Artificial Intelligence And Digital Economy Will Play Out In Next 20 Years: Umang Kumar, President, CarDekho

At the BW People CEO Conclave in New Delhi, there was a panel discussion on ‘Tomorrow is today’, which was moderated by Sunil Kumar, President, BW Businessworld.

Umang Kumar, President, CarDekho said,“The first thing that concerns me is the increasing polarization of views. While the world is connected, people are looking for like-minded thoughts within an ecosystem which has long-term implications. The second one is that just like internet started off 25 years ago, we are seeing now the implications of the digital economy. I think we are in the early stages of what we are going to see with AI. The third one amidst all this shift is value creation around data and companies like us are doing a lot in that field.”

Ashu Malhotra, Market Lead - Indian sub-continent and Malaysia ; Global Human Resource Solutions and Director on Board - Cargill India said, “It is about the demography shift that is happening today. The shared economy is coming into play because the millennial are driving the business. So there is a big opportunity with business. These guys are no longer not just about ownership but it is about experiences. Secondly, connectedness and conversion, where technology will finally lead to the service of the mankind. So everybody talks about automation, IOT. So I think with this, technology will serve humankind. Third is anticipation. In a business, if you cannot anticipate faster than competitors to anticipate the needs of the customers, you will be out of business.”

“Over the last seven years, the ecosystem around internet commerce grew. What we see most is that fundamentals-driven business is adding value to the consumers and partners rather than only focusing on one or more matrices. In the financial services industry, technology will reduce transaction costs and increase access. So what you will see is more people will have access to e-commerce and financial products in the next three years. One of the interesting trends that will happen is responsible data leverage and keeping customers back at the centre,” Naveen Kukreja, Co-Founder and CEO, Paisabazar.com.

M Murali, MD, Shriram Properties said,“When you create a million dollar enterprise, what is the biggest learning out of that is one aspect. There are three things which one should keep in Mind i.e. success, failures and opportunities missed. Things which people should keep in mind is what are the opportunities that you miss on a daily basis.”

“In the world of business, some of the focus areas of technology which I look for are Artificial Intelligence, Augmented reality, Blockchain, Internet of things and Biometrics," said Deepak Chandani.

Dhiraj Reili, MD. HDFC Securities stated, “Apart from the traditional way of doing business, we are looking at scaling our business as the same time offering contextual solutions to our customers. We are also looking at ways to leverage digitization."