Thank you so much for joining us in this interview series. Before we dive into our discussion our readers would love to “get to know you” a bit better. Can you share with us the backstory about what brought you to your specific career path?
Thank you for inviting me! I’m happy to share my journey. My fascination with computers began in my youth and guided me towards the transition into information technology. During my undergraduate days, the Wireless LAN project on digital transformation sparked my interest in software technology development.
After holding positions in several mid-sized companies, I became a part of Wipro LTD in 2004. This opportunity gave me invaluable experience collaborating with experienced professionals. Tackling practical challenges in a team setting broadened my professional skills and influenced my career path. Working in a variety of locations including Japan, the UK, the US and India has given me a broad understanding of cultures, business models and industries.
One of the most impactful projects I led was developing the Trade platform, which provided financial services to millions without traditional banking. Over the years, I have worked on various high-impact initiatives that strengthened my expertise in digital transformation, microservices, API, cloud computing and AI development. Currently, I lead the design and development of foundational systems at LTIMindtree, using AI to improve data accuracy and make data exports seamless for financial transactions and identity management.
My journey additionally consists of volunteer studies in mentoring through systems like Adplist.Org, undertaking studies blogs on Dzone and Medium, and contributing to journals like the INTERNATIONAL JOURNAL OF ENGINEERING RESEARCH.
My passion for Software Development and AI goes beyond professional projects; it extends to continuous learning, research, and sharing knowledge through technical blogs, POCs, Technology speeches and mentoring initiatives. I firmly believe in the potential of AI to revolutionize industries and impact society, and I am dedicated to leveraging this technology responsibly and ethically. Beyond my corporate roles, I am a Senior Member of IEEE, the next generation of engineers.
The motivation of continuously learn new things and my interest in doing innovative things for society started my journey in AI, which has been guided by a blend of hands-on experience now.
What do you think makes your company stand out? Can you share a story?
LTIMindtree provides a broad portfolio of IT solutions and services tailored to a variety of industries backed by deep domain expertise, Robust systems Application development and maintenance, enterprise solutions, cloud infrastructure and security.
With its hands-on experience implementing solutions in business, personal, and specialty sectors in bank finance, healthcare, media and entertainment, and retail, effectively serves a wide variety of clients in these industries.
Transaction and Identity Management System is a game-changer for the company’s customers, changing the way users interact with applications and manage themselves and their businesses.
This customized web application is developed as a secure gateway for users to set up, manage and protect their identities and actions across platforms and Automating cumbersome manual processes related to user login, financial transactions tracking and data security.
For example, LTIM’s clients in Media and Entertainment company has seen significant success with the Transaction and Identity Management System. This platform allows them to manage complex financial areas easily, saving time and increasing productivity.
You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
My character traits of being an innovative problem solver, a strong influential leader, and an active participant in community and scholarly contributions have played an important role in my success and have enabled me to make meaningful contributions to my field.
Innovative Problem-Solver: My ability to solve complex business challenges with innovative solutions sets me apart. For example, my creation of advanced data management tools at LTIMindtree, New Trade strategies built at Bank of America and a healthcare financial system built at Hitachi Solutions helped my skills in developing cutting-edge technologies that improve productivity and drive efficiencies to the top of the emphasis.
Leadership and Influence: My leadership abilities and involvement in impactful projects for large companies such as LTIM, Bank of America, Microsoft and others mean I can lead teams and drive projects that have a significant impact on the organizations. My influence extends beyond project management as I actively participate in the tech community, deliver technical speeches, and mentor emerging entrepreneurs to build the technology innovations of the future.
Community engagement and scholarly contributions: Throughout my career, my commitment to community engagement by mentoring emerging professionals, writing research articles, and judging technical competitions so reflects my dedication to giving back to the business. My scholarly contributions, such as research papers and articles on AI advances in APIs and microservices, have not only influenced industry practices but also improved business efficiency and customer -engagement. My involvement in raising academic standards and shaping academic discourse underscores my thought leadership and influence in technology, making me a valuable asset both academically and professionally.
Let’s now move to the main point of our discussion about AI. Can you explain how AI is disrupting your industry? Is this disruption hurting or helping your bottom line?
