All of us are in the middle of a widespread and rapid technology-driven transformation. While the world had already made strides towards digitization in the last decade, the outbreak of Covid-19 brought about sweeping changes – both urgent as well as long-term in nature. The conventional practices in almost all areas of business operations changed.
Unlike the past when one went to office and worked there with colleagues, today, a large number of people especially in technology-aided roles are working remotely. Whether it is the daily team meeting, client interaction or a major event, everything has turned virtual in 2020.
Conversational AI As Enabler Of Digital Communication
Virtualization of communication has limitless possibilities and benefits for users across verticals and service areas. It is not only serving the needs of a contact-less business world as necessitated by the pandemic outbreak, but also ushering in a lot of futuristic AI technologies.
We have already seen how smart voice assistants on our smartphones have created personalized and highly efficient experiences. AI-based interactive voice tools are becoming increasingly integrated into devices, games, apps and even website interfaces. According to predictions, ‘web search’ will become voice operated and the current text- based search tools are likely to become obsolete in the next few years.
AI-based voice communication tools, interactive chatbots and IoT devices are the future of automation. The rise of cloud and big data analytics has led to the creation of so many interactive touchpoints and data sources that it is becoming increasingly impossible for all of them to be managed and analysed by manual processes.
However, AI can not only process these humongous data silos at an ever-increasing pace, but also derive multiple insights with a much lower input cost and human effort. In areas like digital marketing and customer service, this ability comes to fore as companies are able to predict consumer behaviour and demand curves. They can also analyse real-time data to predict market changes as well as efficiently and quickly address consumer concerns.
When it comes to futuristic technologies such as driver-less vehicles and machines, the AI-based voice tools are again playing a key role. Smart vehicles that perform actions on voice commands are already out there on our roads and with the advancement in natural language processing and understanding of vernacular languages, voice AI will only take on more complex roles. These are just a few of the countless ways in which smart technology and voice AI are changing the world rapidly.
Indian SaaS Opportunity
This swift and necessary wave of digital transformation has ushered in an unprecedented opportunity for the Indian Software as a Service (SaaS) firms. SaaS startups founded by Indian origin entrepreneurs are set to capture up to 9% of the global market share by 2022.
Several unique aspects of Indian technology companies make them enjoy competitive advantages over other such global firms based in west or Asia-Pacific regions.
A Humongous Talent Base
India is the second most populated in the world and this has its own benefits. The number of skilled SaaS developers in India has already crossed the 100 K mark and there is a massive workforce ready to take on any existing as well as future demands.
Low Input Costs
The cost of human resources is much lower in India compared to developed countries such as the USA, UK or Japan. Companies with operations in India can offer world-class services in technology and outsourcing sectors at about one-fourth or even lower rates compared to the West.
Flexibility And Quality
India has been a major force in the outsourcing industry for the last few decades. There are ample highly qualified resources and round-the-clock accessible services provided by the IT and ITES sector. Indian technology companies are creating and offering top-of-the-line products to their global customers.
There are numerous benefits of integrating conversational AI solutions into the world of business. These tools not only lead to cost savings and greater efficiency, but are also boosting brand performance and customer experience in the post-Covid-19 world. The technologies are rapidly evolving and given their fantastic track record, the Indian SaaS startups are well poised to leverage this boom in the years ahead!