How AI and Cloud are set to Change the Future of Businesses
The world of artificial intelligence has achieved an inflection point and is poised to disrupt every industry. A lot of organizations have already been transformed and are well-equipped to stay abreast of AI trends. In this AI-driven world, cloud companies are envisioning AI scope and trying to leverage AI to become the trendsetter.
Talking about one of the most widely used platforms like eCommerce and streaming platforms, a lot of recommendations that people stumble upon are based on their interests and recent searches.
It is fascinating to see how one of the video streaming providers leveraged AI and public cloud services to automate personalized recommendations for users and converted this opportunity to make USD 1 billion every year.
One report by Gartner stated that in the next five years, 50% of the analytical decisions would be based on artificial intelligence. The prowess of artificial intelligence is elevating cloud computational environments to let organizations think strategically and make more insight-driven decisions.
Today, artificial intelligence is impacting a lot of industries and redefining how entrepreneurs used to do business earlier. AI is a revolution that brings real-time solutions to industry-specific challenges. Here are a few of the industries that are acting like a catalyst in the AI world:
One real-life scenario with a major Healthcare Player was about researchers facing challenges while searching for life-saving drugs. That is when the idea of implementing AI was triggered, and they leveraged the power of AI to speed up the whole search process by rationalizing unstructured data and synthesizing relevant information to formulate a drug.
The healthcare industry is catching up fast in adopting AI-driven technology for improved patient outcomes. For example, HCG, one of the top pioneers in cancer care across India, partnered with Microsoft to develop SigTuple’s AI100, an AI-powered solution, to automate manual microscopy and help patients diagnose several diseases like cancer and infections.
Also, AI and the public cloud have been the reason behind meeting several sustainability goals like energy and waste optimization and carbon emissions reduction by millions of metric tons. For example – AI self-driving cars will reduce emissions by 50% in the next 30 years with their control system and ability to find the most efficient routes.
On the other hand, AI will help farmers in India to produce higher yields by 30%. Cloud players like Microsoft are really putting a lot of effort into this industry and have developed a multivariate agricultural commodity price forecasting model. Along with this, farmers will be able to predict crop yields through every farming stage using geostationary satellite images.
While AI solely focuses on making work operations streamlined and efficient, cloud computing lets companies use the power of AI without having to worry about critical infrastructure and platforms.
One report by Business Fortune Insights suggests that the AI market size is expected to reach USD 1.4 trillion with a CAGR of 20.1% by 2029. Similarly, the cloud market is also not behind, and if the report of Grand View Research is to be believed, the revenue of cloud is forecasted at USD 1.5 trillion in 2030.
Even though artificial intelligence was invented much earlier, cloud computing has helped AI to act as an effective catalyst. Needless to say, these technologies are impacting each other in several ways. With faster cloud adoption and high spending on AI, enterprises can deliver full-scale IT solutions with agility and flexibility. In fact, a report by Deloitte showed that 70% of companies get their AI capabilities through cloud-based software and around 65% of companies create AI apps using cloud services.
These two leading technologies propel businesses to move forward in multiple ways and expand at a higher speed. SaaS companies that implement AI and cloud in their businesses will become more diverse in functioning, as they will have the power to analyze data, detect fraud, and streamline business operations.
From a business perspective, AI helps find complex business challenges and automate routine tasks. On the other hand, cloud computing offers better insights and powers virtual services to improve the overall product development lifecycle.
The combination of cloud computing and AI has really augmented ISVs and startups. It is predicted that prominent cloud companies and venture capitalists are going to invest heavily in AI-enabled cloud startups. G7 CR, being an ‘Exclusive Gold Partners’ of Microsoft, is transforming such ISVs and startups to expand globally and accelerate digital transformation through its industry-wide cloud solutions and services.
(The author is Dr. Christopher Richard, MD & Chief Cloud Architect, G7 CR Technologies India Pvt Ltd. and the views expressed in this article are his own)