AI appreciation day: This is what tech titans have to say about AI

The AI revolution of 2023 has touched almost every sector. The wave that began in the tech sector has now spread out to medicine, entertainment, logistics, ecommerce, publishing, and more. It is not just generative AI that is making the buzz but the entire technology of bringing logical processes to a computer program to make it synthesize its own responses to problems has become an exciting opportunity. And while Silicon Valley had the early mover’s advantage, more and more Indian business leaders are also waking up to its potential. Many companies have already begun implementing AI at some level. Many new startups focused on developing artificial intelligence have also emerged. On AI appreciation day 2023, we take a look at what industry stalwarts have to say about this new technology and how they envision a world with it.

Business heads opine on the potential of AI

Sathesh Murthy, managing director India and head of engineering, RingCentral, a cloud-based business communications solutions firm, said, “Akin to the moment in which the smartphones made its transformative impact on the technology industry, AI has emerged as a transformative force and is revolutionizing how we work, operate, and compete. We believe that generative AI will transform employee and customer experiences and reinvent the way workers communicate with AI-powered assistance. Many businesses are already harnessing generative AI and large language model AI technology to come up with intelligent use cases, like in customer service. We’re seeing AI be used as a virtual assistant to provide customer support and answer common questions, which reduces the workload of customer service representatives and improves customer satisfaction. We see great potential in AI is in its ability to arm sales teams with capabilities that automate things like meeting summaries, actions items and coaching based on conversation trends to help them close more deals, faster. Ultimately, AI is creating a new gold-rush moment, and by harnessing its power, we are not only embracing the future, but also paving the way for unparalleled success in the digital age”.

Vasu Merugu, VP of product, head digital works (A23), an online Rummy platform said, “Artificial intelligence clubbed with human intelligence has the ability to disrupt the tech landscape across the globe. It possesses the means to analyze vast amounts of data and extract meaningful insights that can help businesses gain a competitive edge, resulting in immersive, hyper-personalized and engaging experiences. For A23, AI plays a crucial role in enabling an elemental aspect of our product – Responsible Behaviour. We use AI to analyze gaming patterns and user behaviour, monitor screen time limits and warn or restrict users, thus preventing them from chasing losses. We also analyze user preferences and provide them with personalized gameplay experiences based on their skills and experience. As the industry continues to soar, pathbreaking applications of AI will come to the surface from every corner making for a safe, secure, and wholesome gaming environment”.

Manish Bhatia, President – Technology, Analytics, New Capabilities at Lendingkart, a fintech startup, said, “The transformative force of AI technology is reshaping the landscape of the fintech industry. AI’s contribution to business is akin to a powerful catalyst igniting a revolution in this space. Just as electricity powers our lives, data fuels the engine of fintech, and AI technology is the key that unlocks its true potential.

In the realm of digital lending, where the aim is to provide accessible financial solutions to MSMEs, AI emerges as the driving force behind a seamless loan cycle. With its ability to swiftly evaluate customer eligibility, leveraging KYC and BS data within seconds, and executing the entire process digitally without human intervention, AI paves the way for a remarkable customer experience…The possibilities created by AI technology are truly exciting and we are truly building a Bharat on the blocks of technology”.

And finally, Vinod Nair, VP and head of marketing, Bahwan CyberTek, an IP product-led digital solutions firm, said, “We’re at a point where we are witnessing first-hand the brilliance of AI. Technology players are building smarter and more effective AI platforms faster than ever. Advancements in Deep Learning and mature Foundation Models have powered the AI revolution producing platforms that can create content, generate images, and interact like humans. AI today is unlocking productivity gains for marketing, sales, and R&D teams, helping knowledge workers add value to what they bring to the table.

Nitendra Rajput, VP and head of AI Garage Center in India at Mastercard said, “Artificial Intelligence (AI) is central to the work being done at Mastercard, and critical to our products and services. We’ve been using AI for more than a decade, to make payments safer and more secure, as well as to enhance processes, operations and functions within the organization. AI allows us to protect billions of transactions we switch on our network every year, at speed and scale. Our solutions such as Decision Intelligence, Safety Net etc. use AI to flag, prevent and even pre-empt fraudulent transactions. Globally, our AI-powered security tools have saved more than $35 billion being lost to cybercriminals in the past three years alone”.

According to a latest McKinsey report, Generative AI’s impact on productivity could add trillions of dollars in value to the global economy, which is immense potential. On this AI Appreciation Day, it’s important to remember that if we as users are aware of how to use AI for our benefit, whether it’s to enhance customer, employee, or stakeholder experience, then this is just the beginning. We’re going to see a lot more happening in this space, and a lot more users embracing AI to create new business opportunities and revenue models”.