India is one of the major developers of Artificial Intelligence (AI) solutions and across industries, businesses have benefited in their early phase of AI adoption. The gap between organisations that embrace AI and those waiting for “the future” is quickly widening. In an effort to bridge this gap, ‘Deloitte AI Institute India’ launched today will build an ecosystem in the country by integrating AI innovations and research for applications in various organisations.
“AI is here and for India, it is an opportunity to leapfrog in a world where we connect the power of human intelligence with machine intelligence. We call it the “Age of With™”. There are inherent strengths that India can leverage. At the moment, start-ups, research and academic institutions, and businesses themselves are heavily invested in discovering multiple new AI-based innovative solutions. “Deloitte AI Institute India” will integrate these efforts to help organisations transform quickly with AI”, said Romal Shetty, President, Consulting, at Deloitte Touche Tohmatsu India LLP.
Data is an asset aiding this transformation. Virtualisation and remote working have generated large volumes of data that both public and private organisations can analyse to enhance customer experience and build trust amongst stakeholders. The AI Institute will aim to develop solutions for such organisations in India.
The financial services, hi tech, telecom, oil and gas, and FMCG sectors in India are ahead of the curve in AI adoption. Also, there is huge potential in large parts of transport and logistics, retail, education, healthcare, agriculture as well as in policy making and public administration. The AI Institute ecosystem or network will connect these organisations with academia, research groups, and start-ups to execute real tasks with insight and know how it will affect an organisation in the near future. AI will use data, voice, text, and pictures from these organisations to predict or classify specific outcomes and then to translate those into business performance.
“These technologies are already in use and driving new business models. For example, we are collaborating with a manufacturing company in predicting commodity prices, enabling an effective decision-making process,” said Saurabh Kumar, Partner, Deloitte Touche Tohmatsu India LLP. He also said, “we will have exclusive partnerships with some of the brightest minds in the AI ecosystem. A dedicated AI team at Deloitte, along with domain and industry experts, will drive stronger outcomes. We will also bring our business lens that weighs ethical considerations and accountability to help recognise biases or risks. AI will be a part of everything we do as an organisation.”
The first Deloitte AI Institute was launched in the US in June 2020. Since then, it has been successfully launched in other countries, such as Canada, the UK, Germany, China, and Australia. As a part of this global network, the institute will collaborate in India with other institutes and share best practices, insights research, case studies, and point of view, in addition to building AI solutions for India and the world.
