The rise of generative AI in global enterprises

It has bene recently convened that top industry leaders to explore the transformative potential of artificial intelligence (AI), particularly highlighting the emergence of generative AI as a cornerstone for future business strategies. The event, held in collaboration with IBM, underscored the pivotal role of AI in driving innovation and customer-centricity across diverse sectors.

Mohit Kapoor, Mahindra Group’s Group Chief Technology Officer, highlighted the extensive integration of AI within the group’s operations, spanning areas such as customer service enhancement, technical troubleshooting, and sales and marketing analysis. Kapoor emphasised the scalability and versatility of generative AI in addressing multifaceted challenges across different business domains.

Rajkamal Vempati, President and Head of Human Resources at Axis Bank, echoed Kapoor’s sentiments, emphasising generative AI’s potential to revolutionise consumption patterns and streamline content generation processes.

Vempati highlighted significant productivity gains achieved through AI-driven automation, albeit acknowledging the learning curve associated with its adoption.

Gobind Jain, Chief Financial Officer of IndusInd Bank, emphasised the indispensable role of data in unleashing the full potential of generative AI across various business functions. Jain underscored the importance of leveraging AI to personalise customer interactions and optimise product offerings, thereby enhancing overall customer experience.

Rishi Aurora, Managing Partner for India and South Asia at IBM Consulting, emphasised the widespread endorsement of generative AI among business leaders, citing its instrumental role in driving organisational growth and innovation. Aurora stressed the imperative of upskilling employees and fostering an ethical AI culture to maximise the technology’s benefits.

Despite the unanimous enthusiasm for generative AI, industry executives acknowledged the need for prudent investment and long-term strategic planning to navigate the rapidly evolving technological landscape.

They emphasised the importance of aligning AI adoption with organisational objectives and fostering a culture of innovation and ethical AI usage.

In conclusion, while generative AI holds immense promise as a catalyst for business transformation, prudent investment, strategic planning, and ethical considerations are paramount to harnessing its full potential and driving sustainable growth in the digital era.