Pranay and Srikanth, who co-founded Fractal Analytics, a company dealing in AI and data analytics, however, also clarified that AI is going to be a very powerful weapon and whether it is a boon or bane depends on who is using it and how
Artificial intelligence, or AI, is going to be the next big game changer and will revolutionise the way we work, think, and take decisions, said Pranay Agrawal and Srikanth Velamakanni, both alumni of Indian Institute of Management, Ahmedabad (IIMA), who were in city on Sunday to receive the Young Alumni Achiever's Award 2019. Four other alumni of the premier institute, Sumit Jalan, Vaishali Rastogi, Viraj Sawhney, and Suchitra Sebastian—were also awarded for their achievements post passing out of the management school.
Pranay and Srikanth, who co-founded Fractal Analytics, a company dealing in AI and data analytics, however, also clarified that AI is going to be a very powerful weapon and whether it is a boon or bane depends on who is using it and how. Srikanth clarified that AI, if used wrongly, can create a China-like situation, where every act of an individual is tracked. He said China has created a 'Big Brother' situation, which could be a major threat to democracy.
Srikanth also said AI can also be used as a weapon for cyber-attacks and there is a considerable rise in such attacks. He said by the time AI becomes very powerful, there will be enough safeguards in place and major companies are already carrying out researches on safety of AI.
On the brighter side, Srikanth and Pranay said AI is being used in the medical world to carry out quicker diagnosis of diseases, which would reduce deaths. Exemplifying, he said TB patients can be diagnosed with the help of AI without any doctor, within a fraction of a second. Similarly, the duo said that road accidents can be reduced considerably using AI.
Srikanth also said AI can revolutionise the way companies take decisions. He said companies take thousands of decisions everyday which are based on human judgement, intuition, feeling and experience, but not powered enough by data. However, once AI is brought into the picture, it will make available the right information, based on the right data, and at the right time, which will help the company in taking informed decisions.
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