There’s no doubt that artificial intelligence (AI) and its subset generative AI (GenAI) are dominating the world of technology.
In particular, the mainstream adoption of GenAI has captured global attention.
“Most people know what generative AI is. Intuitively, they've used several applications today to figure out the power of generative AI and businesses too have started to experience the impact of what generative AI can do,” said Vijay Guntur, CTO and Head – Ecosystems at HCLTech.
Organizations are leveraging AI in two primary ways. The first is improving current business efficiency, where AI is used to deliver tasks faster and more predictably. The second and more transformative, is finding new sources of value creation.
Generating value
Guntur shared several examples of how AI and generative AI are creating value and driving innovation. In the marketing realm, he noted that AI-powered personalization can significantly boost campaign effectiveness, with click-through rates soaring from 2-3% to the mid-teens. Another example involved a camera manufacturer that used AI to create a new “prosumer” business segment, catering to consumers who desire professional-grade photography without the steep learning curve.
This latest example does have implications for the livelihoods of professional photographers, with consumers empowered by AI-powered tools to capture high-quality images with ease and is indicative about the impact of AI on jobs.
Building an AI-ready workforce
Many argue that the benefits of AI will far outweigh the risks. Organizations have embraced this mentality and are going all in on AI. However, the lack of AI skills is proving a critical challenge in productionizing and scaling AI efforts.
Building an AI-ready workforce is necessary.
Guntur identified two key categories of people: those who will use AI systems and those who will build them. For the former, he emphasized the importance of training and change management to ensure seamless adoption. For the latter, he stressed the need for organizations to invest in developing new capabilities, such as data science and data engineering.
Beyond work, he suggested that, as a society, we need to incorporate AI-related skills into school curriculums early on. “Allow school children to interact with AI and start developing these AI capabilities,” he said.
This approach, Guntur believes, will create a more robust talent pool capable of driving AI innovation and adoption. He acknowledged the need for retraining and upskilling existing employees, drawing parallels to the digital transformation journey many organizations have already undertaken.
The important role of regulation
Finding the right balance between innovation and caution is a longstanding challenge of technology regulation.
Guntur expressed a positive outlook, suggesting regulation can accelerate AI adoption by instilling trust and confidence in the systems being developed. “I think regulation can accelerate adoption. That's the way I think about it, because that brings a lot more trust and confidence in the systems built that follow the regulation and go through the rigor of the regulatory requirements.”
Looking ahead, it’s clear that AI and GenAI are poised to reshape the business landscape. By addressing the skills gap, investing in education and navigating the regulatory landscape, organizations can position themselves to harness the transformative power of AI and secure their competitive edge in the years to come.
Listen to the full conversation in the latest episode of the HCLTech Trends and Insights podcast.
