In a recent webinar, BofA Securities delved into the world of AI adoption, exploring ideas from tech giants like NVIDIA (NASDAQ:), integrators like EXLS, and enterprises. Here’s a breakdown of the key points:
Early applications of AI are primarily focused on reducing costs and improving convenience. Notably, AI-powered code migration and modernization is gaining momentum, resulting in significant time savings and efficiency gains. In addition, conversational business intelligence tools are rapidly proliferating to make data extraction and processing easier. Industries such as insurance, media and retail are seeing increased interest in summarizing content from unstructured data using artificial intelligence.
The complexity of AI technology underscores the importance of IT service partners, as NVIDIA emphasizes. Enterprises are eager to invest in AI despite recent pressure on IT budgets, recognizing its disruptive potential. Future spending is expected to focus on creating AI centers of excellence, with potential areas including LLM management and model fine-tuning. Industries such as healthcare may prioritize investments in artificial intelligence for drug development and personalized care.
AI demonstrations emphasize improving service capabilities rather than replacing human roles. For example, AI-powered customer support services provide agents with valuable customer information and suggested solutions. Likewise, AI is helping retailers optimize prices based on social media trends.
AI investments increasingly revolve around maintaining the data layer, offsetting potential code development bottlenecks. EXL’s significant share of revenue from data and analytics services positions it for accelerated growth. Contrary to concerns, the focus on improving AI-powered services implies minimal risks to BPO revenues during the initial adoption phase.
The field of artificial intelligence offers promising business opportunities across all sectors, with the focus on using technology to improve efficiency and customer experience rather than displacing human roles. As AI continues to evolve, investments in data infrastructure and strategic partnerships can fuel future growth and innovation.
remove advertising
.
You can get InvestingPro with a huge discount of up to 69% at INR 216 per month for a very limited time. Investors are already taking advantage of this attractive price to step up their investing game. If you are finally ready to start your investing journey, Click here before time runs out.
X (formerly Twitter) – Aayush Khanna