FE CXO Leadership Dialogue on tapping the power & promise of Generative AI

FE Connect

The FE CXO Leadership Dialogue held by Financial Express in partnership with Oracle has been rather unique in more ways than one. It was witness to brainstorming, thought sharing and idea swapping around leveraging technology in areas that have been engaging the industry. What also stood out was the fact that the speakers were genuine practitioners with a skin in the game sharing their insights. The CXOs present at the meet were from across industries. They discussed how the  industry was adopting Gen AI, the emerging opportunities as also the challenges on the horizon and how the technology could be leveraged to ensure competitive advantage and for a smarter digital transformation.

Leveraging Technology for Long-term Competitive Advantage

The discussion focussed on how businesses were and ideally, should be, leveraging technology to build a long-term competitive edge and ensure sustainable growth beyond the need for just cost reduction and greater efficiency. On Generative Artificial Intelligence’s applicability, speakers shared insights on how firms were becoming nimble with technologies such as Gen AI.

Almost all speakers held the view that predictive analytics and artificial intelligence (AI) were indeed playing a role in how businesses were getting to solve problems and make decisions. According to them, the capacity of AI to analyse enormous volumes of data and produce insightful knowledge was priceless. For instance, given a set of factors, AI could assist in determining which suppliers were most suitable so businesses could engage with them more fruitfully and meet both the sustainability and quality standards. Furthermore, by anticipating their requirements and preferences, AI could improve consumer experiences by facilitating more efficient and customized interactions.

Most speakers shared thoughts on data-driven digital technologies. That gaining operational efficiency and minimizing manual interventions required the integration of digital technology throughout the value chain was a view opined by many. For example, in power automation, collecting data every millisecond could enhance overall reliability and avert system breakdowns.

The speakers were also of the view that today’s businesses used data-driven insights for strategic decision-making and to stay ahead of competition. However, most speakers did caution about the need to ensure the authenticity and legitimacy of data, available in abundance.

What was also stressed was the importance of accurate data management and analytics. Using data effectively could lead to major advancements in several operational domains. For example, by putting analytical tools and dashboards into place, businesses could evaluate how well sustainability measures were working, maximize waste management processes, and improve overall productivity. Achieving desired results and making informed decisions required data-driven strategy.

Adapting to new technologies remained a key point of discussion. Most speakers agreed that digital transformation involved reconsidering corporate processes and strategies in addition to technology.

One of the participants emphasized the need to incorporate customer-centricity into all facets of operations. Businesses could enhance purchase decisions and personalize client interactions by utilizing data analytics. In the retail industry, for instance, advanced analytics could be used to determine which products were most likely to be in demand in particular locations, which could help optimize inventory and boost customer satisfaction.

Most speakers also agreed that supply chain optimization was another area where technology was proving to be essential. End-to-end supply chain management, which guarantees smooth integration from suppliers to customers, was becoming more important to businesses.

IoT and digital solutions provided real-time tracking and visibility, enabling businesses to keep an eye on the status of shipments and take proactive measures to alleviate snarls or delays. This was especially important in sectors such as car manufacturing, where maintaining production schedules depended to a large extent on the timely availability of parts.

Many industries now placed a high priority on sustainability, particularly in the light of the energy transition. The speakers emphasized the need for a transition from mere efficiency enhancing and cost saving goals to an ability to think green and aim for net-zero carbon emissions. Nations and corporations were already setting goals on this. For example, India wants to achieve 50 per cent renewable energy by 2030 and net-zero emissions by 2070.

Some more points where most speakers seemed to share common ground were – Technology in business appearing to have a bright future and in looking to new approaches to improve operations and spur growth by leveraging technology such as blockchain, AI, and IoT. Value creation through innovation, sustainability, and customer-centric strategies were becoming crucial. Businesses needed to be flexible and adaptable as technology developed to retain a competitive advantage and succeed in the long run.

What did come across as a link node across speakers was the view that leveraging technology to drive growth required a comprehensive approach to changing business practices and strategies and well beyond just putting new tools in place. In an increasingly digital environment, businesses would accelerate their growth and build long-lasting competitive advantages by concentrating on sustainability, data-driven decision-making, and seamless integration across the value chain.

The evolving CXO: Tapping Gen AI for smarter digital transformation

Incorporating GenAI into a company’s digital transformation strategies could be a game-changer, offering both innovative opportunities and disruptive potential. GenAI could be an innovation tool and a disruptor.

The panellists discussed at length how GenAI could analyse swathes of data in real-time, provide actionable insights that could form the basis for strategic decision-making and in automating repetitive tasks. All of these, while also optimizing complex processes, streamlining the operations and reducing costs. Having the right data at the right time for it to be accessed effectively by the right people was felt as the key to right technology implementation and adaptation.

On leveraging GenAI to augment decision-making processes and identifying opportunities for growth, speakers opined that the need of the hour was the responsible use of AI. Companies could harness Gen AI , whilst minimizing risks and promoting responsible usage. The usage of Gen AI in medical advancements and building case studies for specific modules and process was also highlighted.

Given that GenAI could analyse vast amounts of data, it was possible to identify potential risks, detect anomalies, and ensure regulatory compliance. This was particularly helpful in case of manufacturing processes especially while there was a need to not just adhere to the regulations but also maintain the required standards.

Apart from sharing insights on how Gen AI was getting to be a game changer in ushering in greater efficiency, the speakers also discussed the need for reskilling existing workforce and getting them better equipped to handle change. For this, a view held by most was that it was crucial to incorporate training in newer technologies and extending support to employees in transitioning to new roles or for acquiring newer skills. These could include technical skills such as data analysis, machine learning, and programming. These, coupled with soft skills such as critical thinking, creativity and problem solving, would also play a crucial role in equipping the workforce to handle change.

In terms of a specific example, the case of seasonal diseases was discussed, where based on predictive analysis, AI could help in stocking up medicines, and circumventing supply chain issues. Across the board, speakers felt that fostering a culture of collaboration, transparency, and reskilling workforce, were all critical if organizations were to truly achieve  optimum human-AI collaboration, which was needed for the responsible implementation of GenAI in digital transformation. 

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Participants at the FE CXO Leadership Dialogue