How to Ace AI for Societal Benefit in the Long Run "Companies that educate their employees on how AI can improve their work will be more successful," said Shrijeet Mishra, CINO & Head Group Services, Aditya Birla Group

Technological progress often comes with disruption, and all are not disruption driven. "Anytime there's been a change, it's always been welcomed in some places and led to problems in some," said Shrijeet Mishra, Chief Innovation Officer & Head Group Services, Aditya Birla Group at Entrepreneur Summit 2024.

The fear of losing jobs courtesy of artificial intelligence is not a new concern, as over 200 years ago, British textile factories invested in new machines which led to workers vandalizing the new innovations. "Because the new machines could take on so much of the production, workers worried the factories wouldn't need as many employees and they didn't want to lose their jobs," explained Mishra.

Nevertheless, since then, the rate of technological advancement has only accelerated and these developments have made work more efficient and employees more productive, which ultimately increased wages because employees' work was more valuable to their employers. "Today's technology will change our economy in unimaginable ways, promising more choice and lower costs for all of us," Mishra added.

The Long Run Win

On where newer emerging technologies will take the society, Mishra said it's important to understand where our society is going, how the consumers are reshaping themselves–the world of tomorrow is shifting; whether its people, environment, global order, or innovation.

While AI has the power to revolutionize industries, Mishra cautioned against seeing it as a replacement for human talent. "AI cannot replicate emotional intelligence, creativity, and critical thinking," he stressed. Instead, it should be viewed as a tool that augments human capabilities, particularly for tasks that are repetitive or mundane.

Mishra highlighted the importance of "digital literacy and AI literacy" as essential skills for the future workforce. Companies that educate their employees on how AI can improve their work will be more successful in easing fears and fostering a collaborative environment. "Therefore, to that extent, their concern of how it will impact their job gets reduced. Jobs will metamorphosize," explained Mishra.

GenAI: The Disruptive Force of the Future

"Generative AI has taken the world by storm," Mishra said, recognizing that this new frontier in technology has captured global attention. However, he emphasized that AI and Generative AI (Gen AI) are not the same. While traditional AI focuses on optimizing operations by analyzing data, Gen AI learns from data and helps create future scenarios.

Mishra elaborated on the wide range of applications for AI and Gen AI, from code and image generation to drug design and personalized content creation. These advancements are already reshaping industries such as healthcare, logistics, education, finance and the creative arts. However, as exciting as these technologies are, they will take time to reach their full potential. "Transformation will happen, but it will take effort and time," he explained.

Building a Future with AI

To build a future with AI and modern technologies, Mishra called for a balanced approach to AI adoption, combining technological innovation with responsible governance and a focus on human needs. "Fail small and accept failures as a way to grow," he advised, encouraging founders and leaders to experiment with new technologies for future progress.