Karunya Sampath, Co-Founder & CEO, Payoda Technologies shares the industry technology trends and the road ahead for the industry and company both. She is based in Coimbatore and specialises in modern tech stack solutions such as AI/ML, Blockchain, IoT and others.
Can you tell something about your business?
Karunya Sampath - Started close on the heels of the advent of the dot com era, Payoda is a pioneer in the software development space that draws its inspiration from the power of digitization and its impact on businesses across scale and size.
Working with a mission to accelerate the digital journey of businesses through cutting-edge technology, engineering practices and human centric design approach, Payoda has already served over 100 clients, which includes an eGovernance project in India.
How do you currently perceive the role of generative AI in your industry?
Karunya Sampath - Generative AI signifies a transformative shift in our problem-solving approach. It catalyses innovation, enabling sophisticated algorithm development, data-driven decision-making and optimised resource allocation. Its potential impact extends across departments, enhancing software development cycles and project management efficiencies.
In our industry, significant advancements are in predictive analytics for financial modeling and risk assessment, leveraging generative AI's nuanced insights for informed decisions. Additionally, its integration into software development processes can streamline code generation and accelerate product iteration cycles, positioning us at the forefront of innovation. We plan to strategically deploy AI technologies to harness these advantages, focusing on agile development methodologies and continuous learning initiatives for our teams.
Concerns about ethical implications and bias in AI are increasingly important. How do you plan to address these issues when implementing generative AI solutions in your business processes?
Karunya Sampath - We prioritise a privacy-first mindset, ensuring compliance with data protection regulations while nurturing a culture that values data ethics and accountability. Our strategies encompass ongoing training and workshops to heighten awareness of ethical implications, regular analysis and audits of AI models and active involvement of diverse perspectives in the development process.
Generative AI has the potential to revolutionise product and service development. How do you envision using generative AI to innovate and create new customer offerings?
Karunya Sampath - Generative AI's potential impact spans from enhancing software development cycles to improving project management efficiencies. It enables sophisticated algorithm development, data-driven decision-making and optimised resource allocation, fostering innovation across various operational domains within Payoda.
Navigating regulatory challenges involves a proactive and adaptive stance. Our strategy incorporates constant monitoring of evolving regulations, partnering with legal experts, and embedding compliance measures into our AI development lifecycle. This ensures that our AI implementations align with global regulatory frameworks.
We anticipate utilising generative AI to tailor services and products, providing hyper-personalised experiences to our customers. It'll also enable faster query resolutions, proactive customer support and anticipatory services that align seamlessly with individual preferences.
Long-term strategic planning necessitates a dynamic approach. We're building a roadmap that aligns with our current business objectives and factors in the iterative nature of AI technologies. Regular reassessments, feedback mechanisms, and a commitment to agility ensure our strategy evolves in sync with AI advancements and market dynamics. This all-around approach enables us to anticipate shifts in the AI landscape, empowering us to adapt swiftly and effectively, thus ensuring our sustained competitiveness.
How do you plan to upskill or reskill your employees to adapt to the evolving technological landscape?
Karunya Sampath - We recognise the imperative of upskilling our workforce to navigate the evolving technological landscape. Initiatives such as personalised learning paths, mentorship programs, and collaborative projects involving AI technologies are integral to empowering our employees. Through these initiatives, we aim not only to update skills but also to foster a culture of curiosity and adaptability. The adoption of generative AI is expected to significantly impact various industries and job markets and also likely to lead to increased efficiency and productivity. By generating diverse and realistic options, generative AI helps decision-makers explore alternative strategies, assess potential outcomes, and make informed choices.
--As Reported by Swaminathan B