AI, algorithms will be decision-makers in boardrooms of tomorrow, say experts
Imagine a corporate boardroom meeting where one seat is occupied by a machine doing all the Artificial Intelligence-related thinking, generating complex algorithms and contributing to high-level decision-making.
The scene is not out of a sci-fi movie, but a sneak-peek into the future of working in boardrooms. “This is all set to be a reality,” said Sameer Dhanrajani, chief strategy officer of Fractal Analytics, an analytics service provider based in India and the US. He was speaking on the topic, ‘Re-imagining decision-making in the AI era’, at Race360, a technology conference organised here on Wednesday by REVA University and supported by The Times of India.
Dhanrajani went on to explain that experience-backed intuition will decrease to 10% by 2027 from 58% in 2017. Algorithmic decisions will go up to almost 50% from just 5% today. The importance of algorithms is such that Dhanrajani predicted a rise of the ‘algorithm economy’ in the coming years. “Algorithm economy will consist of millions of algorithms; each one representing a piece of software code that solves a business problem or creates a new opportunity,” he pointed out.
The conference, with corporate bigwigs and academicians in attendance, was a bridge between educational institutions and the industry, according to speakers at the event. Like Sameer, who spoke on the future of boardrooms, speakers at the event brought into the spotlight several futuristic scenarios, issues and solutions. The conference was inaugurated by REVA University chancellor Dr P Shyama Raju. “Events like these help professionals, corporates and students,” said Raju.
‘Pace of disruption has increased’
Dilip Khandelwal, MD of SAP Labs in India, spoke on ‘Emerging technologies for business transformation’. Explaining in detail about the market disruptors, Khandelwal said technology has always been a disruptor, but this time, the pace of disruption has increased. “What one builds today will be obsolete in 12 to 18 months. Interaction with customers on a day-to-day basis will keep technology up to date,” he said.
India growing as global cyber-security hub
“We can’t put any company in a particular vertical, each of them is a digital and tech company –– be it health, retail or others. With so much convergence, security is a concern,” said Rama Vedashree the CEO of Data Security Council of India.
She added that under such circumstances, India is growing as the global hub of cyber security. With 180 startups and 45 Indian companies securing patents of security techs, Vedashree said there are also 25 to 30 global cyber-security research and development centres in the country.
The largest pool of candidates, industry-driven curriculum in colleges and global interest in the cybersecurity field in India has brought the country into the spotlight, Vedashree pointed out.
The issues of cybersecurity are also one of the main concerns of several boards, said Satish Janardhanan, MD Cybersecurity, Accenture . “With 54,000-plus security breaches in 2017-18 and 14.6 billion user records stolen since 2013, the approximate cost of cybercrime to the global economy is to the tune of $450 billion annually,” he added.