CEO Roundtable on AI Adoption in Corporates
In the dynamic landscape of modern business, Artificial Intelligence (AI) emerges as a pivotal force, poised to redefine the future of enterprises. Businesses aligning with and harnessing the power of AI strategically position themselves for success in the ever-evolving global economy. The Confederation of Indian Industry (CII) has embarked on a mission to drive AI adoption across industries, aiming to elevate the global competitiveness of the Indian business landscape. CII is establishing a Centre for AI. A CEO Roundtable on AI Adoption was hosted on 20 December to delve into the evolving trends of AI solutions and their integration into businesses.
Shri Abhishek Singh, Additional Secretary, Ministry of Electronics and IT, President & CEO, NeGD, and MD & CEO, Digital India Corporation, during his special address at the roundtable emphasized the transformative impact of AI. He stated that in a world where experts have covered a multitude of topics, AI remains a focal point. He highlighted the profound influence of AI on our lives and businesses, underscoring the importance of processing vast volumes of data, a fundamental shift in operational paradigms.
Addressing the significance of India's chairmanship of GPAI, Mr. Singh emphasized the nation's commitment to global leadership in AI. He stressed the need for substantial investments in AI compute infrastructure and research to sustain global competitiveness. Mr. Singh advocated for a regulatory framework that fosters innovation while ensuring user safety, outlining India's unique approach.
Mr. Punit Renjen, Deputy Chairman, SAP Supervisory Board, echoed the sentiment, noting that AI will fundamentally change the way business is conducted, leading to a substantial 30% to 40% improvement in productivity. Mr. Renjen highlighted SAP's recent release of a digital assistant for business, a natural language interface transforming user experiences. This innovation streamlines data interaction and information retrieval, driving transformative and exponential change.
Mr. Thomas Saueressig, Executive Board Member, SAP, emphasized AI and machine learning's monumental impact on the job market, predicting a billion jobs influenced by AI technologies by 2031. He underscored the transformative power of AI in various industries, drawing parallels to the internet's transformative impact.
Speaking on AI responsibility, Mr, Saueressig stated, "SAP is developing AI responsibility because, in the end, especially in business, we need to avoid discrimination, racism, bias, and that's true to our belief."
Mr. Rajiv Memani, Vice President, CII, and Chairman – India Region and Chairman, Emerging Markets Committee, Ernst & Young LLP, discussed AI's global significance, extending beyond national borders. Mr. Memani underscored CII's proactive engagement in global AI discussions, specifically through the presentation of recommendations at the B20 summit. Within these recommendations, CII placed an emphasis on innovation, data governance and privacy, skills development, regulatory compliance, and sustainability etc. Mr. Memani also highlighted that EY recently tried to quantify the impact of AI on the overall economy, estimating that in the next seven years, if AI is rolled out properly, it could contribute USD1.2 to USD1.5 trillion.
Mr. Memani expressed that CII has planned to collaborate with industry and other stakeholders to propel India's AI adoption journey, fostering global competitiveness and transformation. The today’s roundtable signals a commitment to a transformative future.
Mr. Tarun Sawhney, Co-Chairman, CII Task Force on Bioenergy & Vice Chairman & Managing Director, Triveni Engineering & Industries Limited, in his opening remarks emphasized, "The adoption of AI in our industry is not just a choice; it's a strategic imperative. It's about positioning ourselves to thrive in an increasingly competitive and technologically advanced world.” Mr. Sawhney highlighted that CII has actively focusing on AI, recognizing it as another crucial pillar within its services framework aimed at enhancing the competitiveness of India’s industry. He shared insights into CII's dedicated efforts in the AI domain over the past few years, unveiling that an AI Centre for excellence is being established by CII.
The roundtable, attended by over 40 industry leaders, delved into visionary leadership in AI adoption, sharing best practices and success stories to enhance efficiency, customer experience, and innovation.
20 Dec 2023
New Delhi