AI and GenAI Powering Digital Transformation Across Indian Sectors
A panel discussion at the Mint Digital Innovation Summit 2024 explored how AI and GenAI are driving digital transformation across various sectors in India. Representatives from pharmaceuticals, fantasy sports, financial services, and glass manufacturing shared their experiences.
AI’s Impact Across Industries
Pharmaceuticals: Roopa Basrur of Parexel highlighted AI’s role in workflow automation, decision-making, data search and retrieval, and even medical writing, where AI helps assess drug safety.
Fantasy Sports: Abhishek Ravi from Dream11 discussed how AI reduces costs and manages the platform’s massive user base. Dream11 reportedly uses AI-powered machine learning models for over 200 ongoing platform experiments.
Financial Services: Sushil Ostwal of Motilal Oswal Financial Services emphasized the importance of “quick wins” and building trust in AI’s ability to deliver business value.
Glass Manufacturing: Sudip Mazumder of PGP Glass shared how AI is used for product design, citing an AI-designed perfume bottle inspired by Carolina Herrera’s “Good Girl” fragrance.
Key Takeaways
Prompt Engineering is Crucial: Both Basrur and Ostwal stressed the importance of prompt engineering, which involves crafting clear instructions for AI models, as the foundation for successful AI implementation.
Human Expertise Remains Vital: While AI automates tasks, human oversight is still necessary. Basrur emphasized the need for a “human in the loop” to ensure quality control.
Talent Churn is a Challenge: Mazumder pointed out the high turnover rate among AI and GenAI specialists, with many attracted to fields with high demand for small language models.
Cybersecurity Concerns: Ostwal highlighted the need for safeguards to protect AI systems from breaches and security violations.
The Future of AI and GenAI
The panelists see immense potential for AI and GenAI across sectors. In online gaming, AI can help identify fraudulent user activity and understand game patterns. In manufacturing, AI and GenAI could revolutionize robotics.
This discussion showcases how AI and GenAI are transforming businesses in India, creating new opportunities and challenges along the way.
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