Artificial Intelligence (AI) is no longer just a buzzword, it touches almost every aspect of our lives. From how we use social media to how we access healthcare, AI is making things faster, better, and in some cases, cheaper.

I was recently at Imagine 2024 in Austin, Texas, where I spoke with Mihir Shukla, CEO of Automation Anywhere, about the real-world impact of AI and how it’s changing the way we work and use technology.

AI in everyday life

The AI ​​we see today is present in smartphones. On a superficial level, the AI ​​we see is in the form of image/video-editing tools and generative AI solutions like Gemini and ChatGPT, however, there is much more to it.

Mihir believes AI is already all around us, embedded in the services we use every day. “Think of any service you take from a big company, whether it’s banking, healthcare or transportation,” he says. AI is working behind the scenes to improve these services, making them more efficient and user-friendly. Take car problems, for example. Instead of taking a day off to visit a mechanic, AI can diagnose the problem on a single call and find the nearest service provider, making a frustrating experience seamless.

Although we experience AI in our daily lives, many of us are unaware of how it works in the backend to ensure a seamless experience whenever we interact with technology.

Possibility of revolutionizing healthcare

AI is not just about making our lives easier; it also has the potential to save lives. Mihir is particularly excited about how AI can revolutionise healthcare. Imagine using AI to analyse your health data and predict potential risks.

“You can send your health information to a hospital, which can use AI to alert you to a cardiac risk within the next 48 hours,” he said. Such applications could radically change healthcare and save thousands of lives.

Market Dominance and Innovation

During the conversation, we touched upon an interesting topic of who will control AI in the future. Since the advent of technology, most of the control has been in the hands of a few companies, such as Google, Facebook, Microsoft and Apple. Could AI suffer the same fate?

Despite its benefits, the rapid growth of AI has raised concerns about market dominance by a few key players. Mihir acknowledged that companies such as Nvidia are currently leading the AI ​​infrastructure market, but he sees this as just the beginning. “Innovation can happen anywhere in the world,” he stressed, suggesting that the real breakthroughs will come from applications and solutions built on top of existing infrastructure.

He believes the future of AI will be determined by businesses around the world developing new and innovative uses for this technology.

While other chipset makers like Qualcomm, Intel, and MediaTek are also trying to develop more AI-enabled solutions for various products, Nvidia is currently winning this race.

AI in India: Opportunities and Challenges

According to a report by the International Trade Administration, the AI ​​market in India is projected to reach $8 billion by 2025, growing at a CAGR of over 40% from 2020 to 2025.

OpenAI’s Sam Altman doesn’t want to bet his money on building a functional AI model like ChatGPT in India, but Mihir believes that with its huge talent pool, India should try to develop solutions beyond functional AI models. He believes India should use its resources to develop new solutions, and not waste time on applications that have already been developed by other companies.

When it comes to India, Mihir sees immense potential for the country to use AI and gain a competitive edge. He believes that the lack of strict digital policies should not deter businesses from using AI to improve their operations. “This is an opportunity for countries to adopt this technology and become so competitive that they can capture a larger market share,” he said.

According to Mihir, the ability to innovate quickly is a must for any country that wants to lead in an AI-driven world. He also urged that instead of focusing on building tools that already exist in the market (like ChatGPT), India should focus more on building AI tools that will be useful two years from now. “Why would you waste time building another functional AI tool that already exists? I think you should build something that is needed in the future and will be needed two years from now,” Mihir said.

Managing Change

As AI evolves, it is natural to wonder what compromises we might have to make. Mihir admits that significant changes often come at a price, with some people feeling left behind or nostalgic for simpler times. There may be many who do not want to adopt new technologies and are comfortable with legacy methods.

When it comes to adopting new-age technology such as AI, it can prove to be a challenge. However, he believes that the benefits of AI far outweigh the disadvantages if we manage change thoughtfully. “Change like this is all about leadership,” he said. “If leaders engage with this technology and harness its power, they can accelerate progress and bring great benefits to their employees, countries and society at large.”

Balancing risk and trust

Of course, AI is not devoid of its risks and challenges. Privacy and data security are major concerns when dealing with large amounts of user data, especially when tech giants like Elon Musk have raised the alarm citing the misuse of AI. Musk also highlighted some of the risks for iPhone users when Apple announced that it was partnering with ChatGPT for its AI solutions.

However, there is no evidence to support Musk’s claims. Mihir emphasizes the importance of trust in the brands that manage our data. He believes that companies like Apple and OpenAI are committed to protecting user data, and as long as they continue to do so, they will retain consumer trust. He also emphasizes the need for a balanced approach, advocating careful management of the risks of AI while engaging with the technology.

What is the future of AI?

Looking to the future, Mihir encourages businesses and countries to focus on creating new AI applications rather than copying existing ones. He draws an analogy with the second industrial revolution, where countries that embraced new technologies flourished, while countries that resisted change were left behind.

He advised, “We should think about where the ball is going, not where it has been before.” By focusing on future opportunities and leveraging AI to address unmet needs, businesses can drive innovation and reap significant benefits.

In conclusion, AI is changing our world in very profound ways. As Mihir Shukla emphasises, the key to harnessing this power lies in leadership, innovation and a visionary approach. By embracing AI and harnessing its potential, businesses and nations can create a better, more efficient world. However, it is important to manage this change carefully, address ethical concerns and ensure that the benefits of AI are widely shared. The future of AI is very promising, and those who approach its challenges thoughtfully will be well placed to reap its rewards.