The reduction in demand for manpower owing to Artificial Intelligence (AI) and allied technology leading to employment cuts, has been an area of concern. In India, job loss in the IT industry is reported to touch 1,000 during the past year, due to advanced technologies like AI and ML.
Based on sources, different global firms that have the major centers in Bengaluru (such as Cognizant, Accenture and IBM) have both cut or perhaps redeployed their employees. As a survey through the All India Management Association and consultation services firms, Pricewaterhouse Coopers (PWC), 36% of decision-makers said that general improvements in automation and engineering had not displaced jobs. Whereas, 46% of them suggested that they will have a serious impact on work in India. Additionally, almost one-half of the participants surveyed felt that job automation was moderately probable; however, it had been more likely to be partial, with people retained for certain expertise.
On PolicyBazaar.com, nearly 70% of motor insurance policies are offered by bots. HDFC Bank products like’ loan in 10 seconds’ are prepared by machines. At traveling platform Ixigo, bots take care of very queries with no employee realizing. Machines are adept at checking odds of a waitlisted ticked currently being established, lowest fares, the best moment to book tickets, etc. There is no manpower involved in any phase.
The insurance platform has today began teaching it in Tamil, Malayalam, and Telugu. Besides, Gupta doesn’t see AI assisting beyond 85% of PolicyBazaar’s sales. “We require natural language processing, that might not be up to scratch to close all product sales call,” he adds. When you would need a loan in ten seconds, there is no place to negotiate. In order to take care of nuances like a lower interest rate or perhaps a deferred payment program, a man will need to step in.
Apollo Munich, Birla Sun Life, ICICI Lombard GIC, Maruti, Yes Bank, and others are using AI in everyday business-boosting scale and productivity. Ritesh Pai, chief digital officer, Yes Bank, views AI platforms do voluminous repeated activities and increase 24×7 functioning by servicing also NRI clients, in any time zone. “AI is opportunity businesses are able to utilize to their advantage,” affirms Pai.
However, “The future needs to maintain pace with technology,” said Chugh of HDFC. In projects where a man doesn’t add value to the business, the machine is gonna be its most precious asset. It improves efficiency, cuts costs and also allows deploy people to come down with more’ thinking’ roles. Kumar of Ixigo thinks we’re by now in an era of hyper-personalized experiences. And so while it might be synthetic, it is still intelligence.