Outlook Business January 2024

“Nothing is so painful to the human mind as a great and sudden change”: Victor’s anxiety in Mary Shelley’s Frankenstein is symptomatic of the insecurities that the rapid progress of artificial intelligence (AI), specifically large language models, or LLMs, have spawned in people. The most dominant anxiety is around job losses that AI and the aggressive redefinition of human work are threatening to cause. This worry runs deep, and far and wide, from scriptwriters in Hollywood to employees of Big Tech. The fear that machines will steal jobs away from humans is as old as the steam engine (read Genpact’s Tiger Tyagarajan’s interview for a metaphorical take on steam engines and the fear it struck among jobbers of the day). So far, the fear was exaggerated, since machines only replaced…

Vamsi Gaddam, the Joint Managing Director of Visaka Industries, has propelled the company to the forefront of renewable energy innovation with his groundbreaking achievement of patenting ATUM as the world’s inaugural Integrated Solar Roof. Surpassing industry giants like Tesla, this pioneering invention represents a historic leap in renewable energy technology, firmly establishing Gaddam’s position as an invaluable asset in the sector. Under Vamsi’s astute leadership, ATUM has reinvented conventional solar technology by integrating solar cells within a durable and weatherproof structure. This patented innovation not only functions as a roof but also operates as a power generator, capable of on-grid and off-grid systems. With patents secured in India, the USA, and South Africa, ATUM underscores the company’s dedication to sustainable energy solutions. ATUM encompasses a spectrum of features. Its solar…

Grim faces and stoic silence—that is what the boardroom of a Bengaluru-headquartered IT firm held on a balmy morning in late February 2023. The deepest frown lines were etched on the CEO’s forehead as everyone’s eyes fixated on the massive screen. It showed a report by JP Morgan that predicted that generative artificial intelligence (GenAI) models, like OpenAI’s ChatGPT, could slow down market revenue growth of Indian IT companies, which dominate the country’s $245 billion tech market. It also forecasted that it could deflate their pricing in the short term and consulting companies, like Accenture and Deloitte, could snatch market share from these firms. With alarm bells ringing loudly in the background, the thought uppermost in every individual’s mind in the boardroom was, “Can GenAI truly disrupt India’s IT sector,…

How big a threat or an opportunity is ChatGPT, or applications like it, for the IT sector, particularly the Indian IT sector? It is an opportunity for those who embrace and use it. If you have an individual, a business or an organisation that says that they do not need to use it, then it is a threat. I can argue that at some point in time, if a business—it does not matter which—is not using technologies like these, they are done with and finished. It is like saying, today there are businesses that do not use Excel spreadsheets. They will not exist. Ultimately, GenAI will become like Excel spreadsheets. Everyone will use it, and it will change the way work gets done. What we understood of GenAI is that…

2023 has emerged as one of the next big frontiers in human-artificial intelligence (AI) collaboration. However, as we explore the possibilities and consider the challenges, a few fundamental questions remain unanswered: can India’s tech services industry expect significant revenue growth from this technology soon? What are the risks associated with large-scale deployment of generative AI? Why is human control crucial for the future of AI? AI has frequently been employed to augment analytical tasks, aiming to boost productivity or attain significant advancements. For instance, oncologists have leveraged machine learning techniques trained on extensive datasets and medical images to drastically enhance the precision of cancer detection. AI augments their capabilities, elevating the significance of experience and specialised knowledge in the process. Insilico, an AI-driven drug discovery company, advanced to Phase 1…

In the ever- evolving landscape of technology, a new protagonist has emerged—generative artificial intelligence. Its promise is as vast as the Indian Ocean, but so are the apprehensions surrounding it. As someone who has navigated the tumultuous seas of the IT industry, I find this debate between collaboration and cannibalisation by AI particularly intriguing. In my experience, technology that works alongside humans has often led to unprecedented growth and innovation. But there is a catch—AI’s ability to outpace human coders is undeniable. It is like having a supercomputer as your co-pilot, who can fly the plane faster and perhaps better than you. The Fear of Redundancy I have seen automation streamline processes, but I have also witnessed the anxiety it breeds. The fear is not baseless, but is it an…