Artificial Intelligence, or AI, is transforming many industries by modernizing old ways of working and creating new ways to work smarter. AI in healthcare uses smart algorithms to predict patient outcomes and customize treatment plans.
In finance, AI is revolutionizing the way money is managed. It helps in areas such as automated trading, fraud detection, and risk management. AI-powered chatbots are also used to serve customers, making responses faster and businesses more efficient.
The reason AI is shaking up these industries because it is good at processing large amounts of data, automating tasks, improving business processes, and making smarter choices. AI benefits greatly from these services depending on how well companies use them in their daily lives operations and planning. Some companies see benefits such as cost savings, better decision-making, and stimulation of ideas and innovation. But there are also challenges. Early adoption of AI can be expensive due to technology installation, training, and integration with existing systems, which can strain the budget. Companies need to be careful to follow privacy laws, prevent biases in AI, and comply with regulations. Over-reliance on AI without human oversight or understanding can limit a company’s ability to adapt to sudden changes or errors.
Overall, as AI presents huge possibilities for businesses to succeed, businesses need to be smart enough to manage the disadvantages, and the blessings of incorporating AI technology to take care have seen a positive boost to their economy.
Which specific AI technology has had the most significant impact on your industry?
One AI technology that is having a significant impact on the healthcare finance industry is natural language processing (NLP). NLP involves the interface between computers and human language, enabling machines to understand, interpret and acquire human language. In healthcare finance, NLP is revolutionizing patient billing, code writing, claims management, revenue cycle management, and financial analysis NLP algorithms analyze large amounts of unstructured data from medical records.
One prominent example of NLP transforming the healthcare finance industry is its role in improving medical regulation and payment accuracy. Medical codes are critical to translating diagnoses, treatments, and procedures into universal medical coverage and reimbursement codes. NLP algorithms can automatically read and interpret clinical data, physician reports, and other medical documents to quickly generate accurate billing codes. This not only speeds up the payment process but also reduces errors, reduces revenue and ensures compliance with enforcement rules.
Can you share a pivotal moment when you recognized the profound impact AI would have on your sector?
A key moment in recognizing the profound impact of AI in the software development and B2B sector for the finance and health care domain was the successful integration of AI-powered automation systems in streamlining complex business processes and optimizing operational efficiencies.
Companies have seen significant improvements in speed, accuracy and cost savings in software development projects by using AI algorithms for tasks such as data analysis, predictive modeling and decision making. AI-powered solutions for faster iterations, software performance improved quality and improved user experience, leading to customer satisfaction in the B2B industry has increased competitive advantage.
In addition, the use of AI in predictive analytics and machine learning algorithms has enabled businesses to derive valuable insights from large amounts of data, for data-driven decisions, personalized customer interactions and marketing strategies targeted in the B2B domain. The evolution of its change detection capabilities and driving innovation in B2B communication.
Ultimately, this landmark moment highlighted the profound impact AI has had on the software development and B2B sector, demonstrating the potential of AI technology to revolutionize industry practices, drive efficiencies and open new opportunities for growth and success in the digital age.
How are you preparing your workforce for the integration of AI, and what skills do you believe will be most valuable in an AI-enhanced future?
Preparing the workforce to integrate AI requires upskilling, reskilling and a culture of continuous learning. To succeed in an AI-enhanced future, employees will benefit from a blend of technology and soft skills that match the demands of a thriving workplace. Here are some key strategies and skills that will be valuable in an AI-powered future:
Technical Skills:
- Data literacy: Understanding data and the ability to interpret, analyze and analyze information will be essential in an AI-driven workplace.
- Programming: Proficiency in programming languages such as Python, R, and Java will be valuable for developing and implementing AI solutions.
- Machine Learning: Knowledge of machine learning algorithms, techniques and tools will enable employees to effectively utilize AI technologies.
- AI Ethics: Understanding the ethical considerations associated with AI, data privacy, impartiality, and transparency is critical to the responsible use of AI.
Soft Skills:
- Critical Thinking: The ability to think critically, solve complex problems and make informed decisions will be invaluable in an AI-powered future.
- Creativity: Innovation and creativity play a key role in AI-powered solutions, innovation and improved processes.
- Continuing Education: It will be important to encourage a culture of continuous learning and professional development to keep pace with the development of AI and remain professionally relevant.
