Organisations are experimenting with Gen AI, but a panel discussion titled “Changing narratives: Can AI boost topline?” at the Mint India Investment Summit 2024 to the conclusion that a number of issues need to be fixed before the technology can be implemented comprehensively across organisations.
Artificial intelligence (AI) is becoming more and more popular in a variety of industries, and artists are worried that their creative works may be infiltrated by this technology due to its rapid growth.
The legal uncertainties around AI-generated content were brought to the attention of Whistling Woods’ vice president and chief technology officer, Chaitanya Chinchlikar, during the Mint India Investment Summit 2024. He made the point that copyright claims get complicated because AI is unable to identify the original source of the images it uses to create new works.
Chinchlikar stated that a great deal of litigation has resulted from these legal ambiguities.
Experts examined the changing role of artificial intelligence (AI) and generative AI within various sectors during a panel discussion titled “Changing Narratives: Can AI Boost Topline?” They also addressed the challenges that must be solved before businesses can fully incorporate this technology into their products and services.
According to Chinchlikar, the ownership ambiguity of a fictitious character created by AI makes it impossible for the creator to be sued for intellectual property (IP) infringement. This is one of the reasons why generative artificial intelligence (GenAI) cannot be used to produce IP that can be sold. Nevertheless, even in a commercial, you will find yourself utilising a lot of Gen AI if all you want is some generic, background video “, he stated.
He also discussed how AI has historically been used in the media and entertainment sectors, drawing comparisons to more established technology like green screens. Chinchlikar asserts that the industry is not new to the application of computer vision, machine learning, and other AI technologies.
He also brought attention to the exaggerated hype that surrounds GenAI, which he believes is at its pinnacle. He continued by saying that since GenAI was a “solution looking for a problem,” it will inevitably collapse.
The managing director of venture financing firm Peak XV, Harshjit Sethi, stressed the importance of carefully incorporating AI into current goods. He saw that businesses were keen to use artificial intelligence (AI) as a major force behind the upcoming technology revolution, and many were attempting to integrate AI in some capacity into their products.
Therefore, I usually ask businesses if they are creating something that is only conceivable now and could not have been made possible before the development of this technology. Or are you merely adding a thin coating of AI to something that’s already there?” Sethi questioned.
He continued by saying that there would be more interest if businesses used AI to solve problems in novel ways as opposed to just applying a layer of AI to address problems in the same way. Many industry specialists were using Gen AI internally at their firms, even though others doubt the hoopla around it.
With the introduction of Chat GPT, according to Sudarshan Seshadri, senior vice president and worldwide head of AI at Coforge, “everyone wanted to put AI in some shape or form.” Businesses in web-friendly industries, such as banking, insurance, travel, retail, healthcare, and financial services, for example, were increasingly eager to incorporate AI into their business processes.
It can be reduced to a two-by-two matrix in a very basic form. Sorting data for cost optimisation is the simplest thing to accomplish, according to Seshadri. “On the one side, you have either cost optimisation or internal integration, and on the other axis we have data now or we have data in the future.”
Internal testing of Gen AI is not, however, a novel concept.
On February 4th, Mint published an article detailing how mid-cap Indian IT companies were implementing Gen AI technologies for internal use before extending similar models to their clientele.
According to Seshadri, every industry is progressing well in leveraging artificial intelligence. In fact, even transportation—which we would consider to be really basic—involves more than just lorries driving across. These days, AI is heavily utilised in conjunction with IoT sensors to predict which trucks or lorries may break down and what route would be best for them to travel in order to increase efficiency,” he said.
The need to use AI responsibly is becoming more pressing as its use across industries gains traction.
Speaking about the usage of explainable and responsible AI, Aakrit Vaish, the CEO of Mumbai-based conversational AI platform Haptik, stated that as long as technology was applied enough, consumer behaviour and regulations could be worked out along the way.
“The more significant issue that I believe we are all discussing is this: which application sets allow for the development of truly profound products and solutions that can produce exponential results,” Vaish stated.
All in all, the panellists agreed that artificial intelligence (AI), and especially GenAI, was here to stay; but, in order to fully utilise the technology, its broader applications and uses needed to be developed.