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Alisha Sharma
by on April 4, 2020
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The idea of integrating and benefