“AI is changing and impacting businesses like never before, how can we be up to the task?” is the question in the minds of future business managers. Addressing this very question, Jio Institute convened an Industry Connect with leaders of Tata Consultancy Services (TCs) for the students of Jio Institute, diving deep into this complex world of AI and Generative AI.
Mr Atul Gandre, Global Head of Industry Solutions & AI; Ms Nita Khare, Global Lead in Emerging Technologies & AI; Mr Gaurav Ghelani, Regional Head of Talent Acquisition and Academic Alliances and Ms Sneha Wadekar, Manager, HR provided invaluable insights into the distinctions between analytics, AI, and GenAI, as well as the latest trends and implementation strategies.
Understanding the Differences
The session began by clarifying the fundamental differences between analytics, AI, and GenAI. While all three are rooted in data and machine learning, they serve distinct purposes. Analytics focuses on understanding past events, providing insights into "what happened" and "why." AI, on the other hand, is predictive, aiming to answer "what will happen" and suggesting optimal courses of action. GenAI takes it a step further by exploring new possibilities and generating novel content, such as text, images, videos, and even code.
The GenAI Revolution
The panel highlighted the rapid evolution of Generative AI, emphasizing key trends like the ability to process both structured and unstructured data, advanced text, image, video, audio and code generation, and the development of realistic avatars. These capabilities are poised to revolutionize various industries.
Implementing GenAI Effectively
The session also covered practical aspects of GenAI implementation, including model selection, technology options, and deployment strategies. The experts stressed the importance of prompt engineering, which involves crafting effective prompts to guide the AI model towards desired outcomes.
Business Applications and Responsible AI
The potential of GenAI to transform businesses across sectors was explored, with examples from healthcare, finance, and marketing. For example, in retail banking, AI could transform customer interactions, fraud detection, and personalized services.
However, the panel emphasized the critical need for responsible AI practices. The EU AI Act was cited as a significant step towards ensuring ethical AI development and deployment.
By demystifying AI and GenAI, the event provided attendees with a solid foundation to explore the potential of these technologies and navigate the challenges associated with their implementation. As the AI landscape continues to evolve, Jio Institute continues to bring forward experts' and leaders’ ideas to help students to be well-versed with the emerging technologies in AI.