"The penetration of an analytics initiative in an organization is typically in the order of 5% of its potential,” says Ajay Kashyap, co-founder, Boxx.ai
Last year, we did a story on how start-up innovation is fuelling the adoption of artificial intelligence (AI) in Indian enterprises. And we found that a number of IT leaders were in fact, piloting AI projects in their organizations.
Boxx.ai is one such start-up that uses Artificial Intelligence to build products that enable enterprises solve their most critical analytics problems. It was set up in July 2016 by IIT Bombay and Delhi trio - Ajay Kashyap, Prakhar Raj and Shitiz Bansal.
After working in the data science and analytics space for over a decade, the trio realised there were common set of problems that stood in the way of any analytics project in an organization. One, the analytics initiative is expensive because the skills required to implement it come at a cost. Two, it takes an organization more than a year to reap the benefits of analytics implementation, and finally, the benefits of analytics were left to the mercy of the people implementing it.
"Moreover, the penetration of an analytics initiative in an organization is typically of the order of 5% of its potential,” says Kashyap.
"Boxx.ai is democratizing analytics using AI by overcoming three main impediments to a successful AI implementation. Its proprietary deep learning algorithms pick up the minutest of details and the power and scalability of AI to build separate models for each and every customer, leading to unprecedented level of personalisation," adds Kashyap.
In a recent study on the Global Artificial Intelligence market, research firm Zinnov significantly pointed out that AI today is disrupting some of the oldest and disruption-immune verticals such as ke Automotive, Manufacturing and Finance. "There have been three key major technology improvements over the last 20 years across computing capability, analytics capability and algorithm improvements are enabling the new wave of AI adoption," the report said.
As a result, there has been a ten-fold increase in investments globally -- from USD 94 million in 2011 to USD 1049 million in 2016 -- in the last five years.
Since its inception, Boxx.ai has raised USD 100K as seed fund in an angel round and has a list of born-in-the-cloud customers, such as NearBuy, Shine, Clovia, CollegeDekho and NotInQ.
Kashyap says that organizations - traditional or born in the cloud - have figured out that if they have to compete with growing competition, they have to embrace customer analytics and move towards personalization.
But Boxx.ai isn't alone.
There are over a dozen Indian startups in AI and data science space. While in IT, AI is driving better productivity and improved revenue, marketing and sales are using AI to create better campaigns and amplify customer experience. In HR, AI is being used to foster talent acquisition. Edge Networks (HR analytics), Fluid AI (AI powered assistant), ShopR360 (video analytics) are some of them that have a domain or industry focus.
Kashyap might be trying to democratize the use of analytics with Boxx.ai, but the growing start-up base in AI is definitely democratizing the market in India.