Great Lakes Institute of Management, Chennai, hosted the inaugural Dr. Bala V. Balachandran Memorial Lecture, a tribute to the visionary founder of Great Lakes Institute of Management at Taj Connemara in Chennai. Presented by Great Lakes, in collaboration with the Madras Management Association, the event attracted 150 senior professionals from various corporate sectors. Dr. Partha Sarathy Mohanram, John H. Watson Chair in Value Investing, University of Toronto, delivered a compelling lecture on “The Promise and Perils of AI,” delving into the transformative potential and inherent challenges of artificial intelligence in today’s business landscape.
Dr, Mohanram said, “Artificial intelligence (AI) and machine learning (ML) are more than mere tools; they are transformative forces redefining industries and education systems. In a world where governments are often stretched thin with limited resources, the efficiencies brought by AI and machine learning can be game-changing. From revolutionizing chess to reshaping the role of accountants, AI has democratized various fields. As we embrace their potential to unlock new possibilities, it is crucial to prioritize ethical considerations, transparency, and accountability.”
“Governments worldwide face challenges of being overburdened and under-resourced, making the efficiencies enabled by AI and ML potentially revolutionary. For instance, the Canadian government leverages AI to predict tax case outcomes and identify irregularities in estate filings. Additionally, AI can automate routine tasks such as bookkeeping, document verification, and checks, streamlining operations. However, rather than replacing accountants, AI will empower those who adapt and integrate it into their work to outpace those who don’t. In the finance sector, AI and ML hold immense promise, particularly due to their capacity to process and analyze vast amounts of unstructured data effectively.” He added.
However, Dr Mohanram also underscored the real downsides of AI. He said: “What happens if AI falls short of its promises? A significant concern is the lack of accountability—if an algorithm fails, there is no way to hold AI itself liable. After all, AI operates based on the data it has been trained on. While AI can assist with predictions, it cannot replace human judgment.”
Mr. Gautam Lakhamraju, Board Member and COO of Great Lakes Institute of Management remarked, “This memorial lecture series embodies Dr. Bala’s relentless pursuit of knowledge and his commitment to bridging academia and industry. Dr. Mohanram’s insights into AI resonate deeply with our mission to prepare leaders for the evolving technological paradigm.”
Dr. Bala V. Balachandran, a Padma Shri awardee, was a luminary in management education. His legacy includes helping set up Kellogg School of Management’s successful standing as a leading global b-school, setting up programs at ISB Hyderabad and MDI Gurgaon as well as the establishment of the Great Lakes Institute of Management, which has become a beacon of innovative business education in India.
The inaugural event set a high benchmark for future discussions, emphasizing the importance of understanding both the opportunities and risks presented by advancements in AI.
