Mphasis CEO Nitin Rakesh is a vocal advocate for the potential of AI and generative AI, but he urges the industry to move beyond the hype and focus on the practical applications and real business impact of these technologies. In an interview during London Tech Week 2023, Nitin Rakesh shared his perspective on the ongoing discussions surrounding ChatGPT and generative AI.
While acknowledging the significant breakthrough that generative AI represents in the field of computing, Nitin Rakesh emphasized that it is not a panacea for all problems. He believes that generative AI will create additional opportunities in the future rather than completely replacing human jobs. Drawing on historical examples, he pointed out that 60% of the jobs we have today did not exist a century ago, indicating that technological advancements have consistently automated tasks while creating new roles.
Nitin Rakesh expressed his optimism about the transformative potential of AI, particularly in unlocking the value of large datasets that often remain underutilized. He highlighted the ability of AI to enhance customer understanding and improve operational efficiency. By leveraging AI tools, organizations can gain valuable insights into customer preferences, behavior patterns, and market trends, enabling them to deliver personalized experiences and drive business growth.
Regarding the concerns about job displacement, Nitin Rakesh firmly stated his belief that AI will not lead to widespread job losses. Instead, he emphasized that AI will open up new avenues for innovation and value creation within organizations. By automating mundane and repetitive tasks, AI allows employees to focus on higher-value activities that require critical thinking, creativity, and problem-solving skills. CEOs and business leaders are increasingly recognizing the potential of AI, with many actively seeking automation projects to drive operational efficiency and unlock untapped value within their organizations.
Nitin Rakesh acknowledged the industry-wide interest in ChatGPT and generative AI, attributing it to the technology’s potential to enhance customer experiences. He predicted that early use cases of generative AI would emerge in consumer-facing industries, where personalization and customer satisfaction are paramount. As businesses embrace AI tools, they can leverage the power of generative AI to develop innovative solutions, streamline processes, and deliver exceptional experiences to their customers.
In conclusion, while acknowledging the transformative capabilities of generative AI, Nitin Rakesh advocates for a balanced perspective that acknowledges both the opportunities and limitations of AI. Rather than viewing AI as a job killer, he sees it as a tool that can augment human capabilities and unlock untapped value within organizations. By embracing AI and leveraging its potential, businesses can stay at the forefront of innovation and create significant business impact in an increasingly competitive landscape.
