Generative AI is rapidly transforming industries that have long been resistant to technological change, reshaping traditional business processes and driving innovation across sectors. In an insightful conversation, Kapil Mehta, Vice President of Data & AI at Visionet Systems Inc., shares his expertise on how generative AI is breaking barriers in industries such as healthcare, finance, and manufacturing. By automating tasks, enhancing decision-making, and personalizing customer experiences, AI is not only improving efficiency but also creating new opportunities for growth.Furthermore, Mehta also shares insights into the evolving role of AI in strategic decision-making, the balance between AI insights and human intuition, and the future of AI-driven advancements across various sectors.
TAM: In your experience, how is generative AI reshaping traditional business processes, particularly in industries that have been historically resistant to technological change?
Kapil Mehta: Generative AI is transforming traditional business processes by automating tasks, enhancing decision-making, and personalizing customer experiences. In resistant industries like healthcare, BFSI, and manufacturing, it’s driving efficiency in operations, predictive analysis, and customer service through advanced data insights. AI-driven content generation, process optimization, and tailored recommendations are helping these industries overcome their reluctance, boosting innovation and competitiveness while reducing operational costs.
TAM: As AI becomes increasingly integral to business operations, how do you see the role of AI evolving in strategic decision-making?
Kapil Mehta: AI is set to play a crucial role in strategic decision-making by offering real-time data analysis, predictive insights, and scenario planning. It enables leaders to make data-driven, faster, and more informed decisions, reducing risks and identifying growth opportunities. As AI evolves, it will move from supporting tactical decisions to driving long-term strategies, optimizing resource allocation, market forecasting, and innovation roadmaps, ultimately reshaping the decision-making process to be more agile and proactive.
TAM: What are the potential challenges companies might face in balancing AI-driven insights with human intuition?
Kapil Mehta: Balancing AI-driven insights with human intuition presents challenges like over-reliance on AI, which may overlook nuanced judgment and contextual factors. Companies may struggle with integrating AI outputs into existing decision-making processes while managing biases in data or algorithms. There’s also a risk of resistance from employees fearing job displacement. Ensuring transparency, building trust in AI systems, and fostering collaboration between human expertise and AI insights are critical to overcoming these challenges.
TAM: Generative AI is often touted as a tool for both cost reduction and revenue growth. From your perspective, how significant is its impact in achieving these goals across various industries?
Kapil Mehta: Generative AI has a significant impact on cost reduction by automating repetitive tasks, streamlining operations, and enhancing productivity across industries like retail, BFSI, and healthcare. It drives revenue growth by enabling hyper-personalized customer experiences, accelerating innovation, and unlocking new product and service offerings. By improving decision-making and efficiency, it reduces operational costs while also fostering agility, helping businesses tap into new market opportunities and scale more effectively.
TAM: Could you highlight some key sectors where AI has demonstrated the most substantial economic benefits?
Kapil Mehta: AI has shown substantial economic benefits in several key sectors, including:
- Healthcare: Enhancing diagnostics, personalized treatment plans, and operational efficiencies.
- Finance: Improving fraud detection, risk management, and customer service through chatbots.
- Retail: Personalizing shopping experiences, optimizing inventory management, and streamlining supply chains.
- Manufacturing: Increasing productivity through predictive maintenance and automation.
- Transportation: Enhancing logistics and route optimization, leading to cost savings.
- Telecommunications: Streamlining operations and improving customer insights through data analytics.
TAM: With AI’s capability to analyze vast amounts of data, how are AI-powered solutions at Visionet enhancing personalized customer experiences? Could you discuss how these personalized interactions are transforming customer relationships and what it means for long-term customer loyalty?
Kapil Mehta: AI-powered solutions at Visionet enhance personalized customer experiences by leveraging data analytics to understand customer preferences, behaviors, and needs. This enables tailored recommendations, targeted marketing, and proactive customer support, fostering deeper connections.
Also read: How Visionet Unleashed Scalability for Insurance Company with AI-Powered Data Platform
As these personalized interactions become more relevant and timely, they transform customer relationships by building trust and engagement. Consequently, this personalization leads to increased customer satisfaction and loyalty, as clients feel valued and understood, ultimately driving long-term business success.
TAM: Looking ahead, what do you believe are the most promising advancements in generative AI that businesses should be preparing for? How is Visionet positioning itself to lead in this space?
Kapil Mehta: Promising advancements in generative AI include enhanced natural language processing, improved multimodal capabilities, and greater automation in content creation and decision-making. Businesses should prepare for AI-driven personalization, advanced predictive analytics, and integration with IoT for real-time insights. Visionet is positioning itself to lead in this space by investing in innovative AI solutions, developing a robust Gen AI Studio, and fostering strategic partnerships. This proactive approach ensures that Visionet stays at the forefront of AI advancements, enabling clients to leverage cutting-edge technologies for improved operational efficiency and customer engagement.
