Category Archives: Business

2024: Consistent and deliberate changes: Business leaders weigh in on their insights for 2024

Cristina Fonseca, Head of AI, Zendesk- “More and more companies will trust AI to fully automate resolutions in the CX context. With the latest advancements in AI and large language models (LLMs), there will be seamless blending between bots and human agents. Additionally, we expect the number of interactions touched by AI to be at least 10x higher compared to 2023 – moving the industry even closer towards this reality of fully digital agents.”

 

Arick Goomanovsky, VP of Tenable Cloud Security- More Consolidation Ahead: “Consolidation of cloud security products and vendors will accelerate throughout 2024 because of demand from customers, who now understand the power of cloud native security to transcend traditional silos and provide a unified, contextual risk picture. This means not only more secure applications, but better optimization of resources, skills and time, during a period when organizations are stretched to the limit.”

Dr. Mukesh Gandhi, Founder and CEO, Creative Synergies Group- 2024 will usher in an era of realistic and deliberate technological trends, and with everything that has taken shape in 2023, it’s hard to disagree. Businesses must embrace digital transformation, and although this has been evident since 2020, this year made it very clear that moving things slowly is not a viable option. This especially holds true for sectors where innovation intersects necessity such as, transportation, manufacturing, process industry, edtech, and e-commerce.

The catalyzing force in 2024 will stem from strategic deployment of applied generative AI. It can significantly impact every aspect of business from refining and enhancing predictive maintenance models, optimizing fleet management and streamlining operational efficiency. Applied generative AI will also be pivotal in manufacturing in the coming year, accelerating production and design iterations, and cultivating a culture of continuous innovation.

Next-gen technologies will make a major impact across industries in the coming year. They will emerge as the linchpin in autonomous vehicles and intelligent traffic management systems. These technologies will also fuel smart factories and autonomous logistics industries, pushing the boundaries of efficiency and agility. Additionally, with the ongoing electric vehicles boom, green technologies will continue to dominate the transportation industry and make significant inroads into the manufacturing sector.

Sustainable manufacturing, processing and shipping practices will be huge in 2024, reducing the environmental impact of the sector overall. In the process industries, intelligent connectivity is set to be a major investment avenue. By leveraging interconnected devices and IoT technologies, the sector can optimize production workflows, and elevate operational resilience.

Edtech and e-commerce sectors will also double down on next-gen technologies to provide a personalized and frictionless experience for users worldwide. Personalization will be elevated with productionized machine learning, analyzing intricate user patterns, gauging preferences, and tweaking their experiences accordingly. These trends could be instrumental in breathing new life for the resurgence of edtech globally.

Security works in tandem with digital overhaul, and the several cases of data breaches in 2023 have served as a reminder that security cannot be taken lightly. In 2024, businesses will seek out advanced technological support to establish hyper-secure environments across their devices, applications, and networks.

These trends point to a transformative narrative that businesses can achieve with collaborative digital transformation. Innovation, connectivity, and sustainability will be the defining aspects of 2024, and we, at Creative Synergies Group, are positive that these technological integrations will empower businesses to thrive regardless of the economic landscape.”

Mr. Amol R Deshmukh, Founder and CEO, MedRabbits- ’2023 marks a pivotal juncture in healthcare, witnessing the convergence of two dynamic trends – the burgeoning demand for home-based care driven by demographic shifts and the evolving landscape of medical tourism. As the aging population gravitates towards personalized, home-centric healthcare solutions, and with the persistent pursuit of cost-effective treatments, the demand for home healthcare services continues its ascent.

Simultaneously, in the sphere of medical tourism, this year reflects a nuanced narrative. While the allure of seeking specialized treatments abroad persists, the global landscape is witnessing a recalibration. Patients now prioritize safety, quality, and holistic care experiences over mere cost arbitrage, reshaping the very fabric of medical tourism.

These trends underscore a transformative phase where Artificial Intelligence emerges not only as a catalyst but as a linchpin. While AI’s impact on pharmaceuticals and acute care remains substantial, its integration into home healthcare and medical tourism stands at the precipice of profound change. The maturation of AI technologies promises real-time insights, empowering caregivers and transforming patient experiences, ensuring better outcomes, and amplifying satisfaction across both home-based care and the evolving paradigm of medical tourism in 2024.’

Mr. Binod Singh, CEO and Chairman, Cross Identity-  “As we bid farewell to another transformative year in cybersecurity, the challenges posed by fragmented Identity and Access Management (IAM) systems seem more prominent. This year, organizations navigated the dynamic landscape, grappling with risks of vulnerabilities and breaches. The strain of implementing multiple IAM systems was felt, draining resources and diminishing overall efficiency, compounded by the lack of a unified dashboard hindering comprehensive visibility. Against this backdrop, the recently published report by IDSA adds a poignant layer to the narrative. The report reveals a stark reality – 90% of organizations faced at least one identity-related breach in the past year, reflecting a 7.1% YoY increase. The rise in both the number and complexity of identities has fundamentally altered the dynamic of identity management, underscoring the need for a unified and resilient approach.