What are the biggest challenges in upskilling your workforce for an AI-centric future?
The biggest challenges in upskilling the workforce for an AI-enabled future reign in overcoming barriers of resource, intellectual and organizational readiness. Here are some of the main challenges:
- Lack of awareness and understanding:
Many employees don’t fully understand the impact AI can have on their roles and the skills needed to make the transition to an AI-driven future. Developing awareness and understanding of AI technology and its implications is critical to successful skills development initiatives.
- Skill shortages and talent gaps:
Demand for AI-related skills, such as data science, machine learning and programming, is growing, but there is a shortage of talent for these core competencies and upgrading the skills of the Workforce to fill these talent gaps can be challenging due to the complexity and pace of AI technology.
- Cost and resource constraints:
Implementing a comprehensive upskilling program can be expensive and resource-intensive for organizations, especially smaller companies with limited budgets. Access to training resources, hiring AI experts, and investing in educational materials present challenges to skills upgrading programs.
- Integrating existing workflows:
Integrating AI technology into existing business processes can be complex and stressful. Skill-enhancing initiatives need to be well aligned with organizational strategies and seamlessly integrated into employees’ daily work routines to maximize their effectiveness.
- Measuring ROI and Impact:
Evaluating the return on investment (ROI) from providing services to stakeholders and measuring the impact of AI training programs on employee performance can be challenging If theoretical and empirical establishing clarity for monitoring success and progress over time is essential to measuring the effectiveness of skills development efforts.
What ethical considerations does AI introduce into your industry, and how are you tackling these concerns?
AI brings ethical considerations to the financial and healthcare industries, especially regarding data privacy, bias in algorithmic decision-making, transparency, accountability, and the overall impact on individual lives. Ethical issues in healthcare stem from AI-controlled healthcare decisions are confidentiality of patient data and potential biases in medical diagnosis and treatment recommendations.
To address these issues, companies are implementing measures such as unbiased data privacy, strict compliance, algorithmic transparency, and bias detection techniques to ensure a fair and efficient decision-making process. Doing so it contributes to the development of ethics policies and legal guidance.
What are your “Five Things You Need To Do, If AI Is Disrupting Your Industry”?
AI is reshaping companies through the impact of predictive analytics and personalized healthcare strategies. To successfully navigate these changes, companies need to implement tailored strategies.
1. Embrace AI: AI isn’t meant to replace you, it’s here to enhance your capabilities. Instead of fearing layoffs, identify areas where AI can automate routine tasks, freeing up your team when it comes to high-level planning and problem-solving in the style of the higher elevation. For example, an AI-powered customer service chatbot can solve basic questions, allowing human representatives to focus on complex issues and build relationships.
2. Focus on data privacy and security: Prioritize data privacy and security measures to build customer trust and protect sensitive information. Regularly review and update cybersecurity practices and implement robust data security policies. For example, a B2B software provider can conduct regular security audits and invest in encryption technology to protect customer data from potential breaches.
3. Ethical AI Practices: Ensure that AI algorithms are developed and implemented ethically, taking into account factors such as impartiality, fairness, and transparency. Establish clear guidelines for the ethical use of AI in your organization and adhere to industry best practices. An example might be a software company actively monitoring its AI algorithms for bias and making corrections to ensure fair and unbiased results.
4. Focus on human-centered design: AI should enhance the human experience, not replace it. Focus on software and B2B solutions that use AI to automate the user experience and enable seamless communication between humans and machines. For example, an AI-powered user management tool could generate automated progress reports, freeing up project managers to focus on team communication and customer relationships.
5. Invest in employee training: Provide ongoing training and upskilling opportunities to improve your employees’ AI literacy and technology skills. Equip employees with the knowledge and tools they need to effectively utilize AI technology in their roles. For example, a B2B company could offer employees an AI training program to empower them to use AI-powered analytics tools to make better decisions.
What are the most common misconceptions about AI within your industry, and how do you address them?
Some of the most common misconceptions about AI in the software and B2B industry include:
- AI is a plug-and-play solution: Many people believe that implementing AI is quick and easy, like a plug-and-play solution. A truly successful AI integration requires careful planning, data preparation, and constant optimization.
