India should create own AI tools instead of adopting ChatGPT, says Automation Anywhere CEO Mihir Shukla

India should create own AI tools instead of adopting ChatGPT, says Automation Anywhere CEO Mihir Shukla

Artificial Intelligence (AI) isn't just a buzzword any more, it touches almost every aspect of our lives. From how we use social media, to how we receive healthcare, AI is making things faster, better, and in some cases, cheaper.

I was recently at Imagine 2024 in Austin, Texas where I sat down with Mihir Shukla, CEO of Automation Anywhere, to talk about the real-world impact of AI and how it's changing how we work and use technology.

AI in everyday life

A lot of the AI we see today exists in smartphones. On the surface level, most of the AI we see is in the form of image/video-editing tools and generative AI solutions like Gemini and ChatGPT, however, there's a lot more to it.

Mihir believes that AI is already all around us, embedded in the services we use every day. "Think about any service you consume from a large company, whether it's banking, healthcare, or transportation," he says. AI is working behind the scenes to enhance these services, making them more efficient and user-friendly. Take car troubles, for example. Instead of taking a day off to visit a mechanic, AI can diagnose the issue over a call and find the nearest service provider, making a frustrating experience seamless.

While we experience AI in our daily lives, many of us are unaware of how it works in the backend to ensure a smooth experience whenever we interact with technology.

Potential to revolutionise healthcare

AI isn't just about making our lives easier; it has the potential to save lives, too. Mihir is particularly excited about how AI can revolutionise healthcare. Imagine using AI to analyse your health data and predict potential risks.

"You could send your health information to a hospital, which could then use AI to alert you to a heart risk within the next 48 hours," he explained. This kind of application could fundamentally transform healthcare and save thousands of lives.

Market dominance & innovation

During the conversation, we touched upon an interesting topic about who will control AI in the future. Since the advent of technology, the majority of control has been in the hands of a few companies, namely Google, Facebook, Microsoft and Apple. Could AI have the same fate?

Despite its benefits, AI's rapid growth has sparked concerns about market dominance by a few key players. Mihir acknowledged that companies like Nvidia currently lead the AI infrastructure market, but he sees this as just the beginning. "Innovation can happen anywhere in the world," he asserted, suggesting that the real breakthroughs will come from the applications and solutions built on top of existing infrastructure.

The future of AI, he believes, will be shaped by businesses around the globe developing new and innovative uses for the technology.

While other chipset manufacturers like Qualcomm, Intel and MediaTek have also been trying to develop more AI-enabled solutions for various products, Nvidia is currently winning that race.

AI in India: Opportunities & challenges

According to a report by the International Trade Administration, the AI market in India is projected to reach $8 billion by 2025, growing at a CAGR of over 40 from 2020 to 2025.

While OpenAI's Sam Altman doesn't want to bet his money on India making its functional AI model like ChatGPT, Mihir believes that with its immense talent pool, India should seek to develop solutions beyond the functional AI model. He believes that India should use its resources to develop new solutions rather than spend time on applications that have already been developed by other companies.

When it comes to India, Mihir sees immense potential for the country to harness AI and gain a competitive edge. He believes that the lack of strict digital policies shouldn't deter businesses from using AI to improve their operations. "This is an opportunity for nations to embrace this technology and become so competitive that they can capture larger market shares," he said.

For Mihir, the ability to innovate quickly is crucial for any country looking to lead in an AI-driven world. He also urged that instead of focusing on creating tools that already exist in the market (like ChatGPT), India should focus more on creating AI tools that will be useful two years from now. "Why would you spend time creating another functional AI tool that already exists? I think you should create something that is needed in the future that will be required two years from now.", Mihir added.

Managing the transition

As AI continues to evolve, it's natural to wonder about the compromises we might have to make. Mihir acknowledges that significant changes often come at a cost, with some people feeling left behind or nostalgic for simpler times. There could be many not wanting to adopt new technologies and are comfortable with legacy methods.

This could prove to be a challenge when it comes to adoption of new-age tech like AI. However, he believes that the benefits of AI far outweigh the downsides if we manage the transition thoughtfully. "This kind of change is about leadership," he said. "If leaders engage with this technology and harness its power, they can accelerate progress and bring immense benefits to their employees, countries, and society at large."

Balancing risks & trust

Of course, AI isn't without its risks and challenges. Privacy and data security are major concerns when dealing with large amounts of user data, especially when tech stalwarts like Elon Musk have raised alarms citing the misuse of A. Musk even highlighted certain risks for iPhone users after Apple announced that it's partnering with ChatGPT for its AI solutions.

Though, there is no proof to back Musk's claims. Mihir stresses the importance of trust in the brands managing our data. He believes that companies like Apple and OpenAI are committed to protecting user data, and as long as they continue to do so, they will maintain consumer trust. He also emphasised the need for a balanced view, advocating for careful management of AI's risks while still engaging with the technology.

What the future holds for AI

Looking to the future, Mihir encourages businesses and nations to focus on creating new AI applications rather than replicating existing ones. He draws a parallel to the Second Industrial Revolution, where countries that embraced new technologies thrived, while those that resisted change fell behind.

"We should think about where the puck is going, not where it has already been," he advised. By focusing on future opportunities and leveraging AI to address unmet needs, businesses can drive innovation and achieve significant returns.

To conclude, AI is transforming our world in profound ways. As Mihir Shukla emphasises, the key to harnessing this power lies in leadership, innovation, and a forward-thinking approach. By embracing AI and leveraging its potential, businesses and nations can create a better, more efficient world. However, it is crucial to manage this transition carefully, address ethical concerns, and ensure that the benefits of AI are shared broadly. The future of AI holds immense promise, and those who navigate its challenges thoughtfully will be well-positioned to reap its rewards.