India among Oracle NetSuite's highest-priority markets, says Asia head Amit Suxena

India is considered one of Oracle NetSuite's most vital markets, according to Amit Suxena, the company's Asia head. Suxena explained that small Indian businesses, particularly those outside of major cities, are increasingly leveraging artificial intelligence (AI) and cloud technology to expand into new states and even overseas markets. Over the past four to five years, there has been a significant increase in momentum among Indian businesses embracing cloud and AI technologies.

Suxena highlighted that India's young population is particularly well-suited for using cloud and AI, as they are native to these technologies, unlike some mature economies that still rely on legacy systems. He noted that technology is effectively bridging the gap between small and large companies, enabling smaller businesses to grow beyond their initial city.

According to Suxena, there has been a major shift in businesses moving from large metropolitan areas to second-tier cities, with a significant majority of small organizations previously operating solely within their starting city. With the help of technology, smaller businesses are now able to expand into new markets that were previously inaccessible.

Previously, only large companies had access to experts who could study new markets. However, with the advent of AI, small businesses can now easily access information on the rules and regulations of other states, decide which markets to enter or exit, and manage volatility such as currency fluctuations. Suxena identified tier-2 cities as the company's biggest growth opportunity in India, but also pointed out that cost concerns are holding back small traders and entrepreneurs in these regions.

He emphasized that netSuite aims to demonstrate to businesses in non-metro cities that AI adoption is not as costly or complex as they might perceive. Suxena further discussed the potential of AI in various sectors, including software, chartered accountancy, insurance, manufacturing, retail, and food and beverage. He stressed the importance of strict controls when using AI agents, as the risk increases when organizations fail to implement necessary checks and balances.

Drawing a parallel to the shift from on-premises systems to cloud computing 28 years ago, Suxena stated that companies that adopted cloud technology early are now significantly ahead of their competitors. He advised businesses not to delay adopting AI, as it offers opportunities for growth that they may not have previously considered.

He emphasized that AI allows businesses to do things they have not yet thought of and act upon them immediately, rather than waiting for events to occur in the future. Suxena concluded by urging everyone to adopt AI now to take advantage of this massive growth opportunity.