'Don't have to build an alternative AI system to compete ChatGPT, but..', says Mphasis CEO Nitin Rakesh
In a recent interview, Mphasis CEO Nitin Rakesh said that ChatGPT has shown people what AI can do, and his company doesn't need to compete with ChatGPT, rather must figure out how to use it for efficiency
PremiumIt is extremely useful to opt for a smart, intelligent machine that can assist or enable self-help and digital integration, opined Mphasis CEO, Nitin Rakesh. The Indian tech firm announced the acquisition of the UK-based tech firm eBECS Ltd, a dominant Microsoft Dynamics partner in the region.
eBECS owns a niche in custom solutions for organisations with Microsoft Dynamics 365 as the foundation. The company CEO also said that each brand is now thinking about how they become more direct to consumers and how to engage customers and how to keep that engagement for long-term relationships between customers and service providers.
The eBECS acquisition is part of the pivot that Rakesh alludes to, and the company was hoping to work on this segment around five years ago. “We call the pivot powered by cloud and cognitive. I think everybody understands today, what it means. Thanks to GPT we’ve understood what AI can do," he says, before adding, “That’s the wave we think we’ll have to lead our customers into," Nitin Rakesh told HT in an interview.
Mphasis points out that they do not have to strive to build their AI system to compete with Chat GPT, but must use GPT itself in the best possible way. The word follows the recent launch of the company's new service. The IT Solutions provider launched its business unit called, Mphasis.ai, to use AI to help organisations improve productivity, and efficiency and unlock new opportunities.
The company also announced its partnership with conversational AI solutions firm Kore.ai. The company aims to use the service to build solutions that help it to connect better with consumers, with the help of virtual assistants.
'Human beings are impatient, Amazon, Google, spoiling by launching a new product'
Rakesh highlighted the significant transformation of the way of doing business. He said that human beings are impatient. He emphasised the rate race of tech firms to present a product faster than their peers to maintain their supremacy among customers.
“Human beings are impatient people. What used to take two or four years to launch a new product, now has to be done faster because somebody else has figured out how to do it faster. Amazon spoils the world by launching a new product, so’s Google, Facebook, Paytm – just the way of doing business has changed," Rakesh told HT.
The Mphasis CEO believes that banking, the auto industry, and the complicated insurance sector also need to change to adopt the changing dynamics of information and technology.
However, bringing change in banks would be quite difficult as it needs to be done while systems remain fully operational. As he said, “It is a bit like trying to change the wheels of a moving car." He said that a bank cannot shut down its services to update systems and processes.
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