The AI imperative- Why Indian businesses can’t afford to lag behind

The AI imperative: Why Indian businesses can’t afford to lag behind

By Saurabh Saxena

Artificial intelligence (AI) is no longer the stuff of science fiction; it’s a game-changer that’s set to revolutionize the business landscape. A report by TeamLease Digital underscores the monumental impact of AI on India’s economic growth. With AI expected to add a staggering $967 billion to the Indian economy by 2035 and contribute significantly to the nation’s GDP by 2025, the time for businesses to embrace AI is now. Those who hesitate risk being left behind in an increasingly competitive world. Further, AI is projected to account for 10 percent of the country’s ambitious target of achieving a $5 trillion GDP by 2025. This correlation between AI adoption and economic growth cannot be overlooked, as it promises to shape the future of Indian businesses. The message to business leaders is hence clear: Embrace AI now, or risk being rendered irrelevant in this new era of technological advancement.

Artificial intelligence is a double-edged sword, offering immense potential benefits and posing significant challenges. On the positive side, AI capabilities empower security professionals to streamline tasks like threat detection and security event processing. This efficiency frees up valuable time for these experts to focus on more complex, human-centric aspects of their roles.

However, the growing demand for AI skills in the cybersecurity field places pressure on both organizations and individuals, exacerbating the already substantial cybersecurity skills gap.

Recruiters now seek candidates who not only understand standard cybersecurity tools but are also well-versed in the ever-evolving threat landscape. Some even demand years of experience with advanced AI tools like ChatGPT, despite its relatively recent introduction.

Moreover, the same AI tools that enhance cybersecurity are accessible to malicious actors. Cybercriminals are harnessing AI to evade detection, craft more sophisticated attacks, and exploit vulnerabilities within organizations’ infrastructure. The use of generative AI for phishing, in particular, poses a grave threat to businesses, putting sensitive data and operations at risk.

Combat AI-powered threats with equally sophisticated AI defences

AI is advancing at an astonishing pace, outstripping the growth rates of major technology platforms like Facebook and Twitter. It’s clear that the only way to keep up with this rapidly accelerating technology is to embrace it fully.

Without AI assistance, businesses become susceptible to an ever-expanding array of vulnerabilities, putting their data, operations, and reputation at risk. For example, consider the realm of financial cybersecurity. AI-driven algorithms can swiftly analyse vast datasets, detecting unusual patterns and identifying potential fraudulent activities. However, fraudulent actors are increasingly employing AI to create sophisticated attacks that mimic legitimate transactions, making them exceedingly difficult to detect using traditional methods. To counter such threats effectively, financial institutions must employ AI-powered systems that can not only identify these intricate patterns but also adapt and evolve to stay one step ahead of malicious actors.

In conclusion, the rapid advancement of AI technology is undeniable and presents both opportunities and challenges for businesses. To confront the evolving landscape of AI-powered threats, organizations must take a proactive approach by embracing sophisticated AI defenses. These AI-driven defenses are essential for filtering out the complexities of modern threats, safeguarding businesses from vulnerabilities, and enabling them to thrive in an era where the battle against cyber threats is increasingly waged with the very technology that poses the threat itself.

The Bottom Line

AI represents both opportunities for growth and potential risks. While concerns about AI replacing humans are valid, they are often unfounded. AI technology still requires substantial human input, particularly for generative and predictive tasks. However, the rapid growth of AI could render non-AI-savvy businesses obsolete.

Ultimately, AI embodies a duality that simultaneously presents unparalleled opportunities for growth and potential risks. While it’s entirely valid to acknowledge concerns about AI eventually replacing human workers in various domains, it’s essential to recognize that these concerns are often unfounded when we consider the current state of AI technology. Today’s AI is far from autonomous and still heavily relies on human expertise and input to function effectively. For instance, in healthcare, AI can analyse vast datasets to assist doctors in diagnosing diseases or predicting patient outcomes. However, the ultimate decision-making power and responsibility still lie with healthcare professionals who integrate AI insights into their clinical judgments. AI augments their capabilities but does not replace them. Similarly, in finance, AI-powered algorithms can help automate routine tasks such as risk assessment and fraud detection. Nevertheless, these systems operate under the supervision of financial experts who provide the necessary oversight and make critical decisions, particularly in complex and high-stakes situations.

While AI’s rapid growth and evolution are undeniable, the prospect of it rendering non-AI-savvy businesses obsolete is a genuine concern. For instance, in the retail industry, companies that leverage AI for personalized recommendations, inventory management, and supply chain optimization gain a significant competitive advantage. Those who neglect AI integration risk falling behind in terms of customer satisfaction, operational efficiency, and profitability.

Moreover, the competition in the AI landscape extends beyond humans versus AI; it’s about having the best combination of the cognitive ability of humans and the expertise of AI. In this race, businesses and individuals alike must invest in AI education, research, and development. Leading tech companies are continually enhancing their AI capabilities, and businesses that align with their advancements can gain a considerable edge.

In conclusion, AI’s transformative potential is undeniable, but its capacity to replace humans entirely is currently limited. Rather than a threat, AI serves as a powerful tool to enhance human capabilities and drive growth across various sectors. However, businesses that fail to adapt to the AI-driven paradigm risk losing their competitive edge in a world where AI expertise is the key to success. The competition is not just human versus AI; it’s a race to become the most adept AI expert, and those who recognize this reality will thrive in the AI-driven future.

The author is country director – India, OpenText

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