Vital signs of change: AI now lifeblood of India’s hospital chains
Indian hospital chains are slowly turning to artificial intelligence (AI), with some even incorporating generative AI (GenAI). From diagnosis to discharge summary creation to real-time patient monitoring, major hospital chains are not only implementing AI into their systems but also sharing it with smaller hospitals as a new business model. All major health care chains like Apollo Hospitals, Manipal Healthcare, and Aster DM Healthcare, among others, are utilizing AI in prediction, prevention, diagnosis, and personalized management. In Apollo’s case, it is introducing a new business model by sharing its AI technology with small nursing homes and hospitals through regional hubs. “We have already implemented this GenAI technology, and it is in the testing phase. One of the incredible technologies that we have is in monitoring. Imagine, technology that could monitor every patient. In most Apollo hospitals, every single patient is monitored,” said Madhu Sasidhar, president, and chief executive officer of Apollo’s hospital division. Through this, unanticipated declines in patient condition can be detected early. “The business model of Apollo is that we don’t have to use it for only our patients. We make it available for other hospitals,” he added. From conversational AI to clinical applications, Manipal Healthcare is also making strides. “We are using conversational AI to interact with our patients and families. In clinical areas, current applications include early alerts on patients who could require intensive care. We are also exploring its use in screening radiological images as a decision support process,” said Dilip Jose, managing director and chief executive officer, Manipal Healthcare. Jose also mentioned that they are utilizing it in applications like patient monitoring, as a screening tool in diagnostics, and in conversational AI. However, he emphasized the need to be careful in selecting which applications and use cases to deploy AI.
Tech Aid
– All the major health care chains like Apollo Hospitals and Manipal Healthcare,among others, are using AI
– It helps them in prediction, prevention, diagnosis, and personalized management
– Big chains are sharing the process with smaller hospitals as a new business model
Over 70% of Indian firms integrating AI into their daily operations, shows study
Artificial Intelligence (AI) is swiftly transitioning from theoretical concepts to practical applications within Indian businesses, reveals a fresh study by Rackspace Technology, adding that over 70% of Indian firms are integrating AI into their daily operations. The study — The FAIR 2024 AI Research — sheds light on the accelerating pace of AI adoption across various sectors. The study, which surveyed a wide array of companies in India, indicates that over 70% of businesses are moving beyond mere ideation and are actively integrating AI into their daily operations. This shift signifies a significant leap forward, suggesting that AI is no longer confined to theoretical frameworks but is becoming a tangible reality for many enterprises. Key findings from the research include the revelation that approximately one-third of the surveyed companies have already successfully integrated AI into their operations. This rapid adoption underscores the growing recognition of AI’s potential to enhance business processes and drive innovation. Moreover, the study highlights a substantial increase in AI investment, with companies planning to double their AI budgets in 2024 compared to the previous year. This surge in investment reflects the growing confidence in AI technologies and their ability to deliver tangible benefits to businesses. Efficiency emerges as a primary motivation behind AI adoption, with applications such as intelligent search, document processing, and fraud detection being among the most prevalent use cases. Despite the optimism surrounding AI adoption, the study also highlights challenges that businesses face, including cybersecurity concerns and ethical considerations.
Brands Latch on To Snapchat Lingo with Gen Z in Mind
Consumer brands in India focusing on Generation Z are increasingly including Snapchat in their advertising strategy, as they look to use the appeal of the platform’s filters and visual-first approach to nudge buyers in this age group to spend more. Although Instagram and YouTube remain the platforms of choice for mass digital advertising, Snapchat is increasingly becoming the social messaging app that brands are using to focus on Gen Z, or people in the age group of 12 to 27 years. “I see more and more brands which are targeting Gen Z utilizing Snapchat in their advertising strategies, especially brands like Tira, Lakme and MamaEarth,” Srikant Rajasekharuni, CEO and co-founder of Red Matter Technologies (RMT), says. India has Snapchat’s largest audience. In May last year, Snapchat had said its monthly active users in the country had topped 200 MN. India also leads as the country with the largest Snapchat advertising audience, ahead of the US, Pakistan, France, and the UK, according to WARC’s latest platform report. “Snapchat has emerged as one of the best platforms to reach out to Gen Z in a captivating manner, not just for impressions sake but because of all their engagement tools, such as filters, which is why it is becoming more important in the media and advertising mix of brands,” Rajasekharuni said. According to the WARC Media forecast, Snapchat will see a 13.7% year-on-year jump in advertising growth in 2024, compared with just 0.1% increase in 2023. Its advertising spend is expected to touch $5.2 BN this year. “Although dwarfed by the billions using platforms like TikTok and Instagram, Snapchat has seen its base and reach expand, especially regarding unique audiences among younger cohorts,” WARC said in its report. “DAU (daily active users) growth in North America remained flat while the rest of the world’s users grew 19%.”
LinkedIn launches Live Event Ads
LinkedIn introduces its Live Event Ads – a new global ad format to help companies increase event registrations, build brand awareness, and drive measurable results from investments in events. Live events are gaining popularity as professionals look for new ways to learn and network with their peers and industry leaders. According to LinkedIn data, the number of professionals viewing events on LinkedIn has grown by 34% year-over-year. To enable companies to reach the right people and deepen relationships by dynamically engaging with prospective buyers, LinkedIn is testing Live Event Ads that will allow them to promote their live event before, during, and after it takes place. With the introduction of Live Event Ads, brands can share their live event with the right people, nurture an online community, and build their brand with decision-makers. This ad format offers brands the opportunity to create an authentic, two-way dialogue with audiences, to bolster trust and reputation.”
