AI SECTOR
Harsha Randeny
THE PATH TO GREATER GROWTH
Delving into the amazing ingenuity of what enables machines to boost biz
What generative AI (GenAI) can do
GenAI can swiftly generate fresh content in unstructured formats such as text or images and create wider opportunities.
GenAI is good for…
Creativity, innovation and delivering exceptional experiences.
Its importance
By leveraging its generative capabilities, GenAI offers dynamic insights generated from real-time interactions with a variety of sources.
Advantages of GenAI
It improves efficiency, customisation and adaptability in the decision making process.
Scope of GenAI in Sri Lanka
Based on a few factors – e.g. quality data and data integrity – good data governance practices ensure that the fundamental trust of consumers and business partners is protected.
Upshot of responsible use
Corporates are practising the responsible use of GenAI.
Impact on business
If Sri Lanka uses all these elements, its scope can be vast and organisations would have a new perspective on business.
Push to start the GenAI journey
Early adopters are the ones who gain in the long term.
Starting up with expedience
Businesses should begin experimenting – because even if one fails, there is a lesson to be learned from that failure.
Lessons from failure
Prioritise finding the most disruptive way of evolving an enterprise using GenAI.
Strengths of the local IT industry
Our IT industry’s strength is its diverse ecosystem – including independent software vendors (ISVs), startups, and technology driven state and corporate entities.
Potential of generative AI adoption
Promises significant advancements that can empower state and corporate enterprises, as well as employees, to progress in the modern workplace.
Barriers to growth
Resistance to change and a belief that the purpose of artificial intelligence is to replace humans at work.
How to overcome these obstacles
Bypass barriers to integrating AI into the workplace – this is essential to educate the workforce on how artificial intelligence improves rather than replaces jobs.
Keys to overcoming barriers
Providing knowledge about AI tools and fostering the right attitudes to technology are key steps in this process.
Common applications of GenAI
Generative AI can help reimagine innovation and business solutions.
GenAI applications
A wide range of areas including creativity, text generation, music composition, medical consultation, and virtual and augmented realities (VR and AR).
Contribution of AI
GenAI offers valuable opportunities across diverse industries and sectors – with manageable economic and technical entry requirements.
Downside risks
Failing to engage with generative AI could lead to falling behind one’s competitors quite quickly.
Praxis for corporate leaders
CEOs should collaborate with their executive teams to reflect on strategic generative artificial intelligence applications.
GenAI’s benefits
The revolutionary role it can play in R&D or customer operations and the competitive edge it provides in the contemporary business landscape.
Potential of using AI integrated technology
Organisations can use GenAI to implement multiple business use cases using a single input.
Benefits of single input
Efficiency in business models and achieving goals faster.
Growth prospects
Providing such AI integrated solutions will be a growth lever in building a digital economy.
Sri Lanka’s way forward with AI
A national plan that covers artificial intelligence capabilities, ethical policies, research and development, and entrepreneurial programmes to encourage AI’s use across the board.
Prompting stakeholders
Encourage IT and technology students, and industry experts, to leverage the opportunities for academic development and hands-on experience.
Essential qualities for IT ambitions
Being a self-driven learner and understanding the various pathways available in your field of interest.
Educating oneself
Determine the direction and path you want to master in that field, and use the freely available resources to educate yourself accordingly.
Vision for Sri Lanka’s IT industry
Sri Lanka’s IT industry has a huge opportunity and responsibility to monetise, adapt and grow to a greater extent.
Breaking the mould
GenAI provides new ways of changing how existing models operate.
Mantra for success
How fast you can adapt will determine how successful you are.
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