On the eve of India's digital transformation, Generative Artificial Intelligence (Gen AI) emergence, is fundamentally altering the nature of industries, economies, and societal interactions.
The report 'The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation,' from EY India offers profound insights, and provides a vivid picture of the transformative impact of Gen AI on various sectors.
Foundation models promise a paradigm shift in digital interfaces. Enabling richer textual, voice, image, and video interactions, they lay the groundwork for a more immersive digital experience.
Gen AI is not merely a tool; it's a game-changer.
Organisations stand to gain monumental advantages by formulating a Gen AI strategy seamlessly connected with their customer engagement, digital operations, and technology architecture.
In the dynamic landscape of India's digital evolution, Mahesh Makhija, Partner and Technology Consulting Leader at EY India, emerges as a catalyst for change.
Under his leadership, EY.ai is leaving a remarkable impact on various sectors, propelling businesses through their digital transformation journey. With over a decade of experience in technological innovation, Mahesh has steered significant IT strategy and business transformation initiatives in the global financial services landscape.
His work plays a pivotal role in advancing clients' digital transformation journeys, providing deeper analysis and faster insights for informed decision-making.
According to Mahesh, "Emerging technologies need to be embraced by businesses as an enabler to improve performance, manage risk, and drive innovation."
As a key speaker at the CNBC-TV18 & Moneycontrol Global AI Conclave 2023, he stated, “Generative AI's impact on GDP over next 6 years cumulatively is set to be at $1.2-1.5 trillion.”
In the rapidly evolving industry of Gen AI, adaptability is paramount. Scaling to full functional automation becomes a beacon for realising the transformative benefits Gen AI promises.
Key decisions become the cornerstone of success. From choosing Large Language Models (LLMs) and cloud vendors to integrating with digital platforms and enterprise data ecosystems, strategic decisions shape the trajectory of Gen AI implementation.
The report emphasizes the need for the right security architecture, ensuring a robust defense against evolving threats.
The cost-benefit equation in this dynamic journey demands constant scrutiny.
From the costs of training, and inference, to application integration, organizations must keep a vigilant eye on the financial implications of each step, ensuring a sustainable and value-driven Gen AI adoption.
Gen AI's profound impact spans key sectors: Financial Services (FS) strategically invests and mobilizes specialized teams, leveraging Gen AI as a catalyst for customer service enhancement, cost reduction, and innovation.
In Technology Services, Gen AI triggers a revolutionary shift, elevating customer experience, fostering operational excellence, and reshaping the competitive landscape through democratised innovation.
Meanwhile, Media and Entertainment (M&E) witness Gen AI's primary influence in driving creativity, positioning India as a processing hub that adds substantial value across the entire M&E value chain.
It is projected that Gen AI's contribute to India's GDP over seven years (2023-24 to 2029-30).
The anticipated impact ranges from $1.2 trillion to $1.5 trillion, providing an additional 0.9 percent to 1.1 percent annual CAGR. This economic resonance, driven by Gen AI, becomes a powerful force propelling India's growth trajectory.
As countries grapple with AI regulations, the report outlines India's policy emphasis on collaborative efforts.
The government plays a central role in fostering a collaborative environment. Clarity in the regulatory framework will allow the government to support innovation actively, facilitating interventions for improved access to data, chips, talent, and computing resources.
As Gen AI takes its place as a transformative force in India's digital symphony, the future holds a promise of boundless possibilities.
The EY AI report serves as a roadmap, guiding enterprises and policymakers through the complexities of Gen AI adoption, painting a vibrant canvas of innovation, resilience, and unwavering progress.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
