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Apr 02, 2024
Generative AI is creating a lot of excitement across industries, and businesses need to take the lead and stay ahead of the curve. The demand for professionals skilled in AI and Machine Learning (ML) is soaring in India. Since the pandemic, recruiting for artificial intelligence and machine language positions has increased by 30% annually, according to staffing agency Randstad, while demand for other digital skills has grown at half that rate. It estimates that there are about 200,000 professionals skilled in artificial intelligence/ machine language in India. India's staffing data indicates that AI jobs are growing twice as fast as other technology roles. This underlines whether someone would end up losing their job to AI or wield AI to create far more value than ever before, depending on their skills and agility.
Developing AI entails writing smart code, testing the results for bias, and reliability. That means high-end jobs, and a calling for a higher level of education and innovation. It would generate a fair number of traditional manufacturing, managerial-administrative, marketing, as well as logistics jobs.
AI needs a global oversight body on the same lines of the International Atomic Energy Agency for Nuclear Energy. The AI industry is keen to outsource regulation to governments and transnational bodies - it does not want to be held accountable for the things that go awry, it just needs to claim to have complied with the applicable regulation.
Urgent, aligned, and collective action is now required at a rapid pace. The global concern for economic growth in turbulent times calls for strict corporate governance norms, appropriate handling of geopolitical situations, and thereby managing the supply chains in a new paradigm. In this interconnected world, every country and every company has to be concerned about how well prepared they are and what new changes in strategy and business models they will make to become future-ready organisations. turbulent times calls for strict corporate governance norms, appropriate handling of geopolitical situations, and thereby managing the supply chains in a new paradigm. In this interconnected world, every country and every company has to be concerned about how well prepared they are and what new changes in strategy and business models they will make to become future-ready organisations.
In this interconnected world, every country and every company has to be concerned about how well prepared they are and what new changes in strategy and business models they will make to become future-ready organisations.
Technologies are making their impact on future growth patterns. The boards have to be extremely careful in incorporating changes into the new business models. With rapid changes due to emerging technologies, the corporate culture too has to change to match technological revolution and rapidly changing customer requirements. Corporate leaders need to adapt and change at a much faster pace than ever before. Leaders in the current century have to continuously innovate and manage disruptions effectively. Therefore, they will need enhanced cognitive skills, soft skills, encompassing problem solving, interpersonal relations, teamwork, decisiveness, tenacity and resilience. Leaders need to tap the full potential of digital disruption and create a work environment where 'people' and 'technology' complement each other. Anticipating change and forward-thinking will continue to be among the foremost challenges for leaders.
Companies have to consider following important elements:
(1.) A generative AI reset: Rewiring to turn potential into value in 2024
(2.) The economic potential of Generative AI: The next productivity frontier
(3.) The rising complexity of board directorship
There are three main strategies for the industry to use generative AI. First, every solution needs to be human centric. Second, employees need to be part of the development and the story i.e. re-skilling and re-training. Third, scaling AI capabilities.
He is the Vice President of the Institute of Directors.
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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