IIM Indore Conducts a Conclave on Generative AI & its Impact on Indian Industries

• Conclave organized by institute’s Industry Interface Office

Prof. Himanshu Rai offered a fresh perspective on the challenges posed by the VUCA world. He emphasized countering “Volatility” with a clear vision, highlighting that a strong vision helps navigate rapid changes effectively. Prof. Rai encouraged the audience to envision a world shaped by their aspirations. To address “Uncertainty,” he advocated for greater “Understanding” among individuals, recognizing the value of peer interactions in navigating uncertain times.  For the challenge of “Complexity,” Prof. Rai called for unwavering “Courage,” asserting that it is the foundation for all other values, especially when faced with complex problems. Regarding “Ambiguity,” he stressed “Adaptability and Agility,” given the ever-changing nature of our world. Prof. Rai urged individuals to be proactive in responding to ambiguity. “Infusing our imagination into our visions and working towards creating the world we aspire to be a part of is the key in this world of GenAI”, he said. Prof. Rai’s insights offered a concise roadmap for navigating the VUCA world with purpose and resilience.

Mr. Souvik Das delivered an insightful presentation, offering a comprehensive view of the evolution and impact of AI. He began by tracing the historical journey of AI, dating back to the year 1156, and highlighted how it has continuously evolved, eventually becoming a mainstream force. He drew parallels with industry giants like Coca-Cola, emphasizing how AI has empowered consumers and shaped their experiences. “Gen AI holds the potential to enable capabilities that are currently beyond reach. The media amplification surrounding Gen AI, likening it to previous trends related to big data, but the current hype is dynamic, signifying a shift from “+ AI” to “AI+.”, he said. Mr. Das also delved into the cultural impact of this change, emphasizing its global reach and significance. He then provided clarity on the distinctions between AI, Machine Learning, Deep Learning, and foundation models, setting the stage for a deeper exploration of the business aspects of Gen AI. He stressed the importance of trust and up-to-date sources in the Gen AI ecosystem, noting the evolving techniques used to ensure reliability, including efforts by organizations like IBM. He said that Gen AI builds upon the return on investment (ROI) of traditional AI, but the presence of barriers that need to be overcome to fully realize its potential.

Mr. Biswadeep Chatterjee provided a comprehensive perspective on how Gen AI is transforming the business landscape and its implications for various industries. He outlined how Gen AI is reshaping enterprise AI strategy, affecting the vision, roadmap, use cases, governance, and talent acquisition within organizations. Highlighting the evolution of AI, Mr. Chatterjee shared insights into the shift from task automation to augmenting human work, making AI a critical component of business operations. “The focus has moved from business innovation to business criticality, with responsible AI usage becoming paramount”, he said. Mr. Chatterjee also touched upon the limitations of Gen AI, particularly in generating methods. He then delved into various aspects of AI, including visual generation, such as semantic image-to-photograph translation, 3D shape generation, and video prediction. He threw light on Gen AI’s audio capabilities, including text-to-speech, speech-to-speech, and music generation, alongside text generation, personalized content, and sentiment analysis. He highlighted its impact on BFSI, enabling risk management, fraud detection, user-friendly explanations, and data privacy.

Mr. Apratim Mitra provided a comprehensive overview of his company’s vision and the pivotal role of data and technology across various dimensions. He emphasized the importance of a clear vision as the starting point for any endeavor.  Mr. Mitra delved into the challenges faced in today’s dynamic business landscape, discussing the return-to-work strategy, the significance of a hybrid workforce, sustainable facilities, and long-term real estate decisions, all of which are addressed through technology-driven solutions within his team. He highlighted the importance of data at scale and enterprise-grade technology, stressing the need to capture, harmonize, and analyze data efficiently. “Vision is the compass that guides us through the vast landscape of data and technology. In today’s dynamic world, innovation emerges from constraints, leading us to smarter solutions. It’s about harnessing the power of AI to drive sustainable, data-driven decisions in real estate and beyond”, he said. He also shared valuable insights into how AI has positively impacted his organization, noting that innovation often arises from constraints. He emphasized the importance of finding smarter solutions in a rapidly evolving technological landscape, shedding light on the transformative potential of AI.

Dr. Chandrika Kaushik provided a comprehensive overview of the opportunities brought about by Generative AI (Gen AI) and its impact. Sharing DRDO’s achievements and milestones, she said, “DRDO’s journey is one of self-reliance and innovation, spanning a rich history of technological advancements. Gen AI opens new avenues for collaboration, enabling us to continue our mission of securing the nation with cutting-edge defense technologies.” She delved into the Transfer of Technology (ToT) provisions, categorizing military technologies into Category A (Military Technologies) and Category B (Dual Use Spin-Off), explaining the decision-making process. Dr. Kaushik highlighted DRDO’s support to the industry, encompassing areas such as the Transfer of Technology, Technological Development Fund, DRDO Patents for Industries, Evaluation and Certification Support, Export Support, and Technological and Scientific Assistance. She emphasized on the self-reliance of DRDO, and its contributions to manufacturing missiles, fighter aircraft, radars, electronic warfare systems, software-defined radios, sonars, and torpedoes.

Following these informative talks by the esteemed panelists, the Industry Conclave at IIM Indore featured an insightful Q&A session, where industry professionals engaged in a lively exchange of questions and insights. Prof. Basu shared the origins of this visionary event, underscoring its contextual relevance in an ever-evolving world. He highlighted the enduring relevance of IIM Indore as a hub of innovation and knowledge. Prof. Basu delved into the paramount significance of Generative AI (Gen AI), elucidating how it is shaping the future of industries. His address served as an inspiring call to explore the transformative potential of Gen AI and embrace the opportunities it presents in the dynamic landscape of business and technology.

The event concluded with a vote of thanks.