In response, upskilling programs emerged as a cornerstone, empowering organizations to shift from a defensive to a proactive cybersecurity stance. Foundational cybersecurity practices – from robust passwords to vigilant defense against phishing – have paved the way for a more secure digital future.

Reflecting on the year’s trends, integrating AI and ML in identity management took center stage, emphasizing precision and breach prediction. Advanced Multi-Factor Authentication, Zero Trust principles, and Converged IAM solutions emerged as pivotal components. As we navigate the path ahead, the lessons learned in 2023 emphasize the need for a strategic shift towards identity first security, leveraging advanced technologies and comprehensive strategies to fortify defenses and ensure a resilient cybersecurity posture.”

Mr. Krishna Rangasayee, CEO and Founder of Sima.Ai- “Embarking on the threshold of 2024, we stand witness to a pivotal moment in the embedded edge market, where the synergy of artificial intelligence (AI) and physical devices heralds transformative changes across diverse industries. The initial surge of generative AI unfolded predominantly in the cloud, offering a consumer-like experience. However, the real watershed moment, the second and more significant wave, is poised to occur at the edge.

OpenAI’s recent decision to pause ChatGPT Plus sign-ups serves as a signal that the cloud infrastructure faces challenges in meeting the scale and performance demands essential for mission-critical operations at the edge. This pause serves as a stark reminder of the inherent limitations of the cloud, particularly when considering scenarios involving unmanned drones or actively-used medical devices.

As we navigate the uncharted territory of multimodal AI at the edge, one thing becomes abundantly clear – 2024 will be a year marked by fundamental changes to the machinery that humans rely upon. The landscape is set for the proliferation of generative AI models tailored for specific functions, influencing not only the technical aspects but also instigating a paradigm shift in societal norms.”

Mr. Padmakumar Nair, CEO & Co-founder of Ennoventure Inc- “In today’s technology-driven era, countering counterfeiting has become a complex challenge. As businesses shift towards digital platforms, the demand for effective brand protection solutions has become critical. In 2024, the growing threat of forgery requires a proactive approach, utilizing state of the art technology based anti-counterfeit solutions. Software as a Service (SaaS) emerges as a valuable ally, providing adaptable tools to tackle the increasing presence of counterfeit products.

Authenticity holds a key role in navigating the intricate landscape of international trade. The effectiveness of anti-counterfeit SaaS surpasses a mere solution; it embodies a dedication to upholding integrity, promoting transparency, safeguarding consumer trust, and ensuring continual genuine innovation in the digital era, where counterfeiting poses a challenge to every transaction. The emergence of the anti-counterfeit software as a service trend in 2024 highlights a dedication to preserving the legitimacy of goods in the digital realm. Ennoventure Inc.’s development of these covert brand protection solutions promises a robust defense against illicit practices while adeptly adapting to the evolving counterfeit challenges.

This urgency is reinforced by a joint report by CRISIL and the Authentication Solution Providers’ Association (ASPA), which presents statistics. Almost 25-30% of all products sold in the country are counterfeit, particularly affecting sectors like apparel, fast-moving consumer goods (FMCG), pharmaceuticals, automotive, and consumer durables. These findings emphasize the seriousness of the issue, reinforcing the need for proactive measures to address the pervasive problem of counterfeit goods.’’

Mr Sandeep Agarwal, Global CTO, and Managing Director, Visionet India- “Reflecting on the insights from 2023 and looking ahead at the trajectory of the Indian IT sector in 2024, the momentum of digital transformation emerges as a pivotal lesson. The transformative trends of last year, notably the widespread integration of generative AI into daily applications, are poised to redefine innovation in India. As generative AI becomes an integral part of search engines, office software, and communication tools, its potential as a savvy personal assistant, enabling efficiency and productivity, becomes increasingly evident in the Indian tech landscape.

Furthermore, the convergence of augmented reality (AR), virtual reality (VR), and the immersive internet is dismantling the barriers between the physical and digital realms. In 2024, this trend is expected to intensify in India, blurring the lines between reality and the virtual, making the digital experience more realistic while imbuing the real world with digital-like flexibility.

Sustainable technology (ESG) is also set to play a prominent role in India throughout 2024, aligning with the nation’s commitment to environmental responsibility. As the country strives for net-zero goals, both corporations and individuals in India will leverage technology to minimise their ecological impact, contributing to the global movement towards a greener future.

In the face of an escalating cyber threat landscape, cyber resilience takes precedence. With over 500 million cyberattacks being blocked in Q1 2023, the cost of cyber security measures is projected to exceed significant sums by the end of 2024. Consequently, robust cybersecurity solutions that fortify defences and offer effective countermeasures become imperative for every organisation operating in the Indian IT sector.

