By Atul Soneja
Artificial Intelligence is no longer a concept of the future; it is the driving force behind our digital realities, heralding the fifth Industrial Revolution. With the global AI market set to grow from $235 billion to over $631 billion by 2028, its impact spans across industries — from predictive analytics in agriculture to personalised healthcare. But are we fully capitalising its potential?
AI is a catalyst for businesses striving to deliver exceptional customer value by enhancing efficiency, optimising operations and enabling automation. Its transformative power extends to societal progress, offering solutions to regional challenges. For example, AI optimises renewable energy grids in Europe to reduce emissions, while AI-powered microgrids in sub-Saharan Africa bring electricity to off-grid communities, fostering economic empowerment. These advancements highlight AI’s dual role – fueling industrial growth and enabling equitable progress.
Initiatives by the Indian government such as “AI for All” and the National AI Strategy further underline the potential to harness AI for building sustainable and inclusive societies. Yet, AI’s real value lies not just in generative applications but in leveraging its broader capabilities to address challenges like climate change, resource management and equitable access to technology.
We must dream beyond immediate efficiencies to capitalise on AI’s profound potential as a force for global good, driving inclusive, ethical & sustainable innovation.
A global AI survey finds only 10% of organisations see significant financial gains from AI. For MSMEs, the barriers—high implementation costs, limited budgets and a lack of skilled talent, are formidable.
A unified effort is needed across organisations to transition from potential to performance. Successful AI adoption starts with strong leadership, a clear vision and an “AI-first mindset”. AI sponsors must strategically integrate AI into business models to streamline supply chains and reduce inefficiencies.
AI success depends on robust data infrastructure. Proper governance, security, and accessibility protocols are vital for managing data pools, as seen in smart city initiatives that optimise urban resources.
Addressing the skill gap requires strong collaboration between academic institutions and industries to develop courses and training programmes that build an AI-skilled workforce. Ethical AI governance is key to building trust. Establishing effective governance structures, like ethical AI audits, ensures AI results are accurate, reliable, and fostering public trust.
AI’s future lies in purpose-driven transformation and the opportunity to harness AI for profitability, inclusivity, and sustainability is immense. By committing to purposeful innovation, we can ensure that AI’s potential is fully realised — as a business enabler and a force for good. We must dream bigger, act bolder, and seize AI’s transformative power. The possibilities are immense; let’s be ready.
The writer is chief operating officer, Tech Mahindra.
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