Trescon World AI Event Showcases Leading Voices in AI 

Last week, Trescon, a global business events and consulting firm, gathered industry leaders and innovators at the 43rd World AI Show, a key event exploring the transformative power of AI across businesses worldwide. 

The diverse audience ranging from government officials and corporate executives to tech enthusiasts, gathered to engage in deep discussions about the transformative potential of AI and Machine Learning (ML) across multiple sectors. 

Summed up perfectly via the keynote presentation, digital transformation in today’s data-driven AI and ML world has reshaped governance and impacted the digital economy. The multifaceted roles of AI in various sectors, including disaster management and green finance, emphasize the significance of digital transformation and AI integration across C-suite priorities.  

Speakers prove AI transformation cuts across every single industry 

Panel discussions that centered on leadership strategies for driving successful AI transformation proved one major insight – AI transformation is improving vast swaths of industries, jobs, and performance metrics.  

Tapan Singhel, Managing Director and CEO of Bajaj Allianz General Insurance underscored the essential role of AI in achieving competitive advantage.  

“If I have to build an insurance company, I need AI for hyper-personalization and high speed to cut through the market,” Singhel said. He further elaborated on the concept of disruption in AI, arguing that leaders must be willing to experiment with AI tools in playful yet strategic ways to unlock innovative capabilities. 

CP Gurnani, Co-Founder of AIonOS, emphasized that AI is giving us the opportunity to think bold, highlighting how organizations leverage AI for rapid decision-making and innovation in times of crisis. Sujatha S. Iyer, Head of AI Security at ManageEngine, addressed the integration of AI in customer experience. 

“In customer service, AI is not a standalone element, it’s more like integration,” she explained. Large Language Models (LLMs) hold considerable potential, they are not necessary for every application, particularly in areas such as payment gateways, where efficiency and security are paramount. 

Shvetal Desai, Co-Founder of Nividous, offered insights on AI’s impact on education, emphasizing how it can foster engaging learning environments that promote creativity and critical thinking among students. Desai’s remarks illustrated the versatility of AI applications across different sectors, showcasing its ability to transform traditional methodologies. 

Ethical implications of AI call for public accountability 

As the day progressed, major talks shifted to the ethical implications surrounding AI technologies. A subsequent panel discussion examined how AI transforms business operations. Experts, including Gaurav Singh, Chief Technology Advisor at Pinkerton, and Vishal Bhatia, Chief Digital Officer at Canara Bank, engaged in a thought-provoking dialogue on the ethics of AI, the automation of routine tasks, and the critical role of AI in predictive analytics.  

The conversation underscored the pressing need for accountability in AI decision-making to ensure that biases are effectively prevented. Panelists also discussed the complexities surrounding digital twins—virtual representations of physical entities—and how these models can aid organizations in simulating scenarios for better decision-making. The panel underscored that customer-centricity will increasingly regulate AI practices, ensuring technologies align with user needs and ethical standards. 

A session titled “How AI Transforms Business Operations and Enhances Competitive Advantage,” panelist Abhivardhan, Chairperson of the Indian Society of Artificial Intelligence and Law, addressed the necessity of implementing ethics in AI to ensure accountability and prevent biases in decision-making. 

The discussion also delved into the responsibilities tied to generative AI. Speakers emphasized the necessity for frameworks that ensure accountability in AI applications, particularly as organizations leverage generative AI for content creation and data analysis. The call for responsible AI practices resonated strongly, reflecting a collective commitment to harnessing AI’s capabilities while safeguarding ethical considerations. 

How AI-powered customer experience is transforming basic interactions?

Another compelling track of the World AI Show was presentations and examples of AI-powered customer experience. A panel featuring speakers Guruprasad Rao, Chief Analytics & Insights Officer at Tata Power, Kapil Chandel, EVP & Head of Data Science at Motilal Oswal Financial Services and Juhi Singh, Head of International Ecommerce & Global Digital Center of Excellence at Marico highlighted the evolution of customer service through AI technologies such as machine learning and natural language processing. Panelists emphasized the critical importance of maintaining a human touch in customer interactions, ensuring that while AI enhances efficiency, it does not compromise the personal connection that is vital for customer satisfaction. 

Participants shared personal case studies showcasing how their AI-powered chatbots and virtual assistants are improving responsiveness and providing 24/7 support, ultimately leading to increased customer retention and loyalty. The panel concluded with a discussion on Key Performance Indicators (KPIs) for evaluating the success of AI implementations in customer experience.

Guruprasad Rao found success with customer centricity KPIs like Net Promoter Score (NPS), which serves as a vital metric for assessing customer loyalty and advocacy. He noted that a high NPS reflects a company’s effectiveness in meeting customer needs and building lasting relationships. The conversation also highlighted the role of Customer Satisfaction Score (CSAT) and Customer Retention Rate as essential indicators of success. 

In brief 

As the world continues to grapple with the implications of AI, events like this play an essential role in fostering dialogue and collaboration among those at the forefront of technological advancement. The discussions held at the World AI Show 2024 will undoubtedly resonate in the ongoing quest to harness AI’s full potential, ensuring that it serves as a force for good in society.