Covering Disruptive Technology Powering Business in The Digital Age

On 10^th September 2024, Freshworks, the CRM, ITSM, and e-commerce software solution company founded in India, hosted “The Freshworks Experience” at the Grand Hyatt Hotel Kuala Lumpur, where they laid out their vision for integrating Artificial Intelligence (AI) into business operations, particularly through their flagship product, Freddy AI.

Disruptive Tech News (DTN) was invited to their media luncheon where we were allowed to meet and speak with their senior figures, Sandie Overtveld, Senior Vice President & General Manager APJ and MEA, Simon Ma, Managing Director of Asia and Malcolm Koh, Head of CX Advisory.

Afterwards, we were invited to sit in through their panel discussion forum, where industry leaders from Telekom Malaysia (TM), MyDigital Corporation, TimeDotCom and Perbadanan Nasional Berhad (PNB) shared their insights on the foundations GenAI have laid to change business operations, present and future.

GenAI: The Popular Demand of Business… With Flashes of Doubts by Global Experts

Simon Ma opened the session with a bold statement about GenAI, referring to it as a must-have investment for companies aiming to remain competitive in today’s digital age.

According to Ma, “GenAI is one of the most in-demand innovations to invest in if businesses want to stay relevant.” He backed this up by revealing data from a survey of 7,000 Freshworks customers, where early adopters of GenAI reported a 32% increase in customer satisfaction, a 36% boost in engagement, and an impressive 50% surge in productivity hours.

But while AI’s potential is undeniable, the challenges aren’t insignificant. One of the most striking points Ma made was about how 49% of global CIOs, according to a Gartner survey, find it difficult to demonstrate the value of AI projects. This difficulty ranks higher than the challenge of finding the right skill sets or developing technical capabilities to build a robust AI platform for operations.

Ultimately, this finding from Gartner, cited by Ma, shows that various industry specialists have yet to notice or acknowledge the benefits of GenAI. Could it be their concern is that this AI integration could hinder their relevance in the workforce, thus, turning them blind to the golden value of such technology? Or perhaps, they saw GenAI as an obstruction to their workflow?

Regardless, Ma’s points have shown that the lack of technical skill sets, though very crucial to AI implementation succession, was never at the top of their heads in these concerns.

AI Risks: Balancing Innovation with Security

AI, especially GenAI, isn’t without its risks.

A sentiment echoed during the panel discussion titled “The New Standard: AI-Powered Experiences Driving Productivity and Efficiency.” As the conversation delved into AI’s transformative potential, there was a clear consensus that organisations must handle AI with care, particularly regarding security.

Dato’ Dr Munirah Looi, a Board Member of MyDigital Cooperation, stressed the need for real-time monitoring, stating, “Every interaction, every transaction, needs to be monitored for quality assurance.” She highlighted the importance of injecting safeguards, such as governance frameworks and continuous vulnerability testing, into AI systems.

Nicholas Khor, Head of Enterprise Architecture and Innovation at PNB, took the discussion further by introducing the idea of ‘sandboxing’ GenAI. He explained how AI applications need to undergo the same rigorous testing as traditional systems like ERP or PowerBI, including Continuous Integration & Continuous Delivery (CICD) processes as well as penetration processes.

All these insights press the matter of ensuring that AI outputs are ethical, secure, and compliant with existing cybersecurity guidelines. After all, as Prabhuraajan Selvarajan, CIO of TimeDotCom closes this topic of discussion, “The last thing you need right now is a lawsuit at the doorstep of your business.”

Long-Term Vision: Where is GenAI Headed?

The long-term impact of GenAI was another hot topic, with panellists discussing which industries will benefit the most from AI-driven transformation. Subas Cobi highlighted customer service, regulated industries and healthcare as the top three areas set for growth. He emphasised how AI will revolutionise these sectors by offering hyper-personalisation, improved decision-making and more efficient process management.

Looi echoed these sentiments, adding that the future would bring more human-AI collaboration, leading to enhanced personalisation and better customer insights. This, in turn, will allow businesses to tailor their services more effectively, driving targeted marketing campaigns based on richer data.

Khor was even more direct, stating that “every application would have an AI component in it.” He suggested that the market is rapidly evolving to the point where AI will become so embedded in software that it will be inescapable – AI will be given, not an option.

Time To Keep Up: A Reality Check for Businesses

For all the enthusiasm surrounding AI, there was a clear message running through the event; don’t let the hype cloud your judgement. It’s easy to get swept up in the promises of GenAI, but businesses need to remain grounded. As Ma rightly pointed out, companies must be clear about what outcomes they want AI to deliver. Instead of jumping on the bandwagon, they should focus on how AI can address their pain point.

Additionally, AI’s potential to disrupt industries and improve efficiencies is immense, but the accompanying risks, from security vulnerabilities to ethical concerns, can’t be ignored. The key takeaway is that AI should be treated with the same scrutiny and caution as any other powerful tool.

In the meantime, let’s keep our focus on the present and maintain our priorities to innovate, for as H.G. Wells once authored in his book, The Passionate Friends…

“Adapt or perish, now as ever, is nature’s inexorable imperative.”

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