In this State of the Economy podcast, businessline’s Sanjana B talks to Padmashree Shagrithaya, Executive Vice President and Head – Insights & Data Global Business Line– India, Capgemini, and Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree, on the importance of Generative AI in companies.  

According to the experts, Generative AI is a burgeoning field in artificial intelligence, is poised to revolutionise numerous industries. Companies are actively pouring resources into developing and implementing these models, recognising the transformative potential they hold. While generative AI will undoubtedly automate many tasks currently performed by humans, it’s important to remember that it will also create new job opportunities. To prepare for this future workforce, the education system will need to adapt, equipping students with a powerful blend of technical skills and human-centered abilities. 

Shagrithaya highlights the diverse applications of generative AI. From consumer goods and retail to financial services and life sciences, this technology offers solutions to various challenges. Capgemini itself is actively involved in generative AI research, fostering partnerships and cultivating talent within the field. They understand the importance of responsible use and have implemented a governance model to ensure safe and controlled application of this powerful technology. 

Chaturvedi also echoes the transformative potential of generative AI, believing it has the power to reshape every aspect of business. Their investment strategy reflects this belief, focusing on three key areas: “AI in everything,” “AI for everyone,” and “everything for AI.” Companies now prioritise responsible development, ensuring that generative AI is implemented in a trustworthy and ethical manner. 

Both the speakers dismiss the notion of generative AI being a passing fad. They acknowledge the potential challenges surrounding bias, security, and environmental impact, but firmly believe that responsible development and use can mitigate these concerns. 

Generative AI has the power to disrupt not only businesses but also the workforce itself. Businesses that recognise this potential and proactively prepare for the change will be best positioned to thrive in the evolving landscape. Investing in training and development programs for their employees will be crucial in ensuring a smooth transition and maximizing the benefits of generative AI. By embracing this technology thoughtfully, businesses can unlock a future filled with increased efficiency, improved customer experiences, and a more productive workforce. Listen to the podcast.

(Host: Sanjana B, Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.