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Focus Will Shift To AI-Enabled Transformation Shortly: Animesh Samuel
Through a conversation with Animesh Samuel (Co-founder and Chief Executive Officer of E42), BW Businessworld learnt about today’s enterprises leaning on AI-enabled transformation to solve significant business problems and more.
Photo Credit :
Animesh Samuel, Co-founder and Chief Executive Officer of E42
How is AI reshaping the functioning of enterprises?
Businesses are now turning to AI to solve problems and enhance their operational efficiency – transforming the current business by leaps and bounds. It is capable of recognising patterns and finding opportunities to optimise business functions like scheduling appointments, conducting rounds of interviews, segregating resumes, providing self-service opportunities to customers, and much more – helping enterprises automate various processes, free up employees' time, and improve productivity. By automating repetitive tasks, AI is helping businesses achieve greater efficiency in less time at a lower cost. It’s also enabling businesses to make forecasts and continually adjust according to trends, shifts, errors, and anomalies in the data.
What is the potential and growth of AI in various sectors of the Indian economy?
Of the many technologies with the potential to deliver significant value in the near future, AI seems to be atop the list. AI can potentially add USD 957 billion, or 15 per cent of India’s current gross value in 2035.
It is believed that shortly, the focus will shift more toward AI-enabled transformation that solves more significant business problems with enterprise-focused solutions. Be it in the area of IT services, marketing and sales, operations, legal, or finance – through AI, enterprises can predict the functionalities like the time of errors, get ROI in real-time, drives revenue, generate leads, and provide a unified experience to customers.
How will Web 3.0 and the metaverse bring about significant shifts in industry trends?
The revolutions experienced with Web 3.0 and the metaverse will change the era we live in. These changes will significantly transform communications, the economy, the marketing world, and our daily lives. Metaverse is likely to revolutionise varied industries including gaming, media and entertainment, e-commerce and retail, manufacturing, and architecture and engineering.
Parallelly, Web 3.0 will help businesses build better relationships and trust with their customers by creating a proven record of transactions via blockchain. Blockchain and decentralised applications will eliminate third-party service providers – helping businesses reduce costs and have a competitive edge over the market. Web 3.0 can also make social media a safer place as users have ownership of their data instead of the social media network – preventing their personal information from being leaked. Backed by technologies like artificial intelligence and conversational AI, it can potentially lock out scammers and other disreputable online sellers.
What is the significance of India’s first AI marketplace?
The E42 Marketplace is the world’s first AI marketplace to cater to the USD 800B requirement of AI-led enterprise-level automation. As many studies show that by 2026 at least 50 per cent of the enterprise workforce will be AI workers, it’s a first-of-its-kind 'Naukri' or 'Monster' for hiring AI workers, run by the E42 partners who can build and deploy AI co-workers in their area of expertise through a simple drag and drop interface. In the past, these AI workers have been deployed across verticals and functions, the E42 Marketplace gives an opportunity to our partners to sell AI workers that are available on the marketplace and have been built by our build partners; MonAmI, an AI employee welfare platform and Plutus, Jodi, and Moneta – the accounting wizards to name a few of the many AI workers built on E42 by our partners. A venture like this is likely to disrupt the workplaces as we know them today.
How is India's adoption of workforce automation progressing? How's E42 a part of it?
Workforce automation is redefining how enterprises work. Across the country, now we can witness significantly higher levels of AI adoption in several industries like legal, finance, hospitals, government, and IT. With a workforce of AI workers that can work across functions, automating the entire enterprise with utmost precision and accuracy at each level – the future of enterprise is smarter, faster, and more intelligent.
Talking about the role of E42 in workforce automation, we combine the power of AI and NLP, with over 42 proprietary algorithms – making enterprises intelligent, allowing the machine to become smart, and enabling them to converse with humans in a uniform language. A no-code platform for creating and hiring AI workers, E42 doesn’t require any specific skills or coding know-how to build a wide range of AI workers. The concept is similar to hiring an employee for a particular role and training them. With the E42, today, enterprises are automating various functions ranging from HR, recruitment, customer service, finance, legal, IT operations, and more.