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In the fast-moving techno-business landscape, big data and artificial intelligence (AI) are effectively changing how companies operate internally and externally. Indian startups are also catching up with this technology transformation. Many are increasingly adopting AI solutions to automate routine tasks, increase accuracy in data analytics and improve customer interaction through personalisation.
According to a SAP India-Dun & Bradstreet study, more than 77% of startups are now investing in AI-ML, IoT and blockchain, and 79% think that enterprise-grade applications integrated with new-age tech such as AI are essential for scaling and improving unit economics. Also, 40% of India’s tech startups operate from Tier II and III locations, turning them into the country’s new innovation hubs.
Inc42 and cloud applications major Oracle recently hosted a virtual panel discussion to assess this transformative ecosystem. It was part of an ongoing series called Boardroom: Powering Data With AI and delved into the theme of How Indian Startups Are Fusing Human Intelligence & AI To Transform Business Growth.
The session covered many critical topics, including:
- AI integration with human-in-the-loop system
- Facilitating business growth through AI tools and engines
- Navigating ethical concerns and combating the threat of data leakage
Moderated by Kshitij Shah, founder and CEO of Digital Strategy Works, the panel brought together many tech leaders, including:
- Ranjith Babu, associate director (data science), Cuemath
- Shalabh Aggarwal, CTO, CredFlow
- Rajat Garg, founder & CEO, myUpchar
- Neelmani Gupta, VP (data science & analytics), Lenskart
- Raksh Anand, head of engineering, AltMobility
- Pijush Mukherjee, head of digital natives (JAPAC), Oracle
A Close Look At How Human-AI Collaboration Can Drive Business Growth
The human-in-the-loop (HITL) approach is rapidly becoming popular as it helps redefine human-computer interaction (HCA) and strikes the right balance between automated efficiency and the power of human decision-making. According to a Stanford communiqué, full automation could be a big red button, but an AI system designed with a human in the loop will ensure an entirely different system ethos. This may not result in a perfect algorithm, but the constant fine-tuning (human-machine interactivity, to be precise) with a focus on granularity ensures better outcomes in a given situation, enhanced adaptability across industries and businesses and more transparency.
During the discussion, Rajat Garg of myUpchar dived deep into a healthtech use case and explained how his ‘digital hospital’ uses AI to assist doctors instead of replacing them. The startup’s AI systems are designed to handle initial patient assessment, make a tentative diagnosis based on patient input and pre-fill a prescription. However, only a medical professional can decide how to proceed with the diagnosis and treatment.
The human-AI collaboration not only boosts treatment accuracy but also reduces the risk of false positives (wrongly indicating that a person is suffering from a health condition), a critical loophole plaguing the healthcare industry.
“[The AI collaboration] works in medicine as everything is repetitive here. People have, let’s say, cough, cold, fever or hair fall. You can diagnose it through an [AI-based] algorithm and figure out the symptoms, the root cause and how to treat it. It will be applicable 99% of the time,” added Garg.
India’s medical technology market is witnessing rapid growth due to these advanced tech solutions and may reach $12.3 Bn by 2029 from $6.9 Bn in 2024 at a CAGR of 7.6%.
Meanwhile, Neelmani Gupta of Lenskart, a D2C brand-turned-an integrated eyewear business, said it had primarily focussed on customer feedback to drive growth.
Long before the pandemic, the brand recognised how customers sought an immersive experience when shopping for eyewear online. This led to AR (augmented reality) integration, allowing people virtual try-ons and enhancing their shopping experiences.
“At Lenskart, we do things the consumer way. When we found that our customers wanted a look-and-feel kind of experience online, we introduced the whole AR thing. It is all about continuous improvement, and we are getting good feedback from them. That really drives us, and technology helps us do it.”
To know how startups use AI for human-in-the-loop development that drives business growth, watch the Inc42-Oracle panel discussion on How Indian Startups Are Fusing Human Intelligence & AI To Transform Business Growth.
