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The 20s classic German movie, Metropolis brought the concept of Artificial Intelligence and robots to the silver screen. Since then Star Wars, Blade Runner to Autobots in Transformers, and the stunning Ava of Ex-Machina, AI characters have caught our imagination. But what was once in the realm of make-believe has become our reality. Art only imitates life, after all, and now futuristic technology is already a part of our everyday existence.
A few years ago, the supercomputers that made the right moves on the chessboard were our only reference to AI. But now these instances are coming in varied forms, fast and thick. Recently, an AI completed a University level Math exam 12 times faster than humans. Facebook chatbots went on to create their own language. Machine learning AI is getting smarter, quicker, and more innovative by the day, and their impact is felt taking the business world by tremors.
A recent study predicted that the machine learning market, which stood at $1.41 billion in 2017 will grow to $8.81 billion in just five years. Can you even imagine? Technology is the way forward for service businesses and the good news is that it is becoming accessible to all. Even small and medium-sized businesses can use AI and related technologies to good effect. So the impact of AI on business is going to be widespread and here are some of the trends we will see this year.
AI leads to smarter marketing
2018 will see a growth in AI being leveraged to offer consumers a more personal experience. Dynamic landing pages, programmatic advertising will become a norm. But an even greater influence will be seen in the world of social media marketing. AI is already being used to understand consumer patterns. This year you will see posts that are targeted at a certain time with a specific message to hit the spot with the consumer; all thanks to AI.
Taking eCommerce to greater heights
If you have recently browsed for a pair of jeans on an eCommerce platform, you might have noticed your social media page is filled with ads for similar products. Your online behavior and purchase history are being analyzed, and the strategy will be more pronounced from this year. AI will analyze the times when you are most likely to be online, the posts you are likely to click on, and offer you an experience that you practically cannot resist.
Chatbots getting savvier
Chatbots are gaining in prominence because they offer 24×7 customer support, faster resolution, and also keep track of consumer history. They are your virtual assistants, who are impeccable at analyzing consumer data to offer you a personal experience. Business gurus around the world have put their money on chatbots getting smarter. Businesses, big and small, will be seen leveraging the tool to their advantage.
Better, smoother Automation for organizations
While many processes in organizations have already been automated, the scale will grow further and across different functions. AI-led automation will be seen in Accounting, operations, HR through cutting-edge software. Visitor Management systems in offices will not only be used to make guests feel welcome but for brand advertising as well. Managers will have to come up with smart ways to make the most of these innovations.
If we are looking at the golden age for AI in business, then 2018 is probably going to be seen as the year when the revolution started.
At Jaipuria Institute of Management, the pedagogy has been designed in a way where PGDM students get to stand upbeat and updated with the revolutionary changes in the world of technology. From attending workshops in AI to being exposed to extensive lectures around the subject, Jaipuria Institute of Management PGDM graduates and faculty are currently conducting compelling research in this domain to interfuse Artificial Intelligence with sound Management.
There is a growing awareness amongst the consumers about their well-being. People are increasingly taking their health seriously but fast-paced lives make their tasks difficult. For brands to make an impact, they will have to offer health benefits on a platter and suited to consumers’ convenience. With the launch of wellness brands and products catered to users’ lifestyles, the focus will be on their usability and convenience.
Consumers are already asking, ‘what’s in it for ME?’, and the emphasis on the “Me” is only growing further each passing day. Personalization is the way forward for 
Millennials and Gen Z consumers are growing in numbers, and with them, they bring their unique demands out of FMCG products. A recent study showed that they are keener on experiences rather than the product so that they can be shared on various social media platforms. Online marketing is definitely the way to tap into this audience, but in 2018 brands will have to emphasize experience sharing to attract consumer attention.
Today’s consumer is getting more discerning than ever and is looking at the bigger picture. Socially conscious products and sustainability are going to be the buzzwords in the FMCG market in 2018. The impact is being seen in India as well and brands will have to make a point of reminding audiences of the exotic elements in their products, craftsmanship, planet-friendly manufacturing, etc. Marketing moves will have to be directed to appeal to the conscience as well.
The suave design master is yet to hit 30 but has made a big impact with his cutting edge ventures. First with MIT Media Lab India Initiative and then Tesseract Inc, he made waves in the industry. The latter saw him get on the fast moving Make In India wagon and has led to innovative products that have become the talk of the town. Voxel, first holographic headset for Smartphones and Quark 360, the smallest 360 degree virtual reality camera have brought him and his company much acclaim. The world waits with bated breath for his next success.
Rohan and Yashas, still in their early twenties give the adage “sky is the limit if you are driven my ideas” a whole new meaning. Bellatrix Aerospace was incubated in the legendary Indian Institute of Science, Bangalore and received its first high profile order from ISRO couple of years ago. It was for a satellite propulsion system, no less. The company is now working on ambitious Chetak, a two stage launch vehicle, which should be aired by 2023. It will use clean fuel, which makes the project a hit with environmentalists too.
Another inspiring duo committed to the future of the planet along with profits. Tarun and Swapnil are founders of Ather Energy and the brains behind S340, which is expected to go on the market this year. The almost commercial electric scooter is a design dream that is packed with power too. We won’t harp on the specs of the model, but let’s just say it is up to speed with other traditional two wheelers, competitively priced and is of course energy efficient. That’s what they call an absolutely electric idea.
Now it’s a well known fact that Hawking never won the Nobel Prize for his work. But you know what else he didn’t get? Good grades in school. If you needed proof that grades aren’t everything, then you simply have to look at his school score sheet. Yet his inquisitive mind had made him the talk of the school and his teachers often referred to him as ‘Einstein’. But he delivered when it counted, like acing the tests that got him the scholarship to Oxford.
Did you know doctors gave Stephen Hawking only a few years to live when he was first admitted to the hospital in his early 20s? At the time he was diagnosed with Amyotrophic Lateral Sclerosis (ALS), which led to complete loss of muscle control. But when in the hospital, he saw a young boy battling leukemia. It helped him stop feeling sorry for himself and carry on with the great things he did.
A genius might always get it right, but a great man is humble enough to admit his mistakes. Stephen Hawking was both. He was considered the last word in Quantum Physics, but there was a time when he lost a bet on black holes. What made his admission even more commendable was the fact that he did it during a talk at a top scientific conference. Of course, his tongue in cheek remarks and charm could see him through any discomfort in public.
Stephen Hawking was a well known atheist and didn’t believe in the existence of God. But you could get him talking about possibility of aliens in the universe. He had world media in frenzy when at NASA’s 50th anniversary celebration he said that primitive and perhaps intelligent life could be out there. He further elaborated his thoughts on the topic in one of the episodes for a show on Discovery Channel.
To say that he was an indomitable spirit and a unique personality would be an understatement. The Theory of Everything, which won Eddie Redmayne the Oscar for portraying Stephen Hawking captured many facets of his personality beautifully. But the man himself has made several appearances on screen. Star Trek: The Next Generation, The Simpsons, Futurama you name it. His appearance on these shows is silver screen gold for Hawking fans!
