Automation

Indian MSMEs which rush in to adopt AI must comprehend it first

AI based LLMs are in, and each company wants to leverage this technology. After all, money is pouring into AI. A young Paris based startup Mistral AI, raked in an incredible US$113 million in seed funding led by Lightspeed Ventures, despite it being only a month old and lacking a substantial product or team.

This funding surpassed Stability AI’s record of US$101 million in its seed round. Several other AI startups like Anthropic and Cohere raised $124 million and $40 million in series A. Another AI startup, Synthesia, recently became a unicorn status raising US$90 million in series C funding. 

Read more: The big tech race for the better LLM is on high speed, steady now

Now, a new report by McKinsey is giving VCs all the more reason to celebrate, which says that generative AI is set to add up to US$4.4 trillion of value to the global economy annually. The report also says that half of all work will be automated between 2030 and 2060, and that generative AI has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities. 

Half of all work will be automated between 2030 and 2060, and that generative AI has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities

McKinsey

In India, the bigger tech companies are making moves. In August, Tech Mahindra launched Project Indus, which the company is using to create its own advanced language model to improve communication across many Indian languages, starting with Hindi. In the first phase, it aims to cover 40 Hindi dialects (Kinnauri, Kangri, Chambeli, Garhwali, Kumaoni, Jaunsari and more), and then go on to other Indian languages and dialects, catering to 25% of the world’s population.

While it’s imperative that Indian MSMEs remain in the global AI LLM business loop and leverage this technology, it’s advisable to go in with all the knowledge

Infosys co-founder Nandan Nilekani-backed AI4Bharath is also onto similar development, which is working on creating open-source datasets, tools, models and applications for Indian languages. Last year, the Indian government also brought out Project Bhashini, in partnership with Microsoft, establishing language datasets and AI applications with crowdsourcing initiatives such as Bhasha Daan and others.

However, smaller companies, which are rushing in to adopt the tech, have some homework to do. According to a report by Sortlist Data Hub, a market research company, 52% of Indian business owners couldn’t differentiate between pages created by AI and pages created by people.

Also, it seems 67% of business owners would consider AI to create a new website from scratch, with India one of the most optimistic markets that would use AI to create a website from scratch (77%). Similarly, 75% would consider using AI to optimise their current website. Spanish and Indian companies also led the adoption of AI for website optimisation, with 87% approval in each, while France has the lowest adoption rate (65%).

Read more: AV Gen AI cars: Talk to the car

However, security is the number one priority for business owners when it comes to web design, and 62% of SMEs are more likely to work with a web agency that uses AI.

While it’s imperative that Indian MSMEs remain in the global AI LLM business loop and leverage this technology, it’s advisable to go in with all the knowledge. Remember, when cloud technology became all the rage, many MSMEs rushed in and tripped over.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard

Recent Posts

Investment temperament: NFO for 5 index funds, health funds for Early to Late-Stage Capital & to transform India’s healthcare landscape

The Tech Panda takes a look at the investment temperament in the Indian startup ecosystem.…

2 hours ago

Tweets, tips & trading: X doubles down on payments power play

Big Tech is no longer content with just running user feeds, they want wallets too.…

3 hours ago

PayPal World: Swipe right on global shopping

Indian shoppers could be shopping internationally using their UPI accounts sitting at home, thanks to…

3 days ago

Cheaper OTPs, smarter chats: WhatsApp takes aim at SMS dominance

The SMS as a tool to connect with customers might be coming to an end.…

3 days ago

Will our fintechs become our mobile service providers?

Looks like finance and connectivity will come together soon in our devices. Recently, UK fintech…

3 days ago

New tech on the block: Digital infrastructure, cloud, Digital Transformation, cryptocurrency, medtech, cybersecurity, social media & pharmacology

The Tech Panda takes a look at recent tech launches. Digital Infrastructure: End-to-end solution to…

4 days ago