Artificial Intelligence & Startups

 

The pandemic has wreaked havoc on global economic activity, and the startup environment has not been spared. The majority of them have been having trouble with financial inflows as investors have been hesitant to spend their money, limiting companies’ capacity to continue their operations. However, the bulk of investors are currently eager to capitalise on the opportunities produced by this disruption, making this epidemic an optimistic outlook for AI startups.

As more Indians join up for virtual offerings in the post-pandemic world, start-ups are increasingly relying on Artificial Intelligence (AI) and Machine Learning (ML) to reinvent customer experience and fuel the growth of their businesses. AI and ML play a critical role in commercial enterprise development, right from studying customer behavior and making the proper recommendations to retaining product best and judging behavioral changes, AI and ML play a crucial role in commercial enterprise development.

Use of AI

AI and machine learning are being used by startups to gain valuable insights on pricing, demand forecasting, product mix, and customer preferences. In the past, groups relied on historical facts or beyond performances, but now there are behavioural shifts that render those facts obsolete. Organizations utilise adaptive AI that learns in real-time instead of traditional AI that relies heavily on outside data. This is where AI and machine learning will be even more useful today than in pre-pandemic times.

Fintech start-up Khatabook — which has garnered greater than 10 million month-to-month lively traders on its app in much less than 3 years — tells that the green use of AI and ML for app optimisation has progressed person revel in for ratings of traders on its platform, and ensured person stickiness. Khatabook builds answers to digitally equip small and medium groups. “Besides user experience, business predictability is another area where AI and ML models are beneficial to help build businesses. You can estimate the business you will do in the coming months based on the current business run rate and other factors with the help of AI and ML modelling,,” says Arpit Agarwal, Vice President (Analytics & Data Science), Khatabook. 

Post Covid experts believe that AI is going to be one of the few sectors that is going to keep gaining traction during the crisis. In fact, in a recent survey, it has been noted that the firms that have been working with artificial intelligence raised $6.4 billion in 2020, Q1, because of investors’ growing interest in spending their money on startups that can prove to be a winner in an uncertain landscape.