Small-scale AI trials can foster innovation in India: Fulcrum Digital’s Sachin Panicker

Businesses seeking to harness the power of cutting-edge artificial intelligence tools are looking to streamline repetitive tasks, improve data analysis capabilities, minimise human errors, and make smarter and quicker decisions. At the same time, they are facing various regulatory, legal, and ethical concerns. In an exclusive interaction with TechCircle, Sachin Panicker, Chief AI Officer, of Fulcrum Digital, a digital engineering company based in Pune, explains how companies are enhancing digital maturity, the changing AI job market, small-scale AI trials to foster local innovation, and more. Edited excerpts:

In which specific areas do you see Indian enterprises utilising AI to enhance digital maturity?

Indian companies are increasingly using AI to improve their digital maturity. According to a recent study by PwC, 54% of Indian companies have integrated AI into their operations. AI is mainly used to analyse data and make informed decisions, streamlining processes and improving efficiency. Industries like insurance and finance use AI for tasks such as contract creation and document analysis, saving time and effort. AI-powered chatbots and virtual assistants enhance customer experiences by providing personalised support. Automation using AI is also prevalent in sectors like manufacturing, finance, and logistics, improving efficiency and reducing costs. AI is also used for cybersecurity, detecting and responding to threats in real time. This proactive approach ensures better protection against attacks and data breaches compared to traditional methods.
 
How do you anticipate the job market evolving as a result of generative AI?

As generative AI advances, it will impact the job market, creating opportunities and challenges. Demand will grow for professionals skilled in AI development, machine learning, and data science. Roles like AI engineers, data scientists, and machine learning specialists will be in high demand as companies use generative AI in various applications. Specialised knowledge in industries like healthcare, finance, and food tech will also be needed. Leaders should foster a culture of experimentation and continuous learning, embracing change and inspiring innovation. Effective communication skills are crucial for articulating the vision for AI-driven transformation and gaining support. Ethical leadership is also essential, ensuring AI is deployed responsibly and prioritising fairness, bias mitigation, and data privacy to build trust.
 
With gen AI bringing up various regulatory, legal, and ethical concerns, how can ethical guidelines be established to ensure accountability and transparency in the development and use of these systems?

It is crucial to establish ethical guidelines for generative AI systems to address concerns related to regulations, laws, and ethics, and ensure accountability and transparency. Interdisciplinary collaborations involving experts from various fields are essential to create comprehensive guidelines that prioritise fairness, transparency, accountability, and privacy. Mechanisms for algorithmic transparency should be implemented to mitigate biases and unintended consequences. Regulatory frameworks and standards can enforce compliance with ethical guidelines and hold organizations accountable for responsible AI development. Continuous dialogue with stakeholders is necessary to adapt guidelines to evolving challenges in the field of generative AI.
 
What are the benefits of experimenting with AI/ML technologies on a smaller scale, such as in a developing country in India?

Testing these technologies offers numerous benefits for technological advancement and societal progress. Conducting cost-effective testing and improvement of these solutions tailored to specific needs and challenges reduces initial investment risks and provides valuable insights into their feasibility and effectiveness. Small-scale AI trials also foster local innovation in critical areas like healthcare, food technology, and education, stimulating economic growth and empowering communities to develop AI technologies that directly impact their lives. Embracing cutting-edge technologies on a smaller scale allows developing countries to move beyond traditional development paths and accelerate progress toward sustainable development goals. This harnesses AI's potential to address complex challenges, overcome resource limitations, enhance service delivery, and improve decision-making processes within organisations.
 
Where do you believe the Chief AI Officer fits in the C-suite?

The Chief AI Officer (CAIO) plays a crucial role in driving AI innovation and efficiency in various industries. Responsible for shaping the organisation's AI strategy and ensuring tangible outcomes, the CAIO's placement within the C-suite varies based on the organisation's structure. To be effective, the CAIO should report directly to the Board of Directors and have a dotted-line relationship with the CEO. Collaborating with other C-level executives is essential for aligning AI initiatives with overall business strategies and maximising technology assets. By forming strategic alliances, the CAIO can promote AI adoption while staying aligned with organisational goals and investments.
 
What are Fulcrum's AI-related plans for enterprises and its business in the next 12-18 months?

Fulcrum Digital has ambitious plans to capitalise on the increasing demand for AI solutions in various industries over the next 12-18 months. This includes launching Ryze 2.0, our enhanced flagship AI platform with AI agents for different business functions, industry-specific solutions, and partnerships with major cloud providers and tech companies. We will also expand our AI consulting services, focus on ethical AI practices, attract top AI talent, and explore new regional markets for growth. Additionally, we will invest in AI research and development to stay at the forefront of cutting-edge technologies.