IBM is harnessing the power of artificial intelligence (AI) to streamline operations and cut costs. Viswanath Ramaswamy, vice president of technology at IBM India and South Asia, noted that the company is utilizing generative AI to test its own products and services before implementing them. This approach allows IBM to develop use cases that can benefit customers, such as the AskHR platform, an AI-powered conversational tool for IBM employees worldwide. The platform has revolutionized HR processes, enabling teams to focus on more critical tasks.
Reports suggest that IBM may reduce jobs in its marketing and communications units as part of cost-saving measures, although the exact number of affected employees is unknown. A significant 59% of large-scale organizations in India are actively incorporating AI into their operations, according to the IBM Global AI Adoption Index 2023. Early adopters are ramping up investments in AI, particularly in research and development and workforce reskilling. Indian businesses are increasingly turning to AI to automate processes, enhance customer service, and optimize recruitment and HR functions.
The adoption of responsible AI is on the rise as Indian companies seek to scale up their AI capabilities amidst evolving regulations. Ramaswamy emphasized the importance of responsible AI in sectors like BFSI, highlighting key principles such as explainability, fairness, robustness, transparency, and privacy. To address cybersecurity concerns and legal issues, financial institutions should implement AI governance to ensure ethical and responsible use of AI technologies.
Organizations face challenges in creating trustworthy AI systems, including the lack of consolidated views of AI models and manual approval processes before deployment. Many companies lack a centralized platform for setting tolerances, detecting accuracy, monitoring performance, and ensuring compliance. IBM offers solutions to help companies audit and mitigate risks, establish governance frameworks, and effectively operationalize AI. IBM Watsonx.governance, a component of the IBM Watsonx integrated AI platform, supports the entire AI lifecycle by facilitating model creation, deployment, monitoring, and information centralization for AI transparency and explainability.
In conclusion, IBM is leveraging AI to enhance efficiency and reduce costs across its operations by testing and implementing innovative solutions. The company’s commitment to responsible AI governance reflects the evolving regulatory landscape and the need for ethical AI practices in various industries. By providing tools and frameworks to support AI governance, IBM is empowering organizations to navigate the complexities of AI deployment and ensure the ethical use of AI technologies.
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https://www.financialexpress.com/business/digital-transformation-ibm-leverages-ai-to-cut-costs-boost-efficiencynbsp-3496634/
