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Asif Bhat, CEO & Co-Founder, Getafix Technologies builds apps with AI and ML to help his business partners. Here he talks about the growing usage of Smart Techs in businesses.
How are AI and ML helping businesses to grow?
Asif Bhat - Well, as we all know, Machine Learning and Artificial Intelligence have rapidly become important cogs in the wheels of many enterprises. We have been seeing a rise in the number of businesses coming to us for AI projects – mainly with the aim to boost their productivity and to manage the vast quantity of data.
AI/ML, as we have seen, have the potential to transform all aspects of a business – HR, Business Processes, Accounting, Marketing and what not, helping achieve measurable outcomes. Mostly, what clients are looking for is a way to reduce costs; increasing revenue or automating tedious processes.
I have seen instances where enterprises, small firms, have been able to eliminate the need for a person entirely with a single AI/ML trained piece of software. A good example which comes to my mind here is “Live support agents”. The first level of support across majority of tech-savvy businesses today is completely automated with AI.. It is only on the 2nd and 3rd levels that we see human intervention is required.
Another example, is our very own in-house product, Scanroid, with which we have been able to completely automate the entire HR process (JD based shortlisting, interview panel setup, audio/video meeting set, background checks and more) – cutting it down from 10-15 days to a single day. It uses AI and ML together to automated the work on an entire floor within a big HR agency.
What are the new evolutions in AI and ML which resolve the challenges of 2022?
Asif Bhat - In the last five years, we have seen AI technology creating a major space for itself in almost all its sub-fields including vision; speech recognition; image-video generation etc. If we talk about new evolutions, companies had high hopes from AI in 2021 that it would make their work easier and smarter. However, we see AI evolving quickly to begin delivering on its promise in 2022. I predict a new wave of technological advancements that will help companies overcome the common challenges for operating AI - Previously only giant companies like Google, Facebook knew a way to make a better use of AI/ML technology. In 2022, there will be more off-the-shelf technology used by developers at midsize companies to make AI/ML models more accessible.
In 2021, most of the companies were still in the experimentation mode while using this technology. But in 2022, AI will be used to rethink and redesign products, services, business models and overall strategy
How investment intensive are the AI and ML solutions for the MSMEs?
Asif Bhat - It depends on what you want to achieve. Healthcare industry, for example, has shifted to AI for faster bookings, patient recommendations etc. And such solutions are often off-the-shelf, customisable code-snippets. This greatly reduces the implementation costs, and increases the adoption rates. Similarly, various MSMEs are also following the path of technological advancements and incorporating technologies like AI and ML into their operations to stay abreast in the market.
However, not all solutions are so simple and easy on the pockets though. An enterprise looking to completely transform its processes with AI will definitely require a little more investment - and in my experience, it works best to go one step at a time, while having a bigger end-goal in mind. It helps you because you can evaluate every small step - and make adjustments to your strategy. On the other hand, diving head first into a huge AI project can be disastrous if not properly planned and budgeted for. Golden words to remember are: Go small, aim big.
What has been the response of your clients across the geography of India in the last 2 years?
Asif Bhat - More and more clients have approached us with a requirement that involves the use of some sort of AI and Machine Learning. This is in line with various studies that have shown that AI adoption is reaching grassroot levels - and decision makers are opening up to the risk of adopting AI.
Overall, nearly 95% of our clients have some form of AI technology (off-the-shelf or custom) assisting their teams towards being more productive.