Future of Tech: A Balancing Act between Innovation, AI, and the Human Element

In recent years, technology has seen fast growth, especially in artificial intelligence (AI), which has sparked transformations in several industries and brought a new era of innovation. Artificial intelligence (AI) is transforming industries at a never-before-seen pace, bringing new opportunities, increasing productivity, and changing everything from healthcare and finance to manufacturing and transportation. AI is revolutionising established paradigms, streamlining procedures, and accelerating growth in various industries. The use of AI technology is accelerating as more and more organisations realise how AI can improve performance, save costs, and provide a competitive advantage. This is bringing advancement and opportunity to the global economy. 

DataQuest got exclusive Quotes and statements from Kartik Ayalh, Head of Technology Delivery at MassMutual India and  Sarvendu Singh, Chief Technology Officer, Onsurity, on different sectors related to Tech Trends Transforming Businesses on this Technology Day.

What are some of the emerging technologies that hold the most potential for future business disruption?

Kartik Ayalh, Head of Technology Delivery at MassMutual India, says, "Some of the most disruptive emerging technologies that can be listed are -Artificial Intelligence and Machine learning, Automation and Robotics, Cyber Security Advances, Edge computing, Virtual reality and 3D printing".

Sarvendu Singh, Chief Technology Officer, Onsurity, Says, "Artificial Intelligence and Machine Learning are at the forefront of emerging technologies poised to reshape industries. Specifically, I see promise in advancing Small Language Models, offering a balance between efficiency and performance, particularly beneficial for businesses with limited infrastructure." 

How do you see the tech landscape evolving in the next 5-10 years, and what are the implications for businesses?

According to Kartik Ayalh, Head of Technology Delivery at MassMutual India, "Artificial Intelligence and Machine Learning are expected to drive significant changes in the tech landscape. Technologies like Generative AI have the potential to enhance workforce productivity. " He adds, "Machine learning applications can improve user experience and streamline time-to-market and customer satisfaction. Additionally, advancements in Automation and Robotics, such as drone delivery and automated medical procedures, offer promising solutions for everyday challenges. Cyber Security Advances are crucial to safeguarding digital assets, while Edge Computing, Virtual Reality, and 3D Printing offer further opportunities for process simplification and enhanced user experiences."

Sarvendu Singh, Chief Technology Officer, Onsurity, stated, "Over the next 5 to 10 years, AI and ML will become integral to application development, permeating virtually every facet of our digital landscape. The focus will shift towards creating AI models that prioritise interpretability and transparency, fostering user trust by elucidating decision-making processes. I expect AI to deepen its contextual understanding, driving sophistication. Furthermore, strides will be made toward developing General AI models capable of multifaceted tasks. Businesses will increasingly embed AI into their daily operations, forging strategic alliances with tech firms to harness innovation effectively."

How can companies mitigate risks associated with technological advancements?

"To mitigate risks associated with technological advancements, companies should implement a robust technology strategy focusing on research and development." Says Kartik Ayalh, Head of Technology Delivery at MassMutual India. He adds, "Ethical governance frameworks are essential for responsible AI integration. Continuous training and upskilling of talent in technological trends and effective risk management practices are crucial. Additionally, fostering adaptability, change management, and strategic partnerships can enhance resilience in the face of evolving technologies."

Sarvendu Singh, Chief Technology Officer of Onsurity, told Data Quest, "To mitigate risks inherent in technological progress, companies must remain vigilant and proactive. Collaborating with tech partners demands a keen awareness of regulatory compliance and ethical AI practices." He further added, "Comprehensive risk assessments, coupled with robust risk management strategies, are imperative. Prioritising privacy and security concerns ensures a resilient foundation for navigating the evolving tech and digital landscape."

Can you share a personal experience of how a tech trend has significantly impacted a business you are familiar with?

"In the banking sector, technological advancements have greatly improved customer experiences. We have benefited from AI chatbots on banking apps, which streamline transactions and offer personalised recommendations. This advancement exemplifies the transformative impact of technology, particularly in sectors like fintech," says  Kartik Ayalh, Head of Technology Delivery at MassMutual India.

Sarvendu Singh, Chief Technology Officer of Onsurity, says, "The advent of Large Language Models (LLMs) has left an indelible mark on various sectors, from enhancing customer service to streamlining content creation and workflow automation. Witnessing the transformative power of LLMs underscores their impact on businesses, improving efficiency and innovation across diverse domains."

What advice would you give to companies leveraging technology for successful digital transformation?

Lastly, Kartik Ayalh, Head of Technology Delivery at MassMutual India, adds, "For companies embarking on digital transformation journeys, it is crucial to build their efforts on four key pillars: Vision, Culture, Leadership, and Technology. Firstly, defining a clear vision and aligning strategies and objectives accordingly is essential." He further states, "Secondly, cultivating a culture that embraces innovation, adaptability, and collaboration fosters a conducive environment for transformation. Thirdly, identifying capable leadership to drive and manage change effectively is paramount." Moreover, "Lastly, selecting the right technology solutions that are adaptable, scalable, and aligned with organisational goals is critical."

Sarvendu Singh, Chief Technology Officer of Onsurity, says, "Embracing AI and ML presents unparalleled opportunities for digital transformation. Identifying areas where these technologies can streamline operations or drive significant value is paramount. Concurrently, investing in upskilling your workforce ensures alignment with innovation, fostering a culture of adaptability and resilience essential for sustained success."