To our interest of reading through the algorithms on how AI is emerging for the world, Niloy Banerjee from BISInfotech had a candid chat with Dr Ranjit Nair (PhD AI), CEO and Founder of Germin8 Solutions who elucidates on his gamut understanding of AI for us. Nair foresees; The rest of the companies who have begun AI adoption are seeing huge benefits in terms of improving operational efficiency as well as increasing revenues. Edited Nub Below.
- How is AI impacting Indian businesses and what key facets are driving the growth of India’s AI industry?
Artificial Intelligence has the potential to transform and disrupt both large and small businesses. However, SMEs which account for about 95% of all businesses in India have only barely begun their AI journey. This is because a company’s AI journey can begin only once they are well on their way in their digital journey, and a vast majority of Indian SMEs still operate in a very traditional non-digital way.
The rest of the companies who have begun AI adoption have begun seeing huge benefits in terms of improving operational efficiency as well as increasing revenues. It has impacted all functions within the organisation including marketing, HR, manufacturing, distribution, sales, legal and compliance.
The key facets driving the growth of AI in India are:
- Usage of digital marketing and social media to reach more customers
- Adoption of AI by international competitors which is negating the labour arbitrage that Indian exporters earlier enjoyed
- Increased focus on bottom lines and operational efficiency rather than just the top line in many industries including retail.
- How IoT, AI, smart data and retail analytics have disrupted the Indian market?
People these days have become more tech savvy and are not just comparing prices online but also search for better deals before making any buying decision. With AI-driven Retail CRM’s and price prediction and insights, a retailer can take data driven decision to deliver a highly personalized consumer experience. Augmented Reality is a new face for consumer experience which focuses on the human emotions, coupled with advanced elements like AI- enabled virtual mirrors and social e-commerce shall leap with consumers transforming into influencers and impacting the overall retail revenue stream.
- How artificial intelligence is revolutionizing Indian brands marketing landscape?
Artificial Intelligence (AI) now-a-days plays an important role in personalised marketing and as a result of this Customer Acquisition has become easy for Indian brands. AI has simplified reaching the right set of audience from a marketing point of view. Just not acquisition but programmatic buying has also become easy with AI. AI has reduced the running cost for businesses thus improving their ROI.
- What are the key services of Germin8 Solutions and how strategies for its growth in the Indian market?
Germin8 is a Social Media Intelligence company having its proprietary product Trooya and Various Services around it. We help brands understand the conversation across their social media platforms and derive sentiments out of it. These studies can help a brand build its perception around its clients and prospective clients. Our tool Trooya has the capability of response orchestration which reduces the TAT of responses across social media channels, thus creating a positive customer engagement. Germin8 also helps clients manage their Online Reputation Management.
5. Top 3 digital/Tech transformation trends for 2020?
- Augmented Reality/Virtual Reality: AR/VR allows users to enter and experience a virtual environment or augment their existing environment. This is set to transform sectors retail, travel, communications, real estate and entertainment. It will also have a huge impact on marketing as marketers look for smart and cheap ways to allow consumers to experience a product or service before they buy.
- AI and Machine Learning: AI and Machine Learning will move beyond just automation to transform how companies hire, market, sell, engage with customers, manage risk, etc. We will see AI and ML not just improving operational efficiencies but also helping in the creative and innovation processes in companies.
- Block chain and trusted platforms: Block chain and a few trusted platforms will eliminate the role of the middle man in many business transactions and will allow companies and people who don’t know each other to do business without intermediaries. This will reduce the need for trading companies as a buyer can directly transact with a seller and can also reduce the role of banks.
- How data analytics impacts small businesses in 2020?
The gap between small businesses and large is set to widen as large businesses make investments in analytics and AI, while many small businesses continue with their old way of doing business. Small businesses can stand to benefit a lot from analytics but for that they have to begin their digital journey. Some of the ways in which small businesses can benefit from analytics in 2020 are:
- Using analytics driven decisions for deciding advertising spends: This can have a huge impact in ensuring that they get a good ROI for the customer acquisition efforts
- Using analytics to improve their social media content and acquisition: Use social media analytics to determine what content is engaging customers
- Using social media listening as a substitute for market research: In many cases, social media listening can act a faster and more cost effective way to understand market needs and what customers think about you and your competition.
- How is Analytics underlining the story behind the data?
Florence Nightingale convinced the British Parliament to invest into better sanitary conditions in hospitals after analyzing the mortality rate from the Crimean War. Nightingale created a diagram which showed majority of soldiers hadn’t died in combat, but instead from preventable diseases caused by poor sanitary conditions in the hospitals. She creates a story out of data and saved the lives of countless soldiers.
Stories can be created out of data which when presented in a visual format has its impact. Stories derived from data has the capability to touch human emotions, which can significantly affect any organization delivery capabilities. With the use of insights derived from business analytics, businesses can propel their ROI to an unprecedented levels. James Richardson from Garter says there is a notable rise in data story telling. Which is very true when we incorporate AI and ML into the picture, we create data and organizations can make data driven decisions.
8. Big Data Analytics and the advantages it possesses for brands?
- Problem Solving: This is the most elementary application of AI, where it may be utilized to solve critical and complex problems, just like human beings.
- Medical Science: In medical science, AI is utilized to create virtual personal healthcare assistants that may perform research and analytics. Healthcare bots are also being developed to provide customer support and assistance, 24×7.
- Data Analytics: AI can be applied to improve analysis data, evolve algorithms faster with the transactional data and provide new data insights, thus improving business process.