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IBM is ramping up its artificial intelligence (AI) efforts in India, with a focus on enterprise applications and partnerships across sectors. At the IBM Think Mumbai 2024 event, company executives highlighted India-specific initiatives and collaborations in fields like BFSI, sports and even government.
Sandip Patel, Managing Director of IBM India and South Asia, announced a partnership with QuantumStreet AI and Star Union Dai-ichi Life Insurance (SUD Life) to introduce AI-powered investment offerings. The collaboration will leverage IBM’s watsonx platform to develop products aimed at the large-cap market space.
Arindam Ghosh, Chief Technology Officer, and Prashant Sharma, Chief Investment Officer of Star Union Dai-ichi Life Insurance, said in a joint statement, “We are excited to partner with a world leading fintech to bring innovative products to our clients. In today’s data-driven world, it is nearly impossible for individuals to process the vast amounts of information available, and Al has become an indispensable tool for fund managers, helping derive meaningful insights from growing data volumes. It is no longer a ‘nice-to-have’ but a ‘must-have’.”
Subhra Tripathy and Chris Natividad, Principals at QuantumStreet Al, stated jointly, “This partnership is a reflection of SUD Life’s innovative culture. We would look to deliver our capabilities to them as we have done for leading banks, wealth managers and pension funds around the world.”
“As India’s capital markets undergo a pivotal transformation, the role of AI in enhancing investment solutions has never been more important,” Patel said. “This will usher in a new era of responsible investment practices.”
Hans Dekkers, General Manager for Asia Pacific at IBM, emphasised the company’s focus on hybrid cloud, AI, and automation. He noted that IBM is seeing a trend of companies moving back to on-premises solutions for certain applications, citing reasons such as governance, legislation, and ‘Native India’ concerns.
In the semiconductor space, IBM recently announced a partnership with L&T. Patel said, “We have made a commitment that, as India moves forward in this domain of semiconductors, we will be open to establishing partnerships where we can bring our R&D and know-how to Indian companies.”
Data warehousing
On India’s AI readiness, Patel highlighted the country’s potential for skill development. “We find some amazing talent where there is inherent capability, but with the right kind of training they are doing sort of unnatural work,” he said. IBM is involved in AI training programmes in Tier 2, 3, and 4 cities across India.
Regarding data hygiene, a crucial aspect for AI implementation, Patel noted that it varies across organisations in India. He observed a trend, particularly in the banking sector, towards better organisation of data warehouses and lakes, as companies recognise the value of analytics and AI.
IBM is also collaborating with the Indian government on various AI initiatives. The company has signed an MoU with NITI Aayog’s AIRAWAT, which includes plans for AI training and skilling programmes and supporting startups. These range from introducing AI curriculum in high schools to partnerships with the Ministry of Skill Development and Education.
As IBM continues to expand its AI footprint in India, it is focusing on creating tailored solutions for the Indian market while addressing concerns about data management and skill development. “AI is clearly India’s growth accelerator… The good news is, Indian enterprises are actually outshining their global counterparts on AI deployment and adoption,” Patel said.
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