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Artificial intelligence adoption to raise productivity by over 2 times in India by 2021: Microsoft
Posted on 27th May 2019
Adoption of artificial intelligence is expected to help double the rate of industrial innovation, and may result in over two times jump in employee productivity in India by 2021, a study by tech giant Microsoft said Monday. The study, conducted by research firm IDC on behalf of Microsoft, said organisations that have adopted AI saw tangible improvements in the range of 8-22 per cent in areas like customer engagement, margins and competitiveness.

“By 2021, artificial intelligence (AI) will more than double the rate of innovation at organisations (2.2 times) and employee productivity (2.3 times) in India,” the study titled ‘Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI’ said. However, only one-third of the organisations (respondents) in India said they have embarked on their AI journeys. The study found that India business leaders and workers hold positive viewpoints about the AI’s impact on the future of jobs.

About 64 per cent of business leaders and 63 per cent of workers believe that AI will either help to do their existing jobs better or reduce repetitive tasks. When it comes to creating or replacing jobs, 16 per cent of business leaders believe that AI will create new jobs, but 18 per cent also feel that the technology will replace workers.

The report said that about 85 per cent of businesses prioritise skilling and re-skilling of workers in the future and plan to invest in the human capital evenly or even more compared to investing in technology.

“Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive benefits that are enjoyed by leaders. Businesses must now embrace a new culture, where innovation and continuous learning are core components of the organisational culture,” Microsoft India National Technology Officer Rohini Srivathsa told reporters here.

The Asia Pacific study was based on response from 1,605 business leaders and 1,585 workers, including 200 business leaders and 202 workers in India. Fifteen countries were part of the report including Australia, China, Japan, Korea, Malaysia, and Singapore among others.

ICICI Lombard General Insurance Company, which used Microsoft’s AI expertise, showcased a new solution that deploys AI to process vehicle insurance claims and renew policies more efficiently.

Girish Nayak, Chief – Service, Operations and Technology at ICICI Lombard General Insurance Company, said the company recognised the potential of AI in providing high quality car damage evaluation services. “With data being generated at an exponential level, this technology will help us derive insights to inspect and process claims with utmost efficiency…this will allow us to meet customer demands quicker without compromising on service excellence,” he added.

Related Companies: Microsoft India (R&D) Pvt. Ltd.   

Other Latest News
Gold price at Rs 49,100 per 10 gm, silver continues rally at Rs 51,900 a kg
Posted on 10th July 2020
Gold prices jumped to Rs 49,100 from Rs 48,7000 per 10 gram, while silver climbed to Rs 51,900 from Rs 50,020 per kilogram, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

US Supreme Court allows prosecutor to obtain Trump's financial records
Posted on 10th July 2020
The U.S. Supreme Court on Thursday firmly rejected President Donald Trump's arguments for sweeping presidential immunity and ruled that a New York prosecutor can obtain his financial records but prevented - at least for now - Democratic-led House of Representatives committees from getting similar documents.

The twin 7-2 rulings authored by conservative Chief Justice John Roberts mark another milestone in Trump's tumultuous presidency and in the short term prevent details of his finances from becoming public because lower courts must resolve lingering issues.

Reliance to load Venezuelan oil cargo under fuel swap deal: Report
Posted on 10th July 2020
India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the U.S. sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA.

Washington has exempted some Venezuelan oil trade from sanctions, when transactions are in exchange for fuel and food or to repay debts rather than for cash.

Rajnath Singh to meet CDS General Bipin Rawat, three service chiefs to discuss India-China border dispute
Posted on 10th July 2020
Defence Minister Rajnath Singh is scheduled to meet Chief of Defence Staff General Bipin Rawat and the three service chiefs to dicuss the current military standoff between the Indian and Chinese troops along the Line of Actual Control (LOC) in Eastern Ladakh today.

The meeting will also focus on the overall security situation of the country.

PM Modi to dedicate to nation 750 MW Rewa Solar Project today
Posted on 10th July 2020
Prime Minister Narendra Modi will dedicate to the nation the 750 MW Solar Project set up at Rewa, Madhya Pradesh on Friday.The project exemplifies India`s commitment to attain the target of 175 GW of installed renewable energy capacity by 2022.

The Project comprises of three solar generating units of 250 MW each located on a 500-hectare plot of land situated inside a solar park (total area 1500 hectare).

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