Artificial Intelligence and machine learning are advancing at an alarming speed. As an upshot, industries are at the threshold of a major makeover.
Speculations about robots replacing human resources have been gathering steam -- with rightful apprehensions.
Global partnership is another new reality the country is waking up to. Start-up ecosystem being fairly recent in India, there is a lot to learn from big and experienced global players.
Such partnerships will help Indian entrepreneurs get international exposure. Local solutions can thus be converted to globally scalable business models. Multi-stakeholder global partnerships can facilitate from the sharing of skill, technology and financial resources and even knowledge from a vast pool created.
Entrepreneur India got in touch with Michael Lyngdoh, Co-founder Tripoto, a travel portal. The company has launched the Artificial Intelligence-based travel concierge by the name Tripoto. The company teamed up with travel tech giant Amadeus Next in 2016. Amadeus Next provides IT solutions to Tripoto.
Lyngdoh shared his views on the best ways to utilize AI and global partnerships for building brands and sustaining these images in this new and changed reality of the business world.
Provides Intelligent Layer Improving Operations
"Earlier the role of technology was limited to automating repetitive tasks and hence reducing manpower costs. AI and machine learning now provide intelligent inputs that can improve the way your business functions. It reduces manpower cost," Lyngdoh said.
Challenges Are Twofold
"One is that extensive and continuous flow of data is required for AI to function and machine learning requires a feedback loop into the system. I don't think most Indian start-ups have either of these. Hence, building a good, working AI solution is a challenge. The second challenge is in terms of the talent to build AI in India. The benefits are obvious in terms of cost-reduction at scale of manual tasks, which require a large semi-skilled workforce. In the future, this could mean having smaller teams and help start-ups scale with lower operating costs," he advocated.
Global Partnerships Create Seamless Customer Experiences
"Global partnerships help create seamless experiences for customers --in case of travel and tourism, they can rely on a single app for all their travel needs. In the tourism domain, global partnerships enable companies to serve outbound customers (international travellers) effectively. Familiar brands will build confidence in inbound travellers. Amadeus is a data warehouse that powers travel, on both technology and data integration," disclosed Lyngdoh.
Differentiation Is The Key
"New customers are increasingly looking for differentiated and interesting holiday offerings. Travel companies should cater to a known destination in a completely new way to attract customers," he said.
Points To Address To Build A World-class Product From India
"I think the first is the belief that global products can be built in India. But raising capital for building a global product is a challenge. Secondly, availability and hiring of right talent to execute projects is another stumbling block, as there haven't been too many global products manufactured in India. Attracting international talents remains a challenge too -- to build global products we have to be very particular about hiring from across the world," concluded Lyngdoh.