- AI is infallible: Another misconception is that AI systems are infallible and can make the right decision every time. While AI systems are only as good as the data they are trained on, they can still be wrong or biased.
- AI is only for big companies: Some believe that AI is only feasible for large companies with lots of resources. However, AI technology is becoming more accessible and can help businesses of all sizes with the right approach.
To address these misconceptions in the software and B2B industry, consider the following strategies:
- Transparency in the use of AI: Ensure that there is transparency in how AI technology is used in the organization. Communicate the goals, activities, and expected outcomes of AI programs to dispel misconceptions.
- Emphasize human-AI collaboration: Emphasize the importance of human-AI collaboration to achieve optimal results. Show how AI can replace human workers, improve human capabilities, improve decision-making, and streamline processes.
- Diversify AI use cases: Diversify AI use cases across sizes and industries to show that AI is not just for big companies. Emphasize how AI can be customized to meet the specific needs of businesses.
Can you please give us your favorite “Life Lesson Quote”? Do you have a story about how that was relevant in your life?
Favorite Life Lesson Quote: “Embrace innovation, empower diversity, and lead with impact. Every challenge is an opportunity for growth”
When I started a Career with a new technology that I wasn’t sure about, I had doubts. I felt a mixture of hope and anxiety because the technology was challenging, and I didn’t know if I could handle it. Despite my concerns, I decided to face my challenge.
I thought to myself, “I can do this!” I spent a lot of time learning about new technologies, asking for expert help, coaching myself, and troubleshooting problems that came up during the process. Instead of letting these problems hold me back, I saw them as opportunities to learn and grow.
With hard work and perseverance, the project went better than we thought it would. The innovative solution we developed not only met the client’s needs but also made a huge difference for many clients. This experience taught me that our doubts and fears can hinder our success. Facing these challenges opens up new possibilities.
Since then, I have followed the concept of ‘embrace innovation, empower diversity, and lead influential leads. Every challenge is an opportunity to grow as a coach in my life. It reminds me that challenges, no matter how big or small, shouldn’t stop us from succeeding. They can help us grow personally and professionally. If we believe in ourselves and tackle challenges straight away, we can accomplish great things.
Off-topic, but I’m curious. As someone steering the ship, what thoughts or concerns often keep you awake at night? How do those thoughts influence your daily decision-making process?
As an Associate Project engineer, often consider various considerations and concerns that can affect my day-to-day decision-making. Here are some common issues and how they affect my life.
- Meeting Business Objectives: I Concerns about meeting customer expectations, meeting revenue targets, or delivering services on time and on a budget are common concerns. This concern can lead to a focus on effective project management, resource management, and clear communication with customers to ensure successful project outcomes.
- Adopting new technologies: The pace of technology often keeps me up at night as I try to keep up with the latest technological developments. Concerns about staying relevant and up-to-date influence my day-to-day decisions by allowing time to research, train, and experiment with new tools and techniques, That constant desire to learn enables me to recommend creative solutions and stay ahead of the curve.
- Client relationships and satisfaction: Another biggest challenge for me is to managing client satisfaction by maintaining strong client relationships. Concerns about meeting customer needs, handling feedback, and providing value can shape my day-to-day decisions about prioritizing customer-centric strategies, interacting with on improving transparency, and developing solutions to meet specific customer needs.
These considerations influence my day-to-day decision-making to guide me in making choices that strike a balance between immediate needs and long-term goals.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Thank you for your kind words. My passion for creating positive change for a wide variety of individuals is exemplified through The Global Tech Inclusion Drive. This movement is committed to supporting diversity, equity and inclusion in the tech sector, with a particular focus on increasing opportunities for marginalized communities by promoting an inclusive, advocacy environment with diversity and equal opportunity, provision of educational and mentoring programs, supportive communities, access to advocacy programs, technology; By encouraging innovation and, this program aims to provide diverse, fair and inclusive technology through collaborative efforts with stakeholders around the world, the group seeks to individualize power, foster innovation and advance the industrial sector for the benefit of the general public.
How can our readers further follow you online?
You can find me on LinkedIn at https://www.linkedin.com/in/nilesh-charankar-639867104/
Thank you for the time you spent sharing these fantastic insights. We wish you only continued success in your great work!