AI: A Pandora's Box?
The world is gearing up for the generative AI (GenAI) leap, a subset of artificial intelligence (AI). However, AI has been the buzzword for decades and it gained considerable attention, particularly in the last year. But how will this cutting-edge technology and its subset revolutionise the world? Can AI be compared to the Pandora's box, bringing hopes but also troubles and misfortune?
In 2022, the AI market size in India reached USD 680 million and is expected to reach USD 3,935.5 million by 2028, with a CAGR of 33.28 per cent between 2023 and 2028, according to Meity’s Indiaai report.
The study said that AI expenditure in India increased by 109.6 per cent million in 2018 and is likely to grow at a CAGR of 39 per cent to hit USD 11,781 million by 2025.
The rise in AI adoption has led numerous companies to adopt this technology, presenting both benefits and drawbacks to businesses. Sundar Ramaswamy, Senior Vice President and Head of the Center of Excellence (CoE) for AI/Analytics at Happiest Minds Technologies underscored the importance of companies investing resources in exploring these technologies, grasping their capabilities and expanding successful deployments.
He stressed the implementation of AI comes with risks, given that the ethical and security considerations of these technologies are continuously developing.
Asserting on the same lines Deepak Pargaonkar, Vice President of Solution Engineering, Salesforce India said ensuring the safety and inclusivity of AI goes beyond just providing its technological capabilities; it is a crucial responsibility, particularly in the era of generative AI.
Pargaonkar highlighted the importance of AI being responsible, inclusive, accountable, transparent and empowering. He said, "At Salesforce, we have developed a set of guidelines tailored to GenAI, drawing from our trusted AI principles, a cutting-edge framework designed to assist companies in carefully navigating their AI adoption”
AI – The Boon Or Bane?
Ramaswamy added the importance of integrating AI into business operations by discussing the benefits and drawbacks of the technology. He pointed out that AI can greatly improve productivity, drive innovation in business strategies and elevate customer experiences. However, the implementation of AI in businesses may require substantial investments that could strain financial resources. It may also complicate talent management and lead to changes in the job market. AI also presents security challenges that businesses must address to prevent exploitation and mitigate vulnerabilities.
In a similar vein, Binod Singh, CEO and founder at Cross Identity said since AI is poised to bring both significant advantages and notable challenges, businesses must strike a balance, leveraging this smart technology to enhance operations while addressing the associated challenges.
Singh stressed, “A strategic approach that combines technological investment with a focus on human capital development and ethical considerations will be essential for businesses to thrive in an increasingly AI-driven landscape.”
Will AI Replace Humans?
Singh added AI is unlikely to completely replace humans as it lacks the nuanced understanding, emotional intelligence, and creativity that humans possess. Instead of total replacement, a more realistic scenario is one where humans and AI collaborate.
Meanwhile, a recent Pew Research report revealed that about 48 per cent of industrial professionals believe that robots and digital agents will replace a considerable amount of both blue- and white-collar jobs.
Likewise, data from the World Economic Forum indicates that around 30 per cent of current jobs in the OECD countries could be at risk of automation by the mid-2030s as a result of AI integration in industries.
Happiest Minds' Ramaswamy shared that from my perspective, the possibility of AI completely replacing humans seems highly improbable. “While AI excels in specific areas, it falls short in comparison to the vast range of capabilities possessed by humans.”
He elaborated that by fostering collaboration between humans and AI, organisations can achieve greater output without compromising human employment.
Significance Of AI Security
While AI is experiencing a surge in popularity, it has consequently led to an increase in concerns surrounding security and privacy. Based on findings from an IBM study, businesses lacking security AI and automation incurred an average cost of USD 6.71 million per breach, while those with a comprehensive system in place experienced costs averaging USD 2.90 million.
Prashanth Kaddi, Partner, Consulting, Deloitte India said, “AI has sparked numerous concerns within regulatory agencies and the public at large, particularly regarding issues such as data privacy, the transparency of model results, biases present in the data used and the potential for job displacement due to automation.”
Kaddi added that to address these concerns in India, various measures are being implemented. For instance, regulations like the Digital Personal Data Protection Act (2023) are being established and frameworks such as Deloitte's Trustworthy AI framework are being adopted.
He said these initiatives aim to minimise the associated risks by implementing ethical structures, promoting the use of transparent and explainable AI and more. Additionally, Kaddi said, “It is important to note that the detection of AI-driven scams and misinformation falls within the realm of cyber security expertise.”
The rise of AI technology also has led to an increase in organisational breaches. In 2020, the professional sector experienced the highest number of malware attacks with 934 incidents, followed by manufacturing with 292 incidents, public administration with 260 incidents, and healthcare with 221 incidents, as reported by Statista.
