes such as underwriting and claims management, making them significantly more efficient. Additionally, AI copilots are expected to boost employee productivity by reducing time spent on routine tasks.

Travel Gets Hyper-personalized and Frictionless.

Mani Ganeshan, Global Engineering Head, Travel Distribution, and Head of Amadeus Labs India, talks about the broader spectrum of AI integration in the travel industry. In addition to AI, automation, customized search solutions, and evolving biometrics play crucial roles in reshaping the journey experience. Biometrics, in particular, is anticipated to revolutionize identity verification at airports, expanding beyond travel documents to encompass comprehensive payment solutions throughout the entire journey.

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In the coming years, AI will transcend mere automation to revolutionize the way we live, work, and interact with the world around us. As it permeates every sector, from finance and healthcare to manufacturing and transportation, its profound impact becomes palpable redefining the very fabric of our economy.

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