Global AI Conclave: How Generative AI will turbocharge healthcare, commerce, financial services

CNBC-TV18 & Moneycontrol Global AI Conclave 2023

Generative artificial intelligence (AI) stands to play a crucial role across sectors from healthcare to product delivery, according to panelists at CNBC-TV18 & Moneycontrol's Global AI Conclave 2023.

In a panel discussion on AI’s role in turbocharging India Inc., moderated by deputy executive editor of Moneycontrol, Chandra R Srikanth, the use of conversational AI and chatbots to facilitate interactions with patients and their families was touched upon.

At the Global AI Conclave held on December 16, EY India also unveiled a report titled The AIdea of India: Generative AI’s Potential to Accelerate India’s Digital Transformation.

Mahesh Makhija, Technology Consulting Leader at EY India and a panelist at the Conclave, stated, "We surveyed 200 C-level executives, aiming to gauge the current state of affairs. There is a significant level of optimism, with almost 82 percent expressing the belief that generative AI will have a positive impact on their business."

"However, the flip side reveals that three out of four executives are still grappling with confusion on various fronts. They are uncertain about where the value will come from, what use cases they should deploy, how to build and safeguard against hallucinations and address other data privacy concerns," Makhija said.

“Our report suggests that over the next six years until 2030, generative AI could cumulatively contribute between $1.2 to $1.5 trillion to the GDP,” he added.

Also read: Generative AI estimated to add $1.2-1.5 trillion to India’s GDP by FY30, says EY India report

Dilip Jose, Managing Director and CEO at Manipal Hospitals, highlighted the hospital's pioneering use of wearables in patient care beyond the hospital setting.

"Consider the scenario of a patient who undergoes an angioplasty—an interventional cardiology procedure. Normally, by the third day, they are discharged and sent home. However, at home, they still need to remain active and follow prescribed exercises. To address this, we provide patients with a wearable device, a collaboration with Google Health. This allows us to track their activity through an app. The wearable not only serves as a reminder for medication but also helps monitor inactivity, providing valuable insights. We've observed that individuals who put on wearables recover faster," he said.

Delivery companies are also leveraging the power of AI. Kaivalya Vohra, co-founder and CTO of Zepto, a quick commerce unicorn, said: "Given that 40% of our business comprises perishable items with a restricted shelf life, precise demand forecasting helps prevent both stock-outs and excess inventory."

"In logistics, our data-driven approach comes into play in crucial areas such as route planning for delivery trucks and replenishing our dark stores. Given that customers typically order groceries around twice a week, we amass significant data on their preferences and behavior. For example, we enhance the customer experience by sending targeted discounts on products they have viewed but not yet purchased, creating a more personalized and engaging interaction," he explained.

"Throughout the trading lifecycle, Generative AI plays a pivotal role, influencing everything from providing insightful investment information to delivering hyper-personalized customer support. From shaping investment strategies to enhancing the customer experience, it leaves its mark across the entire business chain,” Arindam Banerrji, country head of US-based State Street, said.

Government agencies are also not lagging in adopting AI. In response to Karnataka deputy CM DK Shivakumar's recent statement about utilising AI to tackle traffic issues in Bengaluru, State IT-BT minister Priyank Kharge remarked, "Every growing city, whether it's Paris, Bengaluru, or London, faces its unique set of challenges. It's an ongoing endeavour, and the integration of technology can expedite initiatives to bridge existing gaps. Technological solutions can indeed enhance mobility and traffic management, but the continuous improvement of infrastructure and better common sense is paramount."

"While AI cameras may address specific facets of the issue, giving precedence to public transport and employing common sense will significantly contribute to the overall solution," Kharge added.

AI’s myriad benefits aside, privacy remains a major concern. Vohra of Zepto, said: “While these innovations hold exciting prospects, we acknowledge the need for ethical considerations, ensuring that customer data is handled responsibly” he adds.

Unlike many other sectors, Jose said, healthcare involves vulnerable individuals, necessitating a thoughtful and cautious approach.  “We must ensure that the implementation of AI prioritizes patient well-being over business interests,” he added.

"In the healthcare sector, data is a valuable asset, often spanning across multiple years and various medical treatments. AI has the potential to predict clinical pathways based on historical patient data, offering insights into future health scenarios. While technically possible to use data from elder family members to predict the health trajectory of younger individuals, the ethical implications demand scrutiny. Healthcare AI should be approached with sensitivity with the importance of ethical considerations and safeguards," said Jose.

It was great to be at the Global AI Conclave hosted by @CNBCTV18News@moneycontrolcom

As per a ARTIFICIAL INTELLIGENCE REPORT 2023 by Stanford, India has the highest AI skill penetration in the world followed by US and Germany. We have achieved this despite receiving just… https://t.co/XNsQZBURy9pic.twitter.com/jZuexFM1Tt — Priyank Kharge / ಪ್ರಿಯಾಂಕ್ ಖರ್ಗೆ (@PriyankKharge) December 17, 2023

According to Kharge, the burgeoning growth of AI has governments playing catch-up. "Policy is always trying to catch up with AI. The European Union is now expressing the need for safeguards in AI, but AI has already advanced significantly. Deep fakes and other innovations have emerged, highlighting the constant challenge governments face in keeping up with the evolving landscape. Our intention here, with the assistance of industry experts, is to proactively address these challenges."

Also read: Global AI Conclave: Innovation authority to navigate emerging challenges, says Priyank Kharge

Palo Alto Networks presents the CNBC-TV18 Moneycontrol Global AI Conclave, in collaboration with EY as the Knowledge Partner and Google, Yotta Infrastructure, and Reliance Industries Limited as Associate Partners, with Townhall serving as the Technology Partner.