Generative AI Attract Indian CEO A Report by KPMG & NASSCOM

Generative AI, or artificial intelligence that can create new content or data, is gaining popularity among Indian CEOs, according to a report by KPMG and NASSCOM. The report, titled “The Future of AI: India’s AI Journey”, surveyed 1,000 CEOs from various sectors and found that 64% of them are interested in exploring generative AI applications for their businesses.

Generative AI is a branch of AI that uses deep learning models to generate realistic and novel outputs, such as images, text, audio, or video. Some of the examples of generative AI are GPT-3, a natural language processing model that can write coherent texts on any topic; StyleGAN, a computer vision model that can create realistic faces of people who do not exist; and Jukebox, an audio model that can compose original music in different genres and styles.

The landscape of artificial intelligence (AI) is continually evolving, with generative AI emerging as a transformative force across industries. In a recent report jointly published by KPMG and NASSCOM, a notable trend has come to light: Generative AI is gaining significant traction among Indian CEOs. This article explores the key findings of the report, shedding light on the growing appeal of generative AI among business leaders in India and its implications for the future.

The report states that generative AI has the potential to transform various industries and domains, such as media and entertainment, education, healthcare, retail, and manufacturing.

Enhancing creativity and innovation: Generative AI can help businesses create new and original content, products, or services, or improve existing ones, by providing novel and diverse ideas, designs, or solutions.

Improving efficiency and productivity Generative AI can help businesses automate and optimize various tasks and processes, such as content creation, data augmentation, quality control, or personalization, by generating high-quality and relevant outputs in a short time.

Reducing costs and risks: Generative AI can help businesses save money and resources, or mitigate risks, by generating synthetic or alternative data, such as images, text, or audio, that can be used for training, testing, or validating AI models, or for simulating different scenarios or outcomes.

The report has also highlights some of the challenges and risks of generative AI, such as ethical, legal, and social implications, data quality and security, model robustness and reliability, and human-AI collaboration. The report suggests that businesses should adopt a responsible and ethical approach to generative AI, by following best practices and guidelines, such as ensuring data privacy and consent, avoiding bias and discrimination, ensuring transparency and explainability, and ensuring human oversight and control.

It concludes that generative AI is a promising and emerging field of AI that can offer significant value and competitive advantage to businesses, if leveraged in a responsible and ethical manner. The report also recommends that businesses should invest in building their generative AI capabilities and skills, by collaborating with academia, research institutes, and startups, and by fostering a culture of innovation and experimentation.

The report by KPMG and NASSCOM surveys 1,000 Indian CEOs and finds that 64% of them are interested in generative AI, or AI that can create new content or data.It states that generative AI can transform various industries and domains, by enhancing creativity and innovation, improving efficiency and productivity, and reducing costs and risks.

The report also highlights some of the challenges and risks of generative AI, such as ethical, legal, and social implications, data quality and security, model robustness and reliability, and human-AI collaboration.

The report suggests that businesses should adopt a responsible and ethical approach to generative AI, by following best practices and guidelines, and invest in building their generative AI capabilities and skills, by collaborating with academia, research institutes, and startups, and by fostering a culture of innovation and experimentation.

A report by KPMG and NASSCOM reveals a growing interest and investment in technologies among Indian CEOs. Key findings highlight strategic investments, widespread industry adoption, emphasis on skills and talent acquisition, and regulatory considerations. The rising appeal and it signifies its potential to drive innovation, enhance competitiveness, and shape India’s digital economy. As business leaders embrace and its collaboration, responsible practices, and continuous innovation will be crucial in harnessing its full potential and fostering sustainable growth.