Adding AI in Business Can Lessen or Worsen a Problem; Are Industries Ready to Make the Bet with AI?

Adding AI in Business Can Lessen or Worsen a Problem; Are Industries Ready to Make the Bet with AI?

Sanjay Sehgal, Chairman & CEO, MSys Technologies, 0

Sanjay is the Chairman and CEO of MSys Group. In the business world, Sanjay Sehgal has more than 20 years of management and entrepreneurial expertise in the enterprise software, sales, marketing, and operations sectors. Sanjay holds BE degree in electronics from University of Delhi.

In a conversation with Bimlesh Prasad, Correspondent, CEOInsights India Magazine. Sanjay shares his views on AI and Industry-Specific Applications. During the conversation he also discussed about the challenges in adapting new technologies and future of AI in different industry sectors.

Which are the main industries being transformed by AI is transforming and what are the opportunities emerging from the same?
The emergence of a large language model such as ChatGPT & GPT4 by OpenAI and more, by the time this article is published, has significant implications for various industries. Major sectors benefiting from this automation are customer service industry, marketing & advertising, tech industry, publishing, education and more. This also entails a new lease of life for revival of jobs in tech industry where demand for AI empowered tools will entail in creating larger job opportunities for displaced workers.

Beyond our industry, there are several strong use-cases for AI in education, healthcare cybersecurity, and further advancement of science and research. It is no surprise that it will lead to a major upheaval in several industries as the benefits of it are far reaching beyond automation of tasks.

In the near future, every company will be a tech company. Hence, the leaders need to be proactive, innovative, and agile to stay ahead in today's rapidly changing business environment. By embracing new technologies, prioritizing cybersecurity, fostering collaboration, developing talent, prioritizing data privacy, adopting cloud technologies, and monitoring performance, leaders and the workforce can drive business growth and success.

What are the challenges businesses could run into while adopting AI?
One of the major challenges for any industry would be up skilling their workforce to create an efficient team with AI. Evolution of AI may not risk jobs, but not learning the new technology can risk a workforce. Other concerns that are pertaining to data security, bias of AI, high infrastructure costs, disruption to the structure and more challenges that occur when you go through a massive upheaval.

How will AI technology affect the job market in India?
AI adoption is costly and sometimes even a time
consuming process depending on the industry. If implemented correctly, AI could create a huge job market where India Inc can adapt to work with the systems to create a new league of expertise. Upskilling is very crucial in these stages of advancement as low skilled technical jobs will be replaced by AI & Machine learning in near future. This stands true for all technological phases of development be it internet, app revolution or any such phase, only skilled workers have proven to never lose employment.

As for this phase of AI, it is expected to have a significant impact on the job market in India, creating new job opportunities while also leading to job displacement. Companies need to invest in developing this talent pool to remain competitive in the market.

The current predicament of regional disparities may dictate a significant job loss in absence of any processes to ensure a seamless transition & training program for workers.

What do you anticipate for the future of AI in different industry sectors in India?
Exciting times lay ahead for Indian industries as AI is set to disrupt and cause a tectonic shift in ways we approach automation. Adoption of AI will also largely hinge upon the development of infrastructure in the country. The current predicament of regional disparities may dictate a significant job loss in absence of any processes to ensure a seamless transition & training program for workers. The government too, is taking fast paced actions to adapt to the dynamic landscape by promoting areas of research and development for AI tools.

While the gold rush of AI is just the beginning, our belief is that once the dust settles on the race to create AI tools, we will see a country-wide progress to upgrade the infrastructure to emerge as a leader of tech in the future.

What suggestions do you have for upcoming IT leaders looking to access new opportunities in this field?
Artificial Intelligence and Machine learning may have gained recent popularity but they have been around for quite some time. The strength of their use case also weighs against the complexities, cost and infrastructure they need to sustain and thrive in any structure. While the world rushes to create the next Chat GPT, one has to truly evaluate the requirements of such technologies pertaining to their industry. Monitoring and measuring performance is essential to ensure such initiatives are meeting business objectives. Organizational leaders should implement metrics and KPIs to track the performance of their IT initiatives and make data-driven decisions based on the results. Is the AI pill you create solving or causing a problem?

Such complex systems also make your data and structure vulnerable to attacks, IT leaders need to prioritize data privacy and ensure compliance with relevant regulations such as GDPR, CCPA, and others. Implement robust data privacy policies and procedures to protect customer data and maintain their trust.