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Highlights
- A balanced approach to AI adoption is needed, combining innovation, risk awareness and a clear strategic direction.
- Organisations are exploring the vast potential of generative AI, focusing on incremental implementation aligned with existing strategies and specific use cases.
- Clear policies, guidelines and regulations are essential to ensure ethical and responsible AI use, particularly in sensitive sectors like healthcare and heavily regulated industries like banking.
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The future is AI, the future is human
Succeeding in the age of artificial intelligence (AI) requires a delicate balance of innovation, risk awareness and a clear strategic direction.
That’s the view of a high-level group that convened in London to discuss the transformative influence of AI on business and operations, the execution and implementation of AI, and a future that combines humans and technology.
Rapid advancements have ushered in a new era of opportunities and challenges for organisations across almost every industry, blurring the lines between business and technology. The potential benefits of AI range from boosting efficiency and productivity to aiding decision-making and helping generate new revenue streams. Even so, the technology comes with complexity and risks that demand a thoughtful approach.
According to the TCS AI for Business study, over half (55%) of corporate executives globally are excited or cautiously optimistic about AI’s potential for business transformation. However, keeping up with the fast-emerging tools and constantly changing information while focusing on the most beneficial use cases can be daunting.
A balanced and incremental approach
The potential of generative AI (GenAI) is so vast that it is crucial to apply the technology judiciously, drilling down into where it fits best and focusing on results.
Many organisations are taking an incremental approach, building on existing strategies and capabilities and addressing specific use cases.
For example, several organisations have invested resources in building analytical capabilities around their data lakes since GenAI can fit neatly on top of existing infrastructure.
Specific situations may require rule-based engines, machine-learning capabilities, generative AI solutions, or a combined approach.
Clear policies, guidelines and regulations
Clear guardrails help ensure the ethical adoption of AI, especially in sensitive sectors and when applied to data.
As AI regulations evolve, organisations must stay abreast of the changes, the ethical considerations, and the rules around data privacy and intellectual property protection.
In healthcare, maintaining trust is critical, especially when it comes to patient data. There’s potential to explore models that look at broader lifestyle and context, using patient health records and other data sources, including banking information, travel history and diet. Hence, ethics are paramount here.Consideration must be given to what data is used and biases eliminated where possible.
In regulated industries like banking, the challenge lies in finding AI use cases that comply with regulations while also educating regulators and employees and bringing them along on the journey.
The right tool for the right job
The first step for effective AI incorporation into a business is a comprehensive understanding of the specific challenges that must be addressed.
Not every problem will lend itself to an AI solution, and leaders must be able to match the right tool to the job.
During the discussions on AI implementation, business leaders highlighted the importance of a customer-centric approach. Rather than adopting GenAI for the sake of it, there should be a focus on solving problems for stakeholders.
Aligning GenAI initiatives with real-world applications and a customer-focused strategy will likely deliver the maximum impact and drive meaningful outcomes.
Balancing tradition and innovation
AI is coming to every industry, and some education and upskilling will be required to harness its potential fully.
Augmenting the skills of employees to work with AI was seen as the most effective way to foster an AI-ready workforce.
Maintaining a human element is vital in almost every sector and is particularly valued in the creative industries and sports. While AI adoption in creatively led enterprises, such as a ballet troupe or a theatre company, needs to maintain the essence of the art form, there may be scope to use it in marketing, sales, and commercial planning.
Motorsport shows how technology adoption must come with an awareness of audience preferences since its commercial success is intertwined with the drama generated by its human sports stars. Removing this element comes with risks, and whether audiences are ready to embrace this will be borne out in attitudes towards the Abu Dhabi Autonomous Racing League (A2RL) to be held in 2024, where AI-driven motorsport cars showcase the potential of autonomous driving.
AI as a source of good
What’s clear is that each industry will face its own challenges and opportunities as AI technology advances.
GenAI can be used to create insights into customers and offer holistic, tailored solutions. It may also play a role in helping traditionally underserved or overlooked social groups. For example, in the context of populations getting older and living longer but not having adequate savings, AI can be used to better address the dual challenges of pension and healthcare.
Collaboration and ecosystems can drive progress
The future of humanity hinges on collaborating to harness the power of AI for the benefit of all.
TCS Pace Port in London is designed to accelerate digital transformation via rapid experimentation. Companies work on creative solutions, bringing together partners from many sectors to foster innovation. As part of a social innovation initiative, TCS helped develop an AI-enabled speech assistant device for children with speech impairments.
This example shows how we can unlock value when we address specific challenges and build upon existing capabilities.
The ongoing excitement and momentum demonstrate that AI has the potential to drive value, innovation, and sustainable growth.
It’s our responsibility, and our privilege, to balance innovation with existing best practices, address ethical considerations and navigate regulatory challenges, so that we can embrace a future that’s powered by humans and AI—working in harmony.
Aligning GenAI initiatives with real-world applications and a customer-focused strategy will likely deliver the maximum impact and drive meaningful outcomes
