Generative AI can Revolutionize the Future of Startups in India: Kapil Mehta, VP of Data & AI, Visionet
Startup landscapes are changing rapidly, with traditional methods barely able to keep up. Companies are beset with problems on all sides: high cost, inefficiency, and a lack of ability to advance or innovate. Generative AI, Machine Learning, and several other emerging technologies are promising to be transformative and help unify how startups across industries operate. It is no longer viable for startups to survive without the transformative power of generative AI. In an exclusive interview, Kapil Mehta, Vice President of Data & AI, Visionet, discusses how generative AI can revolutionize the future of these startups.
- How does generative AI redefine traditional business processes and foster innovation within the startup industry?
As startups are consistently aiming to disrupt industries and simultaneously trying to maintain distance from the traditional business approaches, what they need in order to stay ahead of the curve is precisely what Bill Gates called the most revolutionary technology in decades— artificial intelligence.
Now, artificial intelligence has ushered in a new era by introducing generative AI. As generative AI is poised to grow at a CAGR of 36.5% from 2024 to 2030, we believe that startups must strategically start integrating it within their existing systems and processes.
Far from being just an ordinary algorithm, generative AI can be a key driver of growth and differentiation for startups in a crowded funding market when incorporated into everyday tasks. For instance, generative AI helps in automating content creation and enhancing product designs, thereby offering a personalized customer experience. This could help a startup to achieve better efficiency and create value propositions that set them apart. Moreover, the rapid prototyping and idea iteration of generative AI further accelerates the product development cycle of startups, reducing time to market.
Even though startups are well aware of these benefits, considering incorporating something new into an existing system is always scary. Hence, there are companies like Visionet who can be of help. We specialize in comprehensively guiding startups through the complexities of generative AI. Our solutions address integration, control, ethics, and security challenges.
2. What is the role that AI will play in enhancing decision-making and operational efficiencies?
AI is set to play a transformative role in enhancing both decision-making and operational efficiencies by providing real-time data analysis, predictive insights, and scenario planning capabilities. It enables startups and small businesses to make faster, data-driven decisions, reducing risks and uncovering growth opportunities. In fact, research shows that AI can enhance decision-making by up to 40% through data-driven insights and automation.
AI will be transformative both in decision-making and operational efficiency through real-time data analysis, predictive insights, and scenario planning. It will allow startups and any other business to make faster decisions, backed by data and reduced risk level.
With the continued development of AI, it will not only support tactical decisions but also drive long-term strategic planning. Another study states that AI can optimize resource allocation, with a potential 44% enhancement of operational efficiency. In addition, AI predictive analytics can achieve almost 10% improvement in accuracy in terms of forecasting, hence allowing businesses to predict market shifts and adjust innovation roadmaps accordingly.
3. How do AI-powered solutions create a personalized experience for customers, enabling startups to develop more personal customer relationships?
AI-powered solutions have changed the way startups personalize experiences for clients, using data analytics to understand customer preferences and needs in real time. With AI, startups can also provide hyper-targeted recommendations, personalized marketing, and proactive customer support by employing AI in the promotion of stronger, personal relationships with customers. For instance, businesses that utilize AI for personalization have seen an increase in customer satisfaction.
These customized interactions go beyond mere personalization alone; AI enables startups to reach out to customers in the most appropriate time with content that is relevant and context-centered, which would actually make them feel understood. Additionally, AI’s ability to anticipate customer needs serves to intensify even deeper connections, thereby having 80% of customers returning to do business with a company offering personalized experiences.
4. What is the impact that generative AI will be able to make in cost reduction and revenue increase within startups?
With streamlined operation leading to higher productivity and faster execution, generative AI can enable startups to save around 45% of tasks automatically. More resources will then focus on strategic initiatives, thereby reducing operational costs by around 30%. More importantly, AI enables the growth of revenue through a hyper personalized experience while accelerating innovation unlock.
In addition, AI integration signals innovation and scalability to investors, making startups more attractive for investment. It will also enable data monetization, therefore giving a new revenue source leading to increased valuation. For example, AI will help improve investor pitches by creating compelling data visualization reports and growth projections.
In short, generative AI provides a dual advantage for startups: reducing costs and accelerating revenue growth. Hence, for startups looking to grow rapidly and remain competitive, leveraging AI is not just an option but a strategic imperative.