In the vibrant landscape of Indian startups, the wave of Artificial Intelligence (AI) adoption is gaining momentum, with many organizations embarking on their AI-based transformations. At TechSparks 2023 in Delhi, a gathering of AI sector experts shed light on this evolving trend, unraveling how Indian enterprises are strategically incorporating AI for diverse business use cases.
Three Pivotal Approaches to AI Integration: Sangeeta Bavi, Executive Director at Digital Natives, Microsoft, set the stage by outlining the three fundamental ways startups are riding the AI wave. “The first approach involves building large foundational models and multi-modal scenarios. The second sees B2B startups offering AI-based solutions to customers for revenue enhancement. The third involves startups using AI to optimize their operational efficiencies, enhancing customer support, sales conversions, and other critical use cases,” she explained.
Custom vs. Off-the-Shelf AI Models: A Strategic Dilemma: The discussion pivoted to the strategic decision-making process startups face when choosing between off-the-shelf AI models or developing custom ones. Alok Kumar, Head of Engineering at Perfios, emphasized that the startup’s stage is pivotal in making this decision. “At an early stage, exploring external SaaS players for AI capabilities to build Proof of Concept (POC) is advisable. This helps in understanding if existing solutions can address the problem statement. Building in-house models should be considered only if market offerings fall short,” he advised.
Kumar highlighted that early-stage startups might find it challenging to surpass global industry standards in AI models and suggested exploring existing models first. “Businesses should assess how existing models solve their problems, identify the gap, and then evaluate if building an in-house solution is necessary,” he added.
AI’s Impact on E-commerce and Fintech: The panel delved into the transformative impact of AI on business models, especially in the realms of e-commerce and fintech. Gautam Rajesh Shelley, Founder of AiSensy, pointed out the evolution in chatbot development. “Initially, startups built their own chatbots from scratch. Now, with tools like ChatGPT, you can embed advanced Natural Language Processing (NLP) capabilities into your bot without developing an entire NLP setup,” he explained.
In the context of e-commerce, Shelley highlighted how AI-driven chatbots on platforms like WhatsApp can suggest new items to users based on their purchase history, enhancing user interaction and personalization.
Ritesh Mohan Srivastava, Chief Data Scientist at BharatPe, showcased the impact of conversational AI in fintech. He described how users can articulate their issues in various regional languages, and the AI bot processes real-time solutions, creating a seamless and efficient customer support mechanism.
Charting a Course for the Future: As startups continue to ride the AI wave, the dialogue emphasized the dynamic nature of AI strategies, urging organizations to adapt and leverage existing tools and solutions for efficient problem-solving. The intersection of technology and business strategy promises a transformative journey for Indian startups embracing the power of Artificial Intelligence
