On the occasion of World MSME Week, PHD Chamber of Commerce and Industry hosted an interactive webinar on ‘How to Enhance your Business through Artificial Intelligence(AI)’ with a gathering of esteemed delegates including Piyush Srivastava, Additional Development Commissioner, Ministry of MSME, Government of India; Raj Sharma, President, All India Council for Robotics and Automation (AICRA); Laxmi Nageshwari, Global Lead, Boston Ltd and Sunil Goel, Founder BBzAIT Consulting.
Piyush Srivastava while lauding the initiatives taken by PHD Chamber of Commerce and Industry towards MSMEs, said that AI can improve every aspect of the MSME which includes Customer Engagement, Profiling, Advertising, Marketing, Hiring and others.
AI has come a long way and now it’s here to stay. It drives our domain, process, and the way we do business in the times to come at the micro and macro levels. He cited examples of the marriage of AI and the Internet of Things that will help in the promotion of machines and people. This is Industry 4.0 which will lead to efficiency in production and business process resulting in lower cost and high productivity of MSME for making India a Self-Reliant nation.
He deliberated the rapid initiatives taken to develop the MSME sector and adopting digital technologies, enabling technology infrastructure i.e. Innovation, Growth, and Efficiency that has the potential to have the exponential impact of the business. AI will also contribute to India’s GDP in the future. He discussed the use of AI technologies in many industries that have led to more efficiency, accuracy, and productivity. He shared that the operation and implementation of AI will remain a challenge for Indian MSME which will take time to resolve. There is a need for systemic data capture and a platform for the exchange of data with safeguards. He talked about the initiatives taken by the government and concerning ministers in harnessing the technologies in different industries including MSMEs.
The MSME are advised to invest in data capture that will help in structural and digital transformations. They have to be adaptive towards the new technologies. The monopolies of data, knowledge, and technology are bound to emerge. While there are issues related to data privacy, harnessing the potential of AI will lead to consulted and pragmatic efforts of all the key stakeholders said Piyush Srivastava.
Raj Sharma while sharing his experience, highlighted that AI needs a lot of dissemination of information, willingness to use it, and the approachability of companies. He shared that globally most of the business organizations are using AI, voice assistance and, there is tremendous potential to expand it.
He shared that we need to be prepared to adapt to innovations and technology, create employment opportunities, enhance customer relations, and foster development in the organizations. He urged that corporate, organizations like PHD Chamber and the government should come together to help the organizations to leverage the use of new technologies like AI. AI can be an opportunity for industries and, we need to facilitate our MSME.
While appreciating the diligent working of PHD Chamber and its opening of the Centre of Operation, he said that the main aim is the assist the MSME, which is the backbone of the nation. We will provide a solution, give our assistance, and take MSME to another platform in leveraging technology. We will also introduce certification programs that will help to learn and educate them that will help them understand and adopt the technology.
Laxmi Nageshwari, in her insightful presentation on ‘How to enhance your business through Artificial Intelligence’, shared the need for incorporating Artificial Intelligence in MSMEs and how AI can help in the growth and management of MSME organizations. She deliberated that AI is a game-changer in the world of today and it can accelerate growth in the MSME through highly efficient customer service; off the rack solutions; transforming marketing process; cost and time benefits and giving greater insights into competitor’s business process. She shared the AI compliance issues and restrictions that is one of the challenges in working on AI.
Sunil Goel gave an in-depth presentation on ‘Enhance your business through Artificial Intelligence’ he shared the basics of Artificial Intelligence, their benefits, and how they are helping businesses in streaming the process and development. He shared the AI Supply and Value Chain that include Planning and Fulfilment; Manufacturing, Service and Design and sourcing, and Procurement. He shared the opportunities and challenges of AI in Industry 4.0 and other industrial revolutions.
D P Goel, Co-Chairman, MSME Committee, PHD Chamber in his welcome address appraised the increased role of MSME in the development of the nation and the potential and opportunities seen with the coming of Artificial Intelligence (AI) which can expand the business opportunities for the MSME.
D P Goel lauded the initiative taken by PHD Chamber of Commerce and Industry with a signed MoU with All India Council for Robotics and Automation (AICRA) to open a Centre of Operation for Robotics and AI which will aid to make an impactful contribution to our members, MSME, and society. The center will focus on fostering strong MSME facilitating synergy for AI adoption and help in industry and government projects. The platform will help to provide a platform for technology-based entrepreneurship, promoting research in automation, AI, and robotics.
Dr. Ranjeet Mehta, Principal Director, PHD Chamber while explaining the strength, potential, and growing capabilities of MSMEs in India and the world, he delivered his concluding remarks and delivered a vote of thanks to all the delegates and participants. He also moderated the session.