The world is perched on the edge of a new era of profound change as Artificial Intelligence (AI) promises to reshape human life. Ram Singampalli, Chief Delivery Officer, Emids, explains that AI's influence is set to outstrip even the internet's, reaching into every aspect of our lives. “AI stands at the precipice of revolutionizing our society, propelling us forward with unparalleled social and economic growth while opening new avenues of existence,” he said.
Generative AI, a subset of AI, has been hailed as a game changer in various industries, igniting a productivity revolution. Healthcare is one sector expected to undergo significant transformation, thanks to AI's potential to improve patient outcomes, enhance diagnostic accuracy, and streamline medical processes.
“By striking a balance between technological advancements and human expertise, AI can usher a new era in healthcare delivery, making it more efficient, accurate, and patient-centered. In future, healthcare services will be more affordable and accessible based on advances brought by AI,” Singampalli said.
Navigating the power of rapidly evolving AI requires careful consideration. Singampalli highlights the need for responsible adoption with a focus on fairness and ethics, stating that it is essential for unlocking AI's full potential. “Responsible adoption, with a focus on fairness and ethics, will be key to ensuring that its benefits are accessible to all,” he explained.
Moving beyond healthcare, AI's potential to spark widespread progress in diverse sectors is significant. Raja Poladi, Head of India Development Center at SpringML, cites AI's capacity to shape a better world. SpringML's pothole detection project for the City of Memphis serves as a clear example. The project not only identified 75% more potholes but also significantly reduced the city's claim costs for damage, saving the city money and creating safer neighborhoods.
But Poladi believes we're only scratching the surface of AI's potential. He points out a prediction by PwC UK and Microsoft that AI's use for sustainable technologies could add up to $5.2 trillion to the world economy by 2030, indicating the scope of AI's impact on industries globally.
Meanwhile, Michael P. Morris, Co-Founder, Torc, stresses AI's potential to revolutionise the software development industry, particularly in recruitment, productivity, and talent management. “Finding ways for AI to enhance hiring and worker experience, as well as reward culture and performance gains, will translate directly to a better future of work environments and bottom-line returns,” he said. He envisages AI not as a job destroyer but as a tool for augmenting human resources and spurring innovation.
Karthikeyan Sridossan, Executive Vice President – Strategy & Growth, Indium Software, concurs that AI has become a critical ally for businesses, especially with the rapid growth of Generative AIs such as ChatGPT, Bard, DeepMind, and more. These tools, coupled with a modern data stack and traditional NLP engines for pre-processing, hold limitless potential for driving the enterprise agenda through technology. “It is evident that ‘the future is already here', as businesses are already harnessing AI's potential to ride the future waves of disruption,” Sridossan observed.
The transformative power of AI is also being recognised in the customer experience (CX) domain. Chaitanya Chokkareddy, Chief Product Officer, Ozonetel, suggests that the release of advanced tools like ChatGPT and other large language models has spurred enterprises to modernize CX. “Leaders within the CX domain will harness AI to analyze customer data, personalize interactions, and deepen customer engagement across various touchpoints,” he said.
Chokkareddy also envisions how AI can transform contact centers, automating routine tasks and enhancing the agent experience. He believes that Generative AI will allow firms to respond faster to a wider range of user requests and enable them to run efficient conversational marketing, sales, and customer service campaigns.
As AI continues to advance at an unprecedented pace, experts agree that we are standing on the threshold of a new era. This powerful technology promises to revolutionise industries, enhance productivity, and redefine the way we live. However, it is essential to remember that the key to harnessing AI's full potential lies in responsible adoption with a focus on fairness, ethics, and accessibility.