NEW YORK – As nearly every industry braces for disruption by artificial intelligence (AI), Datamatics, a Mumbai-based information technology consulting firm, is riding the tide of change. Speaking at the Nand and Jeet Khemka Distinguished Speaker Forum, organized by The Chazen Institute and the India Business Initiative, CEO and vice-chairman Rahul Kanodia ’94 pointed to the fact that Datamatics’ AI arm is growing at a rate of 100 percent per year.
With AI in its most revolutionary phase yet with computer systems learning and evolving as they operate, Kanodia said the result is wildly improved efficiencies, with far greater accuracy than human counterparts can deliver. He offered several examples of how the company is using robotics:
- Data processing: An insurance company client has been able to reduce its policy compliance department from 20 people to four with one-fifth of the workforce able to accomplish in 30 minutes what used to take weeks. That not only translates into streamlined productivity savings, but also paves the way for higher revenues.
- Data scrutiny: Another client hired Datamatics to pore through the 30 million loan documents that resulted from a bank acquisition. While the original proposal called for 600 Indian employees to spend a full year highlighting any discrepancies or non-compliance in car loans, mortgages, or other financial contracts, the company “hired a bunch of PhDs to design Artificial Intelligence based software,” said Kanodia. As a result, the project was completed in only two weeks with 27 people using the AI platform.
- Customer interaction: Another banking client needed help managing the 10,000 emails it receives daily from customers. “Using NLP (neuro-linguistic programming) and cognitive science along with robotics that replicates human actions, the software finds the information and updates the address automatically. What used to take a week takes two or three seconds,” he said.
Kanodia acknowledged that, although AI is already displacing countless businesses in virtually every industry, he expects a “huge impact” over the next five to 10 years. He also acknowledged a “crying need for new business models,” noting that not every company needs to abandon its underlying business mission but they do need to make sure that its business plan and its hiring practices consider new technologies and the opportunities they present.
For more on Raul Kanodia’s remarks at the Nand and Jeet Khemka Distinguished Speaker Forum, please read the event writeup, “One Company’s Path to AI.”
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About the Jerome A. Chazen Institute for Global Business
The Jerome A. Chazen Institute for Global Business is the interdisciplinary hub of global business knowledge at Columbia Business School. By injecting a global viewpoint into coursework, supporting research on global business, and sponsoring provocative forums where business leaders and policy-makers engage in vigorous debate, we pool the vast wealth of knowledge that exists within Columbia Business School, distill it for people who operate in the world’s marketplace, and provide a global network for lifelong learning.
About the Nand and Jeet Khemka Distinguished Speaker Forum
The Nand and Jeet Khemka Distinguished Speaker Forum, established in May 2008 by Board of Overseers member Nand L. Khemka '56 and his wife, Jeet, brings leaders in industry, commerce, finance, and government from India and around the globe to New York to share their perspective on India's growing economy and business policies.