Active Stocks
Mon Jul 22 2024 11:58:42
  1. Tata Steel share price
  2. 160.05 1.46%
  1. Wipro share price
  2. 509.35 -8.60%
  1. NTPC share price
  2. 375.00 2.88%
  1. ITC share price
  2. 468.60 -1.20%
  1. HDFC Bank share price
  2. 1,642.40 2.20%
Business News/ Technology / News/  ‘Adoption of generative AI key for customer centricity’

‘Adoption of generative AI key for customer centricity’

Rajkamal Vempati, president and head of human resources of Axis Bank, added that generative AI is now making inroads into consumption in businesses

From left: Gobind Jain, chief financial officer, IndusInd Bank: Mohit Kapoor, group chief technology officer of Mahindra Group; and Rishi Aurora, managing partner for India and South Asia, IBM Consulting.Premium
From left: Gobind Jain, chief financial officer, IndusInd Bank: Mohit Kapoor, group chief technology officer of Mahindra Group; and Rishi Aurora, managing partner for India and South Asia, IBM Consulting.

New Delhi: Global enterprises in technology are undergoing what experts referred to as “the year and the decade of artificial intelligence"—during which generative AI has already begun making inroads in terms of usage across various sectors. This was the common theme that all panellists agreed upon at the Mint AI for Business Summit, where key business leaders of India agreed upon the need to invest in AI in order to reap benefits in the future. The event was done in association with IBM.

Speaking at a panel discussion titled ‘Responsibly transforming enterprises with generative AI’, Mohit Kapoor, group chief technology officer of Mahindra Group, said that while generative AI has made headlines in the past year, overall development of artificial intelligence has played out across various Mahindra Group entities for much longer—in areas such as connected cars, precision agriculture, new generation financing and lending tools, and more.

“There are four clusters of generative AI which we’ve successfully scaled up—the first of which is customer service with the human in the loop. We’ve done this to improve how our customer service agents on live chat or call can give better advice to the customer. The second is technical—we have machines in factories that have large manuals written in foreign languages. We’ve gotten all the machine manuals and 10 years of log on how a particular problem may have been addressed on the shop floor. We are also equipping our service centres run by dealers with generative AI-powered troubleshooting. Any problem that is logged can be searched upon by a supervisor of a service centre, who can read all the articles to find the problem. Finally, we’ve used it in an ales and marketing analysis, as well as in finance," Kapoor said, highlighting the areas where Mahindra has focused on through this year of AI.

Rajkamal Vempati, president and head of human resources of Axis Bank, added that generative AI is now making inroads into consumption in businesses. “There is no vyapar (business) without vyavhar (behaviour, usage and consumption), and the beauty of generative AI is in making inroads in the wonderful space of vyavhar," she said.

“Content generation and creation would take two months to get the syndication done, and understand what needs to be done in terms of learning objectives. With generative AI, we’ve reduced it to 20 minutes. This leaves us with huge productivity gains, but there’s a lot of learning associated with generative AI at the moment," Vempati added.

Gobind Jain, chief financial officer, IndusInd Bank concurred, adding that the potential of generative AI “is unlimited, provided you have got the necessary data to feed it".

“If you have captured the data, it has application in every field you can think of—in customer interaction, you can improve on the customer interactions and tailor-make your products according to customers’ needs. Your call centre can be replaced with generative AI, which can make a call to a customer based on specific requirements. When you build that empathy into generative AI, it makes for an amazing customer experience," he added.

Rishi Aurora, managing partner for India and South Asia at IBM Consulting, added that generative AI currently has strong resonance with business leaders. “About 90% of chief executives say that they want adoption of generative AI, and I’m hearing the same from across departments—be it human resources, finance or technology. Further, 85% of these executives believe that their customers have either already embarked on these journeys, or will start using AI in some shape or form over the next two years. Adoption of generative AI is, therefore, key," he said.

Mahindra’s Kapoor echoed Aurora’s analysis, adding, “Many things, which we thought would take years to accomplish on using traditional AI, have been fast tracked with generative AI. If data is available, accessible and actionable, we apply AI on it—whether it’s traditional or generative that can be decided later. We’re focusing on customer centricity, sustainability and innovation. When returns on investments (RoIs) will come is important to consider for the future, too."

However, while each of the executives read generative AI as a key tool to adopt for business growth, they highlighted that there are questions to be answered. To this, IBM’s Aurora said, “How do you really start adopting AI? People are going to drive adoption of AI, so as Vempati mentioned, it’s important to upskill your people and ensure that AI is not only productive for your organization—it’s also creative. Then, it’s important to drive innovation across your organization, but it has to be ethical. How do you trust AI models and their outcomes? The second investment has to be made in the right technologies."

Jain also added caution in terms of progress of innovation. “We have limitations of budget, and everybody competes for the same resource. The key thing here is the philosophy of the organization—how does it want to thread this journey, and what is the problem statement? We need long-term plans, and can’t think in the short-term for one year or so. However, technology is changing, and something new will come up soon, too."

Generative AI is the fad today, but something else will come tomorrow. You need to have calculated investments in order to take care of immediate needs, and be prepared for scalability of both the current and the future technologies," he concluded.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Shouvik Das
Shouvik Das reports on AI, gaming, IT services, science, space and technology policy for Mint. He also writes on consumer technologies and tech-driven cultural experiences for Lounge, Mint's weekend supplement. Every week, he hosts an irreverent weekly podcast, Techcetra. Beyond work, he is passionate about food, music, sports and travel, and is also a hobbyist photographer.
Catch all the Technology News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Mar 2024, 06:01 AM IST
Next Story footLogo
Recommended For You