AI Transformation: A Critical Step for FamilyOwned Businesses

The Indian enterprise landscape is witnessing a tectonic shift

- KUNAL SINGH

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.