In conclusion, 2024 holds the promise of an Indian IT landscape defined by continuous digital transformation, the pervasive influence of generative AI, seamless integration of physical and digital realms, a steadfast commitment to sustainable practices, and an unwavering focus on cybersecurity. The Indian tech ecosystem stands at the forefront of these innovations, poised to shape the future of technology in the country.”

Raj K Gopalakrishnan, Co-Founder & CEO, Mappls KOGO– “As we stand at the crossroads of another remarkable year, Mappls KOGO proudly embraces a future defined by our revolutionary application of AI to the travel sector. Our journey, fueled by cutting-edge AI technology, geospatial intelligence, and real-time travel data, is poised to reshape the very landscape of travel experiences. Founded with a vision to empower individuals to effortlessly plan journeys, save time, and explore the world, KOGO is more than an app—it’s a gateway to a new era in travel.

Looking ahead in the dynamic realm of AI Travel, the year ahead holds exciting prospects for further integration of artificial intelligence. From KOGONAUT- our proprietary AI chatbot providing real-time assistance to predictive analytics enhancing travel predictions, the synergy of AI and travel is set to redefine the way we explore the world. In the coming year, we can foresee technology not only meeting but exceeding the expectations of discerning travellers, making every journey a uniquely personalised adventure.

Automated bookings have ushered in a new era, simplifying the travel planning process, and making reservations and execution seamless from start to finish. At the heart of our success lies the KOGONAUT—a beacon guiding users through cultural insights, hidden gems, and unforgettable experiences. The follow-up rounds of funding not only showcase a boost in investor confidence but are also a catalyst that will propel Mappls KOGO’s capabilities and data refinement to unprecedented heights. With a user base exceeding 2 million and strong collaborations with travel brands globally, we eagerly anticipate the transformative experiences that lie ahead for Mappls KOGO and our global community of explorers. Here’s to a year filled with boundless discovery and unparalleled adventures!”

Mr. Jose Ramapuram, Marketing Director at Evolve Back Resorts- “Remarkably, in 2023, the surge in travelers seeking upscale accommodations that align with their preferences for wellness, adventure, and authentic yet immersive experiences continued. The demand for enlightening and culturally unique activities remains on the rise, with our historical treks and trails in Hampi, coffee plantation trails in Coorg, and safaris unveiling India’s biodiversity in Kabini captivating the interest of many. In keeping with this trend, we tweaked our existing experiences and introduced several new experiences for your guests. These include our Plantation 4×4, visit to the Dubare Elephant Camp, Spirit of Kabini and Elkhill 4×4.

Beyond these evolving travel preferences, a significant industry transformation has unfolded in recent years, marked by a rising call for ethical and sustainable travel. Foreseeing the environmental implications within our sector, Evolve Back’s foundational philosophy of safeguarding the ‘Spirit of the Land’ and shaping experiences rooted in local culture and heritage has taken center stage. We anticipate the enduring popularity of these trends throughout 2024 and eagerly anticipate another year of successfully crafting unforgettable experiences.”

Manish Sinha, Founder & Chief Technology Officer, PatSeer– “As we bid farewell to another transformative year in Intellectual Property (IP) research, PatSeer is proud to stand as a testament to the advancements driven by artificial intelligence (AI). In 2023, we find ourselves at the crossroads of innovation and efficiency, where AI has not only reshaped the landscape of patent research and intelligence but has also become an indispensable ally in the pursuit of streamlined operations and cost reduction.

Looking ahead into 2024, the democratisation of AI, coupled with the collaborative efforts of IP and IT teams, has ushered in a new era for the IP space. With AI’s unparalleled potential to increase efficiencies and reduce costs, patent departments are poised to witness extraordinary benefits. In the face of the US Patent & Trademark Office’s proposed plan to increase filing costs, organisations increasingly turn to AI to uncover efficiencies and cut costs.

Two prominent use cases for generative AI in the IP space that saw increased adoption in 2023 were the ability to filter complex patent documents or portions thereof into concise summaries and the ability to generate new patent application drafts that can serve as a baseline for further refinement for attorneys. Both law firms and companies are gaining from this efficiency increase. As AI use cases evolve, opportunities abound, from facilitating deeper and more complex analysis to responding rapidly to office actions.

Embracing the uncertainty of AI’s future, staying attuned to emerging trends, and actively evaluating its potential has become imperative for IP professionals. Beyond mere time and cost savings, AI provides a competitive edge crucial in the current economic climate. For those yet to explore AI’s capabilities in intellectual property processes, the time is ripe to embark on this transformative journey. By integrating AI into their practices, IP professionals can not only unlock new efficiencies but also redefine the art of IP, ensuring a future where innovation and efficiency converge seamlessly.”