The enterprise world has undergone a tremendous shift in the past decade largely due to the impact brought about by technologies such as Artificial Intelligence (AI) and Machine Learning (ML). Right from automation of processes for improved efficiencies, to tapping into new growth opportunities, enterprises across all sectors are looking to leverage ML to enable growth at scale. The Enterprise AI Awards was hosted recently to celebrate the excellence of enterprises, and their extraordinary innovations across sectors with AI and ML.
These awards were presented during the Amazon AI Conclave — one of the largest and most prestigious AI-centric conclaves around the world. The event which draws in global industry leaders and experts, shares insights on the latest developments powering business growth. The awards were presented to enterprises under the following categories.
1) Consumer Retail
Winner: Titan Company
The company’s home-grown solution democratizes the use of AI and ML by reducing the overall deployment time of Machine Learning models by 50 percent.
Winner: Edelweiss Financial Services
The group’s insurance arm leveraged AI and ML to increase its cross-sell rate by 200 percent year-on-year, and also improve the number of frauds detected by 4X.
Winner: RBL Bank
An early adopter of AI and ML in the Indian banking sector, RBL Bank was able to significantly improve its operations across key verticals such as risk, HR, and contact center intelligence.
4) Professional Services
Genpact’s pharmacovigilance AI solution enables authorities across the globe to monitor reactions to administered doses of the COVID-19 vaccine, and take the necessary corrective action.
Winner: More Retail
More Retail used AI and ML to forecast the demand for perishable goods during the pandemic in their stores, which led to a 20 percent reduction in wastage.
6) Travel and Hospitality
Winner: Mahindra Holidays
The company managed to improve its customer booking experience with the help of a recommendation engine powered by Machine Learning. The engine also helped them reduce refusals by 20 percent.
7) Consumer Packaged Goods
Winner: Godrej Consumer Products
Godrej Consumer Products used process automation to reduce the overall manual effort of their sales and marketing teams by 50 percent, and also provide them with real-time sales insights.
Winner: GE Healthcare
GE Healthcare leveraged AWS AI and ML across the spectrum of care from enabling accurate predictions of medical equipment failure at hospitals and clinics to improving critical care patient safety by a factor 34% over manual monitoring.
Winner: Larsen & Toubro (L&T)
L&T used AI and ML to improve the mobilization of its on-site workforce by 3X, which efficiently enabled them to come back to work during the pandemic.
10) Media and Entertainment
Winner: MX Player
The media and entertainment platform has been using AI and ML to boost the rigor of its content moderation process, ensure compliance with government rules and regulations, and find innovative and effective ways to engage its users on its content platform.