The emergence of AI players in IndiaCompared to leading AI players in Silicon Valley and China, India isn’t far behind. According to Tracxn, a start-up tracker, nearly 300 start-ups in India are using some form of Artificial Intelligence. A 2017 report published by Kallari Capital, a VC firm suggests that among dedicated AI-only Indian start-ups, 23% focus on providing solutions to various industries, 15% service the e-commerce sector, 12% in healthcare, 11% in education, 10% in financial services and the rest in fields such as retail and logistics. In the Healthcare industry, AI is used by hospitals to make accurate and speedy blood reports and diagnosis thereby saving lives. In education, the scope of AI will include addressing the 21st-century skills by assisting learners with self-direction, self-assessment, teamwork and more. As AI leverages big data automation, predict and personalize, retail is evaluating and implementing these applications to garner robust competitive advantages. There are around 170 AI start-ups in India according to Zinnov, a management consulting firm. Such is the attention around AI that in September 2016, Apple quietly acquired a Hyderabad based start-up called Tuplejump. This was Apple’s 1st acquisition in India and 3rd that year of an AI company. Tuplejump is an AI company that helps clients store, process and visualize data. This provides data to e-commerce companies for improving their conversion rates. AI start-ups in India maintain a low profile and therefore doesn’t attract eye-popping valuations. However, in the recent past, these start-ups have emerged as the dark horses that leading technology players such as Intel, Amazon, Google, and Facebook are running after.
Intelligent use of DataThe Indian business environment has become a breeding ground for AI start-ups. Industries that thrive on the proliferation of massive data such as Healthcare, Airlines and Oil refineries among a host of industry domains engage AI tools to convert data into information and scale that up to knowledge and eventually create cognitive systems. Such is the attention on AI-driven systems that research firm IDC suggest that more than 50% of applications built will be cognitive in nature by 2018.
Artificial Intelligence influencing the retail industryMassive investments are made by retailers and technology industry players on AI tools to optimize business functions automate supply chain scenarios. Two distinct use cases where investments are made on AI while creating value in the ecosystem include:
- Marketing and Segmentation – Datasets are used by AI models to predict and prioritize successful campaigns and channels that provide insights for efficient decision making
- Supply chain optimization – AI tools can also predict future demand-supply, offer sales solutions that enhance productivity levels of the salesforce and optimize/automate inventory management.