In a rapidly evolving digital landscape, AI is no longer just a buzzword – it’s a critical driver of business success. In fact, 77% of businesses are already using or exploring AI technologies to enhance their operations.
This was the key message from industry leaders during the recent AI in Action: Driving Business Impact at Scale with Data and AI webinar, where experts emphasised the need for companies to turn AI from theory into practice.
Hosted by iTnews and powered by EXL, the event featured insights from notable figures such as Shanker Trivedi, SVP of Enterprise Business, NVIDIA, Vishal Chhibbar, EXL’s EVP and Chief Growth and Strategy Officer; and former Victorian Minister for Trade, Innovation & the Digital Economy, Philip Dalidakis, who urged businesses to harness AI strategically to unlock tangible outcomes.
“Data and AI are moving at an unprecedented pace, but the focus must remain on using this technology to deliver real business value, not just riding the wave of hype,” Dalidakis said.
‘New Normal’ of AI
Dalidakis highlighted how the landscape for businesses has fundamentally shifted, especially in the wake of the pandemic. He noted that the accelerated adoption of digital technologies, including AI, has redefined how companies operate, compete, and engage with customers.
“Businesses can no longer afford to treat AI as a futuristic concept. It’s an integral part of the new normal.”
He explained that organisations must now focus on integrating AI into their everyday operations to stay relevant. “The pandemic has shown us that agility and adaptability are non-negotiable. AI can empower businesses to make faster, data-driven decisions, optimise processes, and personalise customer experiences at scale.”
Dalidakis also highlighted the importance of ethical AI in this new normal, warning against the pitfalls of rushing into AI adoption without considering its broader implications. “It’s not just about deploying AI — it’s about doing it responsibly. Companies need to ensure transparency, fairness, and accountability in their AI systems to build trust with their customers and stakeholders.”
Dalidakis called for a balanced approach that embraces innovation while safeguarding against potential risks. “The new normal isn’t just about leveraging technology – it’s about shaping a future where AI enhances business value without compromising ethical standards.”
Turning AI into ‘Business Value’
In highlighting practicalities, EXL’s EVP and Chief Growth and Strategy Officer, Vishal Chhibbar, emphasised a “critical shift” from theoretical discussions to practical implementation.
He pointed out the gap between the excitement around AI and its actual deployment in business.
“There’s been a lot of talk about the potential of this technology, but not much discussion on how to put it in action. We hope to change that today.”
This approach was central to the event, focusing on actionable insights. EXL Chairman and CEO, Rohit Kapoor, built on this by sharing EXL’s strategic integration of AI into business processes.
“Our entire approach is around data and AI being leveraged together and generating true business outcomes,” Kapoor said.
He noted that EXL has developed over 150 use cases across various industries, delivering “tangible real benefits” by applying AI in ways that significantly impact clients’ bottom lines.
Critical Role of Data and Expertise
Additionally, the importance of data as the foundation for successful AI implementation is also a recurring theme.
Kapoor emphasised that “putting your data estate in order is an absolutely critical step in order to be able to take full advantage of Generative AI.”
He also highlighted the necessity of combining strong domain knowledge with expertise in data management and AI to achieve meaningful results.
“What you need in order for all of this to be put together is a very strong knowledge on the domain, very good expertise on data management, and a strong skill set in AI,” Kapoor said.
Language is the New Oil
During the Fireside Chat: Gen AI: Hype, Hope and Reality, Suncorp Group’s Head of automation, Tim Johnson, said that while AI has been a mainstay in the insurance industry for decades, Gen AI represents a significant shift, particularly in “language understanding.”
“Language is the new oil because we are now able to actually have machinery interpreting language and producing outcomes from that interpretation better than we ever have before.”
This advancement, according to Johnson, is a game-changer, but he was careful to highlight that Gen AI should be integrated with other technologies to maximise its potential.
Regarding the hype cycle, Johnson expressed confidence in the staying power of Gen AI.
“Those who believe the AI hype cycle will fade are mistaken. While some applications may seem like technology searching for a problem, the core capabilities — like advanced language understanding — reveal its true power and potential.”
Johnson also discussed Suncorp’s approach to implementing Gen AI, noting that the introduction of powerful tools like OpenAI’s models has required a shift in thinking.
“Our approach involves keeping a human in the loop for augmentation, while also enhancing our existing pipelines for tasks like next best action and predictive analysis,” he explained.
For deeper insights, demos, and to catch the full Fireside Chat on ‘Gen AI: Hype, Hope, and Reality,’ listen in here.