Artificial Intelligence: Boon or Bane?

By Team Marwar April 20, 2024

How is artificial intelligence reshaping the technology landscape and helping Marwari businesses to accelerate their growth? MARWAR finds out.

Artificial Intelligence (AI) is emerging as a revolutionary power, reshaping our lifestyles, professional landscapes and social interactions. The pace with which AI is refining business processes and reshaping the career landscape makes it, unquestionably, a force to reckon with in today’s business world. However, scepticism and fear persists, even as AI apps continue to rapidly reorganise business processes. What does the Marwari business community-conservative that it is-feel about the adoption of AI? MARWAR talks to a cross-section of entrepreneurs to know what they think.

bharti bangur

Proprietor-Designer, Crisanto Jewels

Artificial intelligence is the latest buzzword that is taking over the world in all sectors. It is a simulation of human intelligence which makes machines perform activities that humans do. Students, teachers, entrepreneurs-all sectors of society are trying to understand and use artificial intelligence according to their personal or work requirements.

Change is always challenging to humans, like with anything new. We are all used to doing things a certain way and change makes us feel insecure and scared. There are those among us who jumped on this bandwagon, some who are trying to understand it and there are those who are pretty sceptical about artificial intelligence. I believe that the advantages of artificial intelligence range from saving time to giving the results efficiently to automating repetitive tasks.

Marwaris are also using this technology, especially the younger generation. We understand the importance of technology in today’s day and age and this gives an edge over competitors who are still contemplating about it. However, one needs to understand that finally, it is only artificial intelligence and can never surpass human intelligence, creativity, value of emotions and human potential. Making this technology work for you-rather than you being a slave to it-is the most logical way to go for any business or individual.

pratik dugar

Director, Indian Gem & Jewellery Creation

Artificial intelligence is considered a bane because it will wipe out many jobs-it has the ability to replace human beings. However, artificial intelligence can also be considered a boon because it can perform multiple tasks effectively and produce faster results than humans. A person’s job is a fundamental security. Hence, the most common fear is that artificial intelligence will lead to unemployment. The same fears were harboured in the wake of the digital revolution. However, computers and the internet ended up creating more jobs than they took away. The smarter our technology gets, the more it can do for us. Simply put, artificial intelligence gives humans the opportunity to amplify creativity.

It might replace certain types of tasks, but it will provide a new spectrum of jobs that people will be prepared for in the future. Hence, this branch of computer science has the capability of creating a shift in every sector of business.

khushboo bagri

Founder-Owner, Khushboo Bagri Luxe Womenswear

The effect of artificial intelligence on business has been intense. It is changing the way companies operate in that it is creating new opportunities for growth. Though with artificial intelligence, we retailers could provide a better experience and satisfaction, there are certain fields where it cannot be depended upon. Human factors like expertise and management are a few examples. According to me, it is important to evolve with the changing times and embrace the unfamiliar and novelty. We as human beings are the most intelligent creatures on the planet, and we must not fear or shy away from concepts that make us smarter. Let us then not fear the future but shape it. Let us not fear change but embrace it. We are the most intelligent creatures on this planet and we cannot reject something that makes us smarter.

abhishek kajaria

Founder-Owner, Avama Jewellers

Artificial intelligence is a revolutionary technology that has the potential to bring significant benefits to various aspects of life, including business processes. The debate on whether it is a boon or a bane is an ongoing one, as there are both positive and negative implications associated with its adoption. On the one hand, AI presents numerous advantages in the business world by improving efficiency and productivity.

AI-powered systems perform complex data analyses, enabling businesses to make better-informed decisions and gaining valuable insights. It can enhance customer experience by providing recommendations and efficient customer service through chatbots.

However, there are concerns associated with AI as well. One major concern is its potential impact on employment. AI automation may result in job displacement as certain tasks become outdated. This raises questions about the need for reskilling and upskilling the workforce to adapt to the changing job landscape. Additionally, ethical considerations arise regarding data privacy and security, as AI relies on vast amounts of data to function effectively.

The Marwari business community, known for its conservative approach, may have mixed views on AI adoption. While some may embrace it for its potential to streamline operations and drive growth, others may be hesitant due to the fear of job losses and uncertainty surrounding the technology.

AI has the potential to be a boon for businesses. However, to fully harness its benefits, it is important to address concerns regarding employment and ethics. Thus the Marwari business community, like any other, should carefully evaluate the advantages and challenges of AI and make informed choices regarding its implementation.