TECH INVENTION OF THE DECADE!

Generative Al is no passing fad and is certainly not among the technological innovations that have fired public imagination, only to be superseded by others. It is poised to profoundly impact various sectors, like banking, high tech industries and life sciences. An In Depth report

- Rohit Chintapali

ENERATIVE ARTIFICIAL INTELLIGENCE (AI) came into the limelight during a turbulent market phase, reminiscent of blockchain’s prominence two years ago. During that period, sceptics predicted the rise of cryptocurrency and the potential disruption of traditional finance, currency systems and the broader economy. Similarly, the tech industry was abuzz with discussions on the metaverse just last year, only to witness a significant shift towards Generative AI following the mammoth debut of ChatGPT in November 2022. However, in the case of Generative AI (GenAI), it is evident that this is not merely another fleeting trend. But why?

Quick ROI

Anup Purohit, CIO at Wipro, distinguishes between GenAI and other trends like blockchain and the metaverse, pointing out that Generative AI offers quick Return on investment (ROI) without the need for massive investments in development. Instead, companies like Wipro can leverage solutions from industry leaders like Nvidia and VMware.

“Unlike some technologies, Generative AI is readily available and doesn’t require a complete ecosystem overhaul,” Purohit  said during the VMware Explore (Singapore) event. He emphasised the role of companies like Wipro in delivering business solutions to customers across various sectors, making Generative AI a practical and accessible tool. With its readiness and adaptability, Generative AI, in Purohit’s perspective, is not a passing fad but a significant and enduring presence in the technology landscape.

A McKinsey & Company study suggests that generative AI has the potential to contribute between $2.6 trillion and $4.4 trillion annually to the global economy, which is a figure that surpasses India’s current GDP, which stands at $3.75 trillion in 2023.