DECEMBER 202119· The democratization of AI knowledge primarily powered by simple-to-use toolset and world-class research contents.The future is now about Human Augmentation and Composite AI with humans and machines living together to make the life easier, smarter and intelligent. Impact of Covid-19 on supply chain management and what should companies do to overcome this situation.The pandemic made us realize, perhaps for the first, just how vulnerable our supply chains are. The impact still hasn't petered out as some companies run the risk of going out of business, especially those running on lean inventories to minimize working capital. The concentration of suppliers in a single geographic area also made access difficult for those in other areas. Firms need to rethink the supply chain model to ensure a repeat of 2020 doesn't happen. Much has changed in terms of how businesses operate. There has been rise of remote working, use of software as a service and other cloud-based applications has gone up. Just-in-time manufacturing and lean production strategies in supply chains are being thought through. Firms can have supply chain risk assessment tools that offer visibility across the chain and alert businesses to slowdowns or interruptions. This insight also can help businesses understand their vulnerabilities so they can introduce redundancies such as suppliers and distributors located in different parts of the world. Companies must diversify the supply chains. B2B data sharing across the chain can also help reduce risks and attain chain resilience.What strategy should a company adopt in order to position its growth in India?Today's enterprises don't need to wait for legacy vendors to get there. Though the pace of innovation in AI is faster than I've ever seen and we're just at the beginning. While AI adoption is increasing, most enterprises struggle to realise the full value of their AI projects and move beyond Proof of Concept to production to harness the business value.There is no silver bullet here as every enterprise is different. In India, I would say companies need to re-imagine their business for AI and Human co-existence. I would suggest leaders to leverage AI for high value task and decision-making instead of just workforce reduction as AI implementation cost and maturity will still take some time and it will never be able to bring in the emotional intelligence that we need in India to be successful.According to me to scale effectively with AI, enterprises need to develop a clear AI strategy, a well-defined data strategy and data governance because data is the new oil (or currency) for enterprises. Today, organizations that are able to deploy analytics solution to answers questions on "What Happened" "What's happening" and identify patterns are more successful then organizations without analytics capabilities. Align your AI strategy with business strategy.I would say adopt an ethical AI framework into business strategy. The three pillars of AI innovation--private sector, public sector and academia--would need to collaboratively create an enabling environment.On a concluding note, based on your robust industry experience and knowledge, what message do you want to put across to the readers/investors/Builders/ CXO's/ business partners.The world is fast evolving, with AI leading the change guiding the way we live, the way we buy and the way we think, act and take decisions. Future of AI promises a new era of disruption and productivity that will enhance human ingenuity in the "New Normal" world. It's time for re-imaging business models, supply chains, customer journey and engagement and to be optimistic about the potential of AI to address key socio-economic causes and be positive that the government and businesses will undertake necessary developments for meaningful and ethical use of AI solutions. Let's embrace the AI and use to build a resilient businesses and better world. Firms can have supply chain risk assessment tools that offer visibility across the chain and alert businesses to slowdowns or interruptions
< Page 9 | Page 11 >