In addition to Live Event Ads, LinkedIn is also introducing new ad offerings and measurement tools to help brands drive impact in a competitive environment:
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Dynamic UTMs – UTM parameters are short codes that you attach to your links to inform Google Analytics and other web analytics tools about the origin and interests of your visitors. UTM stands for Urchin Tracking Module
Building materials B2B e-comm segment heats up; JSW One prepares for IPO
The building materials e-commerce segment, though still nascent, is heating up with companies reporting higher revenues. One of the major players, JSW One Platforms, is actively preparing for an initial public offering (IPO) in the next two years. In separate statements, two large conglomerates – Aditya Birla Group and JSW – shared the full-year performance for their respective building materials e-commerce segments. Aditya Birla Group’s Birla Pivot said the business has crossed Rs 1,000 Cr in the first year of operations. It aims to touch $1 BN (over Rs 8,000 Cr) in revenue in the next three years. JSW One Platforms, on the other hand, announced the appointment of Ranjan Pai as an independent director on its board in the run-up to the company’s planned IPO. Pai was the first independent director appointed to JSW One’s board. Parth Jindal, director of JSW One Platforms, valued India’s addressable B2B market at $400 BN. He aims to develop the platform as the largest in its category. Jindal said that Pai’s appointment is a step towards enhancing the company’s governance structure, as it prepares for an IPO within the next 18 to 24 months. Regarding its performance in FY24, JSW One said it ended the last financial year at around Rs 9,000 Cr in gross merchandise value (GMV). Both JSW One and Birla Pivot sell building materials such as paints, cement, steel, tiles, ceramics, etc, through their respective e-commerce platforms. While JSW One is housed at the group level, Birla Pivot is part of the Aditya Birla Group’s listed entity, Grasim Industries. JSW, as a group, has a presence across building materials such as cement, steel and paints. “JSW One Platforms is leveraging the combined strength of supply and distribution across JSW Group’s steel, cement and paints businesses to build a fully integrated ecosystem for MSMEs and individual home builders,” the company said in a statement.
Quick commerce-Non-grocery Items Deliver Bright Growth to Dark Stores
Non-grocery categories including beauty, toys, health and electronics are witnessing robust sales growth on quick-commerce platforms such as Zepto, Swiggy Instamart and Blinkit as they continue to diversify their range of offerings beyond food-related products to tap a larger user base. While the overall base for the new categories is still small, aggressive expansion by these players is starting to ensure a dominant presence for these categories on such platforms, people aware of their growth trajectory said. Zepto has doubled sales in segments such as toys and electronics accessories on a month-on-month basis. The beauty category at the Mumbai-based firm has expanded three-fold already, internal estimates showed. Around 15% of Zepto’s $1.2 BN annualised gross sales currently includes non-grocery products, said a Goldman Sachs report. Several direct-to-consumer (D2C) brands across segments have said how quick commerce has become the fastest growth channel for them and is increasingly being tested as a high-engagement platform for big-ticket purchases, such as Sony’s gaming console PlayStation. Categories such as electronics, beauty, home and toys on Swiggy Instamart have seen “a robust month-on-month growth… with March touching our highest-ever sales”, said Phani Kishan, cofounder, Swiggy, and head, Instamart. The firm also “ramped up its product selection and assortment by almost 4X in the past year, particularly in categories like toys, beauty, electronics, and home & kitchen”, he said. New-age, remote-powered fan brand Atomberg listed its products on Blinkit, saying the items are available at the same price point as on other ecommerce platforms — with the added benefit of 20-minute deliveries. By 2025, the Quick Commerce market is set to cross $6 BN in gross sales. Led by Blinkit, Zepto and Instamart, the industry grew 230% between 2021 and 2023.
Heat maps, virtual assistants: Malls ramp up AI use to track business
Shopping malls keen to know the number of visitors they have, where they are flocking and what services they need are increasingly adopting artificial intelligence (AI), say real estate industry executives and consultants. “AI is used to predict their (customer) preferences, design layout, and in conjunction with the demographics of the catchment area, even come up with a mall’s brand mix,” said Ajendra Singh, vice-president (sales and marketing) at Spectrum Metro Mall in Noida. Uddhav Poddar, managing director at Bhumika Group, a mall developer in Rajasthan, said his company has installed scanners in its properties and the data collected is used to understand customers’ shopping. “We also plan to install a footfall scanner at a designated location to enhance our understanding of customer traffic and behaviour,” said Poddar. Scanners are used to understand the shoppers’ demography. Heat maps tell malls where their customers are concentrated by giving a colour-coded graphical representation of an activity in a particular area. The information is used to set up kiosks and fix rents for retailers. According to Abhishek Sharma, director (retail agency) at Knight Frank India, a real estate consultancy, AI tools help malls in knowing as to how many customers they have and shops they visit. “AI-powered chatbots serve as virtual assistants, addressing customer inquiries regarding product details, size availability, and stock levels,” said Anshuman Magazine, chairman and chief executive officer at real estate consultancy CBRE. Chatbots track past purchases and browsing behaviour to recommend products to customers. In trial rooms of clothing shops, customers can use AI-powered smart mirrors to know how a dress will look on them. AI Analytics helps in knowing shoppers’ peak hours.