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Generative AI - The Next Big Thing in Today's Evolving Business Landscape

Vishal Bisht, Founder & CEO, Marksman Technologies

In his career spanning over 23 years, Vishal has been a serial entrepreneur and incepted many companies such as KOCEAN Edutech, Zeetashop, Marksman Technologies, Blocksoft and TURNSKILL. Additionally, he is also the Business Mentor at MassChallenge – a US based organization engaged actively supporting startups and entrepreneurs.

In a recent conversation with Keerthana H K (Correspondent, CIO Insider), Vishal shard his insights on Generative AI, its emerging use cases, ways it is enabling businesses optimize their functions and many other aspects. Below are a few key extracts from the same

Could you tell us a few strategies businesses can follow while implementing Generative AI into their existing functions?
Businesses across all industries are showing heightened enthusiasm towards implementing Generative AI or any other kind of automation technologies into their operations die to massive number of benefits they offer. Some of the main reasons why business owners opt for automation are enhance productivity, increase profits and optimize the overall business operations. The first step in this direction is to have a clear understanding of the business needs and objectives. Then, the company must do a careful analysis of the kind of technology that is currently being used and accordingly select the kind of automation technology that not only caters to the business needs, but is also compatible with existing systems and applications. Later, the company must start collecting the necessary data, create a proper data modeling, test it and apply any API integrations if deemed necessary. Lastly, the entire data model must be analyzed for proper data security measures and parameters.

What steps would ensure scalability and adaptability of Generative AI models as per evolving business dynamics.
With the humongous success witnessed by

ChatGPT that was launched as open source AI, Generative AI has become mainstream and is considered by experts as one of the most influential technologies in recent times. However, there are a few steps business owners must take before implementing Generative AI into their functions. Firstly, you must analyze the data sets of the AI and check if it is scalable as per future requirements. Then, you need to create a data management plan and formulate strategies on ways in which this data can be modified to be able to scale easily in the future as per the existing infrastructure and resources.

Briefly explain the ways in which organizations can mitigate cybersecurity risks while implementing Generative AI.
While implementing any kind of automation into their existing processes, it is a norm for companies to have a fill-fledged data security plan in place. The first step in this regard is to mandatorily encrypt the data, check where the data is stored, and do a thorough analysis of the kind of data that is being used. Also, we need to conduct periodic security assessments and penetration testing, along with educating employees about the importance of data security, train them on ways to identify potential threats and take necessary action immediately. Additionally, companies must ensure to conduct organization-wide security audits on a regular basis and take a back-up from time to time. Lastly, and most importantly, it is paramount for every company dealing with data to have a thoroughly planned risk assessment and disaster management plans in plans to efficiently handle any kind of unforeseen crisis.

It is paramount for every company dealing with data to have a thoroughly planned risk assessment and disaster management plans in plans to efficiently handle any kind of unforeseen crisis.

Throw some light on the impact of implementing Generative AI to enhance the customer experience.
Firstly, Generative AI enables organizations to hyper-personalize data as per individual preferences and buying patterns. Secondly, it can be used to create a highly effective recommendation engine by taking the entire past customer data, analyzing it thoroughly and then offering tailor-made recommendations to each user. Thirdly, integrating Generative AI in chatbots along with voice assistance, NLP and other techniques enables business to solve customer queries & grievances with ease and have interactions in their preferred language. This way, Generative AI is enabling businesses to enhance their customer experience and strengthen the relationship with them.

What role will Generative AI play in fostering a culture of technology innovation, especially in the area of artificial intelligence?
I personally believe that currently, Generative AI implementation is still in a nascent stage across all industries in India. Customers too are very curious about these technologies and waiting very eagerly on how companies will leverage these technologies to the benefit of all stakeholders involved in the business. Thus, companies across all industries must gradually increase the adoption of Generative AI and diversify its use cases to as many new areas of possible. This way, they get familiarized with those technologies and will be able to innovate more easily in the coming years to even further optimize business processes.

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