How organisations can unlock long-term business value with GenAI
In a fireside chat at TechSparks 2023, Sandeep Dutta of Fractal shared how GenAI empowers businesses, and why it should be seen as a powerful tool that augments human capabilities rather than as a threat
"The biggest innovations of the 21st century will be at the intersection of biology and technology. A new era has begun." — Steve Jobs.
In the ever-evolving tech landscape, artificial intelligence (AI) stands at the forefront of innovation, shaping the future of businesses., an AI consulting powerhouse, is at the epicentre of this technological revolution, harnessing the power of GenAI to drive long-term value for its clients.
During TechSparks 2023 Bengaluru edition, India’s most influential startup-tech conference, a fireside chat featuring Sandeep Dutta, Chief Practice Officer for APAC at Fractal, shed light on the transformative potential of GenAI, with a particular focus on its applications in healthcare.
Fractal's vision and its unicorn journey
Fractal's journey is anchored in a simple yet profound vision: "We want to help our clients make better decisions." This vision underlines the pivotal role of data and AI in transforming decision-making processes.
With a clientele that boasts Fortune 500 and Fortune 100 companies, Fractal's commitment to creating a billion dollars of value for each organisation is resolute. While the pursuit of becoming an AI unicorn is noteworthy, its core mission remains centred on driving tangible value for its clients.
Elaborating on Fractal’s journey, Dutta said, "We've been focused on analytics and AI throughout.” This unwavering focus has been pivotal to the company’s success, adapting and evolving as the industry changed.
Transforming industries: Telecom and healthcare
During the fireside chat, Dutta presented compelling real-world use cases that exemplify GenAI's transformative power. For a global telecom client grappling with high website traffic and low conversion rates, Fractal implemented an AI-based solution to remove digital friction in the buyer journey leading to $1 billion in customer lifetime value. This case underscores GenAI's potential to revolutionise industries by addressing complex challenges.
In the realm of healthcare, Fractal incubated Qure.ai, a startup that leverages AI for disease diagnosis from radiology images like X-rays and CT scans. This innovation has profound humanitarian implications, particularly in regions grappling with diseases like tuberculosis. As Sandeep observed, "The potential to save lives is more valuable than a billion dollars." This use case highlights the profound impact of GenAI in healthcare.
Challenges and realistic adoption of GenAI: A balanced approach
In the midst of the enthusiasm surrounding new technologies, Dutta struck a note of caution. “The true potential of GenAI hinges on a harmonious synergy between humans and AI,” he said. Rather than viewing AI as a threat to employment, it should be seen as a powerful tool that augments human capabilities.
Drawing from the early days of cloud computing, he offered an important lesson. "The allure of cost savings led to indiscriminate cloud usage, resulting in unexpected costs," he said.
In the GenAI landscape, he advocated for a measured approach, emphasising the evaluation of where and how to apply the technology. The consideration of reputation risk becomes crucial, with a recommendation to commence with internal-facing use cases for testing before venturing into external-facing applications.
Guiding principles for GenAI
In the expansive AI landscape, the cornerstone remains data quality. Dutta underlined the importance of implementing a Reputational Risk and Impact (RTI) framework for AI development, affirming that “this framework ensures transparency and explainability in AI development".
As for the future, he shared a compelling story that epitomises the vast potential of AI in healthcare. He recounted an instance where GPT-4 played a pivotal role in diagnosing a tick-borne disease in a dog. "This heartwarming tale signifies the immense potential of AI to seamlessly integrate into our lives over time, particularly in healthcare," he explained.
Unveiling the GenAI revolution
In a world driven by technology, GenAI is emerging as the vanguard of innovation. Fractal, with its unwavering commitment to AI, is a prominent player in this technological revolution.
The fireside chat at TechSparks 2023 Bengaluru edition shed light on the transformative potential of GenAI, with central themes of realism, human-AI synergy, data quality, and a measured approach to technology adoption.
The journey towards becoming an AI unicorn is a testament to the rewards of dedication and unwavering commitment to AI. Ultimately, GenAI holds the potential to create not only recognition but tangible success, offering lasting value for businesses and humanity alike.