In recent years entrepreneurship has been dominated by the increase in adoption of smart technologies like Artificial Intelligence AI Internet of Things IoT and Drone technology.
Small and medium Enterprises from Micro, Small and Medium Enterprises MSMEs to global multinational corporations have worked towards including smart technologies in the value chain and to minimize redundancy in operations.
A global survey conducted by PwC showed that 70% of Indian companies increased the adoption of AI solutions and implemented them in areas such as Human Resources, Research Development, Logistics, Cybersecurity, and Finance.
The use of AI has facilitated revenue maximisation and cost reduction up to 92% since the outbreak, giving entrepreneurs more incentive to maximize technology adoption.
Multiple areas of operations can be managed effectively through the strategic deployment of AI-based solutions.
As of 2020, 75% of the companies surveyed by PwC said they were committed to increasing organisational spending on automated human resource HR technologies.
AI tools can revolutionise HR operations when they are implemented at scale. Without human intervention, the first level of the candidate review process can be seamlessly executed without human intervention, thanks to the help of quality tools.
AI tools can cherry-pick relevant resumes and allow HR managers to proceed to the next levels of the hiring process through the use of keyword matching components.
HR management can use a well-trained chatbot to approve leaves, manage employee wellness parameters, manage employee data and resolve employee queries.
Chatbots can be used to provide round-the-clock support and handle communications from a customer service perspective. AI can help with the blurring of geographical boundaries, helping with routine questions and performing basic tasks across time zones.
The extensive mapping of customer profiles and preferences coupled with strategic presentation of data to customers can elevate the scope and quality of interaction.
The delivery of tailor-made solutions to customers can invariably boost sales and generate valuable insights pertaining to demand and consumption patterns.
AI solutions can help in minimising human error in critical operations such as manufacturing and finance.
Managers can make informed decisions about crisis mitigation and prevention by keeping records of business and manufacturing management data.
AI tools can be used to improve decision making in the long term, according to the financial standpoint. The financial health of companies can be improved through the use of such tools and the procurement and revenue patterns can be analysed effectively.
Smart technologies have the potential to change the priorities of tasks among the human capital, and this could be a huge achievement for the future of the human capital.
A wide range of activities, including construction surveys, safety compliances in centres of manufacturing and storage, surface sanitization and even agricultural operations can be monitored by the influx of AI-driven technologies like drones.
The large volumes of image-based data collected can help businesses analyze patterns and formulate strategies to tackle operational challenges and improve overall performance.
According to NASSCOM, the adoption of AI tools in the Indian entrepreneurial space could add US $ 450-500 billion to the national Gross Domestic Product GDP by the year 2025.