By: Tushar Dhawan, Partner, Plus91 Labs
In today’s fast-developing industrial landscape, the incorporation of cloud computing and artificial intelligence (AI) has turned out to be a requirement for Indian companies striving for sustainable development and flexibility. Cloud computing extends scalability, tractability, and profitability, whereas AI offers data-driven perceptions and improved policymaking.
India is undergoing a noteworthy surge in AI implementation, with a 2.7X increase in AI-driven initiatives in 2023 and 2024. More than 6,50,000 members of the staff are ready to undertake GenAI training, indicating a collaborative determination to practice for an AI-driven time ahead.
Introduction to cloud computing and AI
Cloud computing is similar to possessing a virtual storage unit in the sky where one can stock, handle, and retrieve facts and figures via the internet. Alternatively, AI is comparable to owning a smart robot assistant that can study, contemplate, and formulate results. Further, Cloud providers recommend developing AI-driven assistance, anticipating a market value of $14.7 billion by 2024.
Now, why must corporations be concerned regarding this tech know-how? Well, cloud computing and AI can support establishments in restructuring processes, crafting improved choices, and eventually enhancing output and development. It is identical to exhibiting a power-up business strategy. A NASSCOM report features the financial advantages of cloud adoption in manufacturing. The report approximates that as India competes to develop into a US$1 trillion digital economy by 2026, cloud computing can make over the Indian economy technologically.
The role of cloud computing
- Enhancing scalability and flexibility: It permits us to effortlessly expand or contract the storage space and processing requirements as the company advances. Henceforth, one-size-fits-all is non-existent as per the current industrial scenario.
- Reducing operational costs and carbon footprint: Besides being a money-saver, cloud computing can aid in decreasing a corporation’s carbon footprint. By scrapping off huge servers for added environmentally friendly solutions, organisations are not merely protecting the planet but are saving some serious green in the long run.
Leveraging AI
- Enhancing decision-making: By crunching data and providing valuable insights, AI can help businesses make smarter decisions and stay ahead of the curve. That is the power of AI in business.
- Improving customer experience: AI is not just about robots and sci-fi stuff. It can help businesses enhance customer experience by personalising interactions, predicting customer behavior, and offering tailored solutions. According to Bain & Company, 60 percent of consumers are willing to pay a premium for sustainable products. In addition, 52 percent of urban clients plan to increase their spending on eco-friendly brands in the coming year.
Opportunities and Challenges
If we explore opportunities, integrating cloud computing and AI opens up a world of possibilities for businesses. From boosting efficiency with automated processes to sparking innovation with cutting-edge technologies, the sky’s the limit.
However, with great power comes great responsibility. Integrating cloud computing and AI can pose challenges, especially when it comes to safeguarding sensitive data and ensuring smooth integration with existing systems. Regulatory changes are like the hurdles of the business world—always popping up when you least expect them.
Stay nimble by adapting to shifting regulations and market trends. The Indian GenAI market is projected to witness a CAGR of over 24.4 percent during 2023–2030, potentially adding US$359–438 billion to the country’s GDP by 2029–2030.
Wrapping up, the collaboration between cloud computing and AI poses a transformative prospect for Indian businesses to attain sustainable growth and augment their flexibility in a progressively dynamic market setting. The report (Deloitte Tech Trends India) anticipates FY 2024 revenue to be US$254 billion for India’s tech segment (3.8 percent year-on-year growth) and reiterates its position as a reliable global leader.
By embracing technologies (machinery know-how) efficiently, establishments can restructure procedures, push modernisation, and remain in front of the competition in a digital-first age. As the domain continues to develop, the strategic combination of cloud computing and AI will be fundamental to unlocking new opportunities and withstanding lasting success in the ever-changing business landscape of India.