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AI Transformation: A Critical Step for FamilyOwned Businesses
Entrepreneur magazine
|February 2024
The Indian enterprise landscape is witnessing a tectonic shift
AI is not just a buzzword anymore it’s a transformative force reshaping industries, redefining value chains, optimizing workflows, and disrupting global market shares across sectors. A recent survey conducted by a prominent consultancy firm, involving over 200 senior executives from various sectors in India, revealed that 82% anticipate a substantial or noticeable impact from AI in their respective fields. While challenges remain, pioneering entrepreneurs at the helm of family-owned business groups are already carving their path to AI-powered success.
Tata Steel, a global leader in the steel industry, is on track to surpass its target of saving a staggering $2 billion through AI and data-driven innovations. They have been utilizing AI in a wide variety of areas like procurement, calculating the optimal chemical mixture ratios, defect detection, forecasting and planning, human resources management, predictive maintenance, and financial analysis.
This story is from the February 2024 edition of Entrepreneur magazine.
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