This phenomenon can lead to confusion and decision-making delays, posing significant challenges in fields heavily reliant on Artificial Intelligence. However, the Economic Times report stated that many AI roles, such as AI research scientist, chatbot specialist, and AI marketing specialist, are in high demand. They earn 40-80% more in salary than traditional IT positions.
Industry players said despite AI’s significant impact on professionalism, advancements in coding and innovative solutions, such as Retrieval-Augmented Generation (RAG), are still required to minimize the risk of AI hallucination.
“With RAG and better-fine-tuned implementations, leaders can achieve the required results; again, depending on the use cases, the adoption process has to be thought through. Like how the same programming language does not suit all needs out of the box, the same goes for any new technology in the marketplace,” Visakh ST, CTO, Simplify3X told LiveMint.
Another expert believes that embracing AI can open new avenues for innovation, efficiency, and growth and ensure continuous skill development for the larger workforce across various sectors such as finance, operations, HR, marketing, etc., and clients alike, shaping a future where AI thrives alongside human ingenuity.
“With the advancement in AI, it becomes imperative to discuss its impact on the job market. While some repetitive jobs might be automated, I view AI as an opportunity rather than a threat at Quarks Technosoft. It is about leveraging technology to empower the workforce to enhance overall efficiency,” said Vipin Vindal, CEO, Quarks Technosoft.
The need for human creativity and oversight are essential when utilizing any tool or technology, said TRIP founder Prateek Sethi, adding that knowledgeable leadership is key to harnessing the full potential of technology, paving the way for thoughtful, ethical policies and regulations.
Experts asserted that AI complements human capabilities rather than replacing jobs. Human oversight remains pivotal when utilizing AI, especially as its integration grows within corporate environments to enhance operational efficiency. India’s substantial investment in AI infrastructure underscores promising opportunities for aspiring AI specialists.
“In March 2024, the Indian government approved a 103 billion rupee ($1.25 billion) investment in artificial intelligence projects, including to develop computing infrastructure and for the development of large language models,” Poonam Mehta, Manager, Technology Research & Advisory, Aranca noted.
“Starting January 2024, companies have received fundings including Krutrim AI ($50 million), RagaAI ($4.7 million), sarvam.ai ($41 million), GigML ($3.6 million) and a few companies such as Corover.ai ($4 million), AI4Bharat ($million) are liked to raise fundings,” she added.
Neeti Sharma, TeamLease Digital CEO, mentioned that India ranks fifth globally in investments in artificial technology-based startups, with healthcare, education, and finance being among the highest sectors for AI investments.
“Agritech is a new sector which is gaining momentum both in terms of investments and usage. AI startups notably focus on resolving fundamental user pain points while advancing towards hyper-customized services. We can anticipate a surge in investments within traditional sectors like manufacturing, automotive, healthcare, and finance, where the potential for new-age technology adoption is substantial,” Sharma said.
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Published: 27 Jun 2024, 09:17 AM IST