Artificial intelligence (AI) is helping Indian entrepreneurs achieve better business outcomes, say researchers. Defined as intelligence demonstrated by machines, artificial intelligence (AI) is applied when a machine imitates rational functions that humans associate with other human minds. There are a number of entrepreneurs who are putting AI to different uses to solve business glitches. Artificial intelligence also helps in structuring products to offer insights to clients, they add.
Here are 5 ways how Artificial intelligence (AI) is helping entrepreneurs in the country:
1. In the current scenario, people look for services that can be delivered digitally. Everybody looks for things that can be done effortlessly. The same applies to the current business structure of the country. Here arises the need of Artificial Intelligence (AI). According to Sourabh Issar, CEO, CloudSEK "Entrepreneurs are trying to personalize things these days and the best way to do this is through AI. AI dynamically offer content based on the individual. The machine learning systems can acquire the user behavior and react accordingly. There are many entrepreneurs who have started implementing the technology for problem solving."
2. Artificial Intelligence (AI) is a problem-solver. According to Dev Roy, chairman, Fitkids Education & Training, "If we apply standard machine learning techniques to the problems arising in business sector, we can get spurious results that lead to unfortunate outcomes. However, if entrepreneurs use AI, after understanding the generation process, it is able to de-bias their systems."
3. As an entrepreneur, one doesn't have an army of domain experts as the differentiator. Artificial Intelligence (AI) can help in getting business insights or do something much faster. Speed factor is a major advantage when it comes to use of AI.
4. Use of Artifical Intelligence (AI) in the business scenario is also cheaper. "Cost is one big concern for Indian market. AI-based solutions are generally 10-20 per cent cheaper. This is why AI is gaining popularity among entrepreneurs," said Mr Issar.
5.AI can add value to business as long as one understands the limitations, as well as the strengths, of the technology. "AI has the potential to change India in varied ways, mostly for the better, but we must also be wary of how the state uses this unfettered power on its subjects," added Mr Roy.