GenAI Summit Forecasts Data-Centric Shift In Enterprise AI Strategies

SUMMARY

With data becoming a crucial asset for companies, an increasing number of enterprises are today resisting sharing data with third parties and rather focussing on developing AI applications inhouse

Highlighting the cost-effectiveness of AI implementation, Pravin Agarwala of BetterPlace stated that several companies have brought their operational costs down dramatically with AI deployment

The burgeoning GenAI ecosystem, fueled by over $600 Mn in funding for startups, underscores a decisive move towards AI-driven innovation, with Bengaluru emerging as a key hub

Speaking at Inc42’s The GenAI Summit on the impact of the emerging technology on enterprises, the CTO and cofounder of Observe.AI, Jithendra Vepa, said that AI has the potential to alter the operational landscape of enterprises at the fundamental level.

He observed that with data becoming a crucial asset for companies, an increasing number of enterprises are today resisting sharing data with third parties and rather focussing on developing AI applications inhouse.

Talking about Observe.AI’s journey in embracing AI, Vepa said, “A few years ago, we primarily offered transcriptions and insights. Now, by leveraging automatic speech recognition and Natural Language Processing (NLP), we’ve achieved a 10X improvement, and are in a stage to automate entirely.”

Moderated by Surya Mantha, managing partner at Capria Ventures, the panel also featured Pravin Agarwala, cofounder & group CEO of BetterPlace, and Abhishek Choudhary, cofounder & CTO of TrueFoundry.

Echoing Vepa’s sentiment, Choudhary of TrueFoundry emphasised the significance of data and GenAI. He added that many organistions are today apprehensive of sharing their data with a third party. Apart from this, other major concerns among enterprises when it comes to AI adoption are cost implications, and compliance, security, and privacy.

Highlighting the cost-effectiveness of AI implementation, Agarwala of BetterPlace stated that companies could bring their costs down dramatically with AI deployment.

According to an Inc42 report, over 100 native GenAI startups have collectively raised over $600 Mn in funding since 2019. Bengaluru leads this trend, hosting over 45% of these startups.