Startups: Of artificial intelligence and unreal impact
Oct 31, 2022
New Delhi [India], October 31 (ANI/Mediawire): Artificial intelligence is doing the unthinkable. At a time of evolving business models, AI enables businesses to rethink their strategies and adopt a more humane way of instilling enablement. Everyday examples of such enablement include automated cars, contextual robots, automated financial investment advisors and even marketing chatbots. In the hiring industry, Artificial Intelligence is enabling a more equitable and humane culture. AI enables an organisation to onboard candidates with higher intangible skills than just numbers.
AI is not only limited to business use-cases but extends across industries and even consumer-specific practices. From the humble smartphone camera which offers better selfies to computer vision that classifies "safety events" at a shop work-floor; AI has evolved beyond a problem-solver. Sectors such food and beverage, defence and university curricula are witnessing a revolution thanks to AI.
In the food and beverage industry, for instance, AI is making a huge foray with a recent IDC report projecting AI spending to double to USD 120 billion by 2025 in the US. This growth is attributed to the rising demand for automation in the F&B industry to improve productivity. The report also cites the opportunity for startups - lack of skilled personnel is expected to hamper the growth of the market.
The reason for the optimism in the F&B sector is owing to the technology's ability to drive higher efficiency and profits. AI in the F&B industry also helps decrease wastage and guard against supply chain interruptions. In the food sector, keeping track of preferences and purchases is vital to sustainability. AI not only enables intelligent tracking but also offer personalised recommendations, thereby saving time and constantly delivering a wow-experience to the customer.
The opportunity within the food and beverage industry is only an example of widening opportunity for startups who wish to leverage from AI. Colloquially, AI shares the same references as industry 4.0 tenets such as the increased adoption of smart technology, growth in data consumption, and an ability to reduce time to market. Along with these, and the enterprise-wide benefits matrix have propelled the use of AI even in industries where the use of technologies has been minimal. AI is beyond a billion-dollar opportunity, especially in situations where organisations perceive technology with a traditional mindset. Startups, who have been pushing the ante across societies with their new-age offerings and understanding of technology, are poised to provide a more nuanced and better tomorrow.
No major industry can claim of being unaffected by the AI vision. In the last few years with the advent of data collection and analytical tools, the growth of AI, thanks to IoT and improving connectivity, is unparalleled. The proliferation of connected devices and ever-speedier computer processing only adds to the velocity of AI's growth. The speed of adoption in AI is also visible from the adoption in consumer-tech space - air conditioners, refrigerators, cars, bathrooms, etc. While use-cases for AI in transportation, manufacturing, healthcare, education, media, and customer services has been well documented; there is no limit to what AI can do. For startups riding on AI, tomorrow certainly appears bright and opportune.
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