AI, ESG, and IDE: The challenges and opportunities CEOs must navigate for business growth
AI: The inevitable plunge
CEOs worldwide are stepping up investments in AI, especially Generative AI, to gain a competitive edge. Although they believe that the cost of implementing AI technologies will be significant, many expect to see a return on their investment in 3-5 years. Indian CEOs too, like their global counterparts, believe that these technologies will open unprecedented business opportunities in developing new value propositions, servicing customers, driving efficiencies and reducing cost.
However, like most technologies, AI too is a double-edged sword. For example, while AI can help organisations detect cyberattacks at speed, it can also enable cyber criminals to develop new attack strategies.
There are also risks related to ethical issues, unknown boundaries, and regulations, to name a few. Organisations need to work towards building more transparent and responsible systems.
As the scrutiny of AI increases, the governments are likely to develop new regulations. While there are no AI-specific regulations in India currently, several other countries have started developing laws to regulate AI. In the recent years, the Indian government has managed to strike a good balance between governance and innovation.
Continuing with the same principle will require a non-traditional approach and creative governance mechanism.
Defining and walking the ESG pathMost CEOs believe that ESG will shape the agenda for their companies in the future. However, there are many who view ESG as a burden and an impediment to “business as usual”. I think there is nothing “usual” about business anymore; one must constantly adapt to the global environment and contribute to making the world a better, more livable place.
