AI is set to be one of the most revolutionary technologies to come out of the digital age this generation. While other innovations may have produced incremental advantages, AI is set to radically change the status-quo. Indian firms, large and small, are taking advantage of the trends in AI. These companies are creating better customer experiences and allowing R&D to take new wings in their respective industries.
AI has enabled data managers to create deeper insights and helped CRM/sales managers get better leads. The technology has had widespread acceptance and is looking towards the next decade of complete integration.
Research by Intel has indicated that about 68% of surveyed Indian companies have declared intention to deploy AI in some capacity within the next year or so. Leaders in this shift have been the Media Technology space and BFSI. Owing to the shift in regulation and the vast data burden that comes with scale, AI has aided in streamlining many business processes.
One of the greatest trends in the AI space is the acquisition/merger route. Many startups are developing customer friendly experiences across multiple domains. There are other startups pivoting to the AI space to capture the attention of larger clients as well. There are significant problem areas that AI startups are tackling in their own industry.
Halli Labs, an AI company, was acquired merely 4 months into its existence by Google. They became a part of Googleâ€™s overall â€śNext Billion Usersâ€ť mission. Halliâ€™s mantra has always been to solve old problems, by employing AI to enhance problem solving.
Another interesting area of progression is the data management space. Data emerging from the IOT and connected devices space is immense and requires regular combing to create valuable insights. Startups that can excel in data management and insight derivation can become the next leaders in the tech space in India.
â€śIndian companies have already witnessed the value analytics adds to their business. Data generated by Internet of Things (IoT) devices, apps, social media and other external sources will drive analytics usage further. Organisations today realise the importance of having a single source of data and they are heavily investing in building capabilities in this area,â€ť a report in Analytics India Magazne quotes Saurabh Kumar Sahu, Managing Director and Lead, Analytics, Accenture as saying.
Smarter education tools have emerged as the next wave of ed-tech and AI startups. Companies in the ed-tech space have reached milestones that werenâ€™t thought of previously. With Byjuâ€™s entering the Unicorn club, the industry has opened up significantly. Startups in India are working on everything from Robotic delivery mechanisms to data-enabled knowledge-analytics. From the time that the student enters the classroom to when they graduate, AI is being integrated in the field.
â€śTime Spent on Questions Not Answered, indicates no confidence, an inability to know what you know yourself. Youâ€™re unsure of your ability. This value is actually 41 minutes for Indian kids for the IIT exams out of 180 minutesâ€”in an exam where 1 mark is almost equivalent to 10,000 ranks. So, think about itâ€”if youâ€™re able to bring this value down by 50%, the scores automatically trend up,â€ť A Mint report quotes Aditi Avasthi, Founder, Embibe as saying.
Startups can enable children to compete better in entrance tests, across the board. With better teaching mechanisms, these companies are enabling students to reach greater milestones in their own endeavour.
There is also significant traction occurring in the AI research space as well. While much of the innovation is coming from larger companies and universities in the US, Indian firms need local solutions. Startups that can innovate in the research sector can gain the attention of major Indian firms. While every company in India has an AI solution, few have a dedicated AI research centre. Thatâ€™s where AI startups can find new growth opportunities. Itâ€™s also a place where many AI firms want to be in, from a funding perspective.
AI, whether itâ€™s ubiquitous or specific, will change the way we look at workforce management in the long run. AI is emerging as a platform-centric shift as well as a socio-economic one as well.
In a margin-conscious country like India, AI may replace much of the workers that are currently empowering the country. This is where startups can reskill and educate workers about the shifting dynamics. The 2018 Mercer Global Talent report suggested that less than half the companies in the country have access to online learning courses for their employees. Fewer than that (about 33%) actively rotate talent within the firm. There is immense growth for startups that can train employees, through online modules and training seminars, on the fundamentals of AI application.
AI-based training will be one of the greatest in-demand requirements across major companies in the country. Startups that can enhance talent, increase retention and enable remote workers, are the ones that will succeed in the AI transformation.