The focus of this episode of businessline’s State of the Economy podcast is generative AI and its potential to transform businesses and marketing.
Shiv Shivkumar, operating partner at Advent International, and Debjani Ghosh, the president of NASSCOM (National Association of Software and Services Companies) discuss the significance of generative AI and its limitless possibilities.
Debjani Ghosh explains that generative AI is not new but rather an evolution of AI that has been continuously evolving since the 1950s. She highlights the recent advancements in access to quality data and computing power, enabling higher capabilities in content creation and language understanding.
Indian companies and startups have been working in in generative AI space since 2017-2018. In order for India to move up the value chain, India needs access to good quality data, high-end computing power, and substantial investment. Debjani Ghosh calls for building India’s own foundation models, incorporating local languages and cultural context, and creating a level playing field for startups.
The discussion touches on the market potential of generative AI, Debjani Ghosh emphasises the productivity changes it can bring, making humans more productive across most jobs. Shivkumar adds that generative AI will disrupt the entire marketing value chain, impacting packaging, concept generation, and market research.
There are risks associated with generative AI. Accuracy issues, biases in training data, hallucinations, and environmental concerns due to the high computing power required are all factors to keep in Mind. There is a need for oversight, regulatory frameworks, and responsible use of AI.
While the potential of generative AI is great, Both Debjani and Shiv acknowledged the need for responsible and regulated development. They emphasise the importance of collaboration between industry and government to seize the opportunity and address the challenges associated with generative AI.