Data and Artificial Intelligence – Contribution in the 500 Billion Dollar Opportunity for India
India’s economic growth in the coming decades will totally depend on the data which its nearly 1.4 billion population generates. Every country in the world is trying to digitize its working and operations. We can say that a country’s citizens will add billions of dollars worth of economic value to the country when they shop online, present their data and go for services including education, health care and entertainment. “Data and artificial intelligence (AI) could add $500 billion to India’s Gross Domestic Product by 2025, consultancy McKinsey & Co and IT industry lobby group Nasscom have forecasted.” After considering the past term many data companies including Apeiron Techno Ventures, an Information Technology Company that deals in data management and AI enabled solutions for businesses came up to report that in the near term, Data and AI could easily and effectively support Indian government and businesses for effective Covid-19 response and swift economic recovery.
But is India prepared to lay hold of the enormous opportunities that AI presents in economic growth?
Apeiron’s Study Screams ‘Yes!’, But With Great Caution! A vital report on the potential impacts of AI in speeding up the economy was presented by Apeiron Techno Ventures in first quarter of 2021, which endeavored to stimulate the effect of AI on the Indian economy dependent on three components:
• The conduct of rightful data collection from organizations and elements of different data sets.
• Logical disturbances to the states, associations, and labourers because of progress to AI.
• Putting to use the elements of AI which are concerned with wide scope of data classes with various other attributes by the respective state agencies.
India is a major developer of AI solutions and stands tall among the leading AI developing countries, and has pushed its analytics industry from simple dashboards and easy data warehouses to complex, advanced industrial and services applications of AI.
The Big Question Of Data Privacy
Their recent research shows that vital AI ecosystems majorly stand on five pillars: education institutions, big ventures, startups, policy makers and multi-stakeholder partnerships. The relative role of each of these dependent figures varies from one market to another, mostly depending on the growth cycle of specific industries as well as the political environment and culture of each state. But the question that arises here is how to encourage Data & AI growth without compromising the customer’s rights of data management and privacy?
4 Ways To Preserve Privacy In Artificial Intelligence
Apeiron Techno Ventures carried out a deep analytical research to find out certain ways by following which organizations can go for AI without compromising customer’s and their own data:
Use Of Good Data Sets: For AI to produce extremely accurate outputs, produced algorithms must contain detailed, large and highly representative data sets. The more accurate the data, the less are the chances of privacy breach.
Use Good Data Hygiene: Only the information important to make the AI must be gathered, and the rest of the data must be kept secured and only for the time being of solving its purpose.
Adding Control At The Primary Stage: By adding AI to any business’ data governance strategy as well as assigning adequate resources to AI product development, privacy, security, and monitoring can effectively reduce the risk of privacy breach.
Reduce Algorithmic Bias: By ensuring the broad nature of data sets and inclusive AI can help in maintaining the privacy of the business and individuals.
How To Encourage AI Growth?
In order to understand how to encourage growth and data innovation while conserving consumer rights and ethical deliberations, India’s AI stakeholders must consider the following five effective recommendations:
• Manufacture a public AI plan and multi-partner associations in key areas as per the data outsourcing and its analysis.
• Fortify India’s AI innovative work environment, including thorough & better global participation for better collaboration.
• Make a labor force of the AI and cultivate a comprehensive labor force model for the future.
• Empower and expand admittance to information by adding multiple verification of data sets.
• Embrace keen guidelines to shield capable AI for efficient algorithm flow.
So, in order to actualize the above five key recommendations, Apeiron Techno Ventures has been helping companies to reap the benefits of data which alone possess the capacity of transforming their business. The company further states that the Data & AI movement has great potential to uplift businesses and their productivity.
AI Benefits:
• AI reduces the time to perform a task and enables multi-tasking with ease and perfection.
• AI enables easy execution of highly complex tasks without any hindrances.
• AI operates 24×7 and does not require any break or halt.
• AI augments the capabilities of diversified individuals into one input.
• AI has mass market capturing potentiality, which expands the boundary of reach.
• AI accelerates the process of decision making which provides full control.
At a point where India is endeavoring to revive usefulness and development, AI vows to fill the gap effectively. A full and mindful execution of Data & AI will open new financial freedoms that would transform the current scenarios into unmatched standards. Apeiron further advocates that the core value of every business as well as the government should be “individuals first” and every venture should make arrangements and business methodologies around it, focused on utilizing AI to expand and broaden individuals’ abilities to support mankind.