One of the most strategically positioned elements of the event featured a closed-door roundtable discussion centred around the theme of ‘Leveraging Data and AI for Business Success.’ This gathering brought together some of the key stakeholders, decision makers, and leaders from various industries to delve into the growing significance and influence of data integration and AI on contemporary business dynamics. The esteemed panellists who participated in the roundtable included: Sandeep Cashyap, Head – Emerging Startups, Google Cloud; Ipseeta Aruni, Principal Solutions Consultant, Persistent; Amit Singhi, Senior Director, MFine; Ramesh Kumar Katreddi, VP of Engineering, Jumbotail; Praveen Chintamani, Senior Director of Engineering, Arzooo; Vinod Nair, Co-founder & Director, Enzen Global; Dr. Nikhil Sikri, Co-founder & CEO, Zolostays; Anup Naik, Co-founder & CEO, Zeliot; Nirdosh Chouhan, Chief Technology Officer, Melorra; Pavan D, Vice President – Engineering, HomeLane; Avinash Kasinathan, CEO, CENSA and CTO, WayCool and Sheshank Sridharan, VP, Tech & Product, Furlenco.
Register now for ET Soonicorns Summit 2023 event in Delhi-NCR on November 3, 2023.
Here are some key learnings and insights shared by the panellists on how data and AI are transforming their respective domains.
ET Soonicorns Summit 2023: Roundtable discussion Leveraging Data and AI for Business Success | Watch Now
Mapping the impact of data and AI on business operations and decision-making
Sandeep Cashyap, Head – Emerging Startups at Google Cloud, kicked off the discussion by highlighting the pivotal role of data and AI in enhancing customer engagement and retention. He emphasised the power of personalisation and real-time interactions across diverse channels. Moreover, Cashyap observed that organisations are increasingly leveraging data and AI to optimise internal processes and explore new avenues for growth, underscoring the multifaceted potential of these technologies.
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Ipseeta Aruni, Principal Solutions Consultant at Persistent, emphasised how the democratisation of data and increasing access to AI can bridge the gulf between science and society, transcending boundaries between business and data science. She said, “In the realm of data and AI applications, we measure the impact through two lenses: operational and transformational benefits. The distinction lies in the scale and scope of their impact. Operational improvements often focus on specific metrics to enhance customer experiences or streamline processes. On the other hand, transformational initiatives encompass a broader spectrum, orchestrating parallel programmes that redefine business strategies, automate services, and affect multiple financial metrics. These initiatives are the catalysts for monumental change in the business landscape.” Ramesh Kumar Katreddi, VP of Engineering, Jumbotail, spoke of Jumbotail’s transformative journey in the business to business (B2B) ecommerce marketplace. He elaborated on how the online retail platform connecting thousands of mom-and-pop or ‘kirana’ stores and supermarkets leveraged technology and data for superior personalisation and supply chain optimisation, revolutionising the predominantly offline segment.
Praveen Chintamani, Senior Director of Engineering, Arzooo, spotlighted AI’s significance in the financial sector, particularly in risk assessment through the analysis of bank statements, while Pavan D, Vice President – Engineering, HomeLane, talked about how AI has helped enhance customer experience in real estate by providing seamless interactions and tailored solutions.
Avinash Kasinathan, CEO, CENSA and CTO, WayCool, underscored the importance of data transparency and AI in supply chain management. Sheshank Sridharan, VP, Tech & Product, Furlenco, highlighted the crucial role of data and AI in optimising the burgeoning furniture ecommerce logistics, while also emphasising the need to consider the role of human behaviour in AI-driven processes.
Responsible AI and bias mitigation
Sandeep Cashyap, Head of Emerging Startups at Google Cloud, emphasised the importance of responsible use of AI and prioritising bias mitigation. He talked about Google’s commitment to AI principles, which centre around promoting societal benefit, ensuring safety, enhancing security, and maintaining accountability. Some of their notable initiatives include the ‘AI and Human-Centred Technology’ team, which focuses on developing frameworks and best practices and the ‘Know Your Dataset’ project, designed to cleanse and prevent inherent biases in datasets. Cashyap also shed light on the specialised toolsets offered by Google Cloud to ensure effective operation of AI models with specific data, preventing unintentional bias propagation.
Addressing challenges through data-driven innovation
Sandeep Cashyap, Head of Emerging Startups at Google Cloud, offered insightful examples of collaborative data-driven endeavours that have brought about significant improvements across diverse sectors. “In a traditional use case,” Cashyap noted, “an omni-channel platform grappled with data fragmentation and outdated decision-making processes. Through the development of a real-time data consolidation and processing platform, they achieved a remarkable reduction in decision times, from 10 days to a mere single day.”
He went on to highlight another remarkable case, stating, “A notable example comes from BharatPay, a platform handling millions of UPI transactions, including lending services. Their strategic focus on underwriting and risk mitigation, particularly for the unbanked population, enabled them to construct comprehensive customer profiles and assess risk effectively. These are conventional applications, yet they hold immense significance in augmenting financial services.”
Cashyap also shed light on an unconventional application in the agricultural sector, saying, “In a unique scenario, a company aimed to introduce cattle loans, an unprecedented offering in the country. Leveraging AI, they identified cattle based on muscle patterns, collected health data, and accurately predicted milk yield. By uniquely identifying cattle, they were able to provide loans with significantly lower NPA rates compared to traditional agricultural loans.”
These compelling examples underscore the potential of innovative data-driven approaches that can optimise efficiency, spark the creation of new products, and address challenges in various industries, ultimately benefiting both customers and businesses alike.
Cross-Industry collaborations driven by data and AI solutions
Ipseeta Aruni, Principal Solutions Consultant at Persistent, emphasised the potential benefits of seamlessly integrating AI in propelling cross-industry collaborations in areas such as partnerships, product launches, vertical integration, and supply chain. There are numerous instances such as Plaid’s acquisition by Visa and Credit’s expansion in India, demonstrating the power of a robust tech stack. These innovations, while intricate, are designed with modularity in mind, fostering adaptability across the industrial supply chain.
Aruni further added, “As a premier partner at Google, we aid customers in establishing data marts and machine learning (ML) solutions, promoting harmonisation amidst an ever-evolving tech landscape. The value contributed to the industry through benchmarks and standards becomes instrumental in shaping a company’s valuation. Additionally, Google’s services such as Earth Engine and environmental science explorations, combined with robotics and AI, are aimed at deciphering inundation levels and informing flood insurance strategies. Such collaborative efforts, initiated today, are poised to yield enduring impacts in the future of innovation and sustainability.”
Unlocking solutions of tomorrow
The insights shared by industry leaders at the Bengaluru edition of the ET Soonicorns Summit 2023 underscore the undeniable influence of data and AI in reconfiguring the age-old dynamics of business operations and decision-making processes across diverse sectors. These technologies have become indispensable tools to catalyse innovation, boost efficiency, and focus on customer-centricity. As businesses continue to embrace these innovations, they are fostering a path of adaptability and agility in the ever-evolving business landscape. The summit serves as a definitive platform to discuss the versatile applications of data and AI, and how these can be harnessed to build innovative solutions and businesses of the future.
Register now to be a part of the ET Soonicorns Summit 2023 event in Delhi-NCR on November 3, 2023.
For more information and to submit your entries, visit the ET Soonicorns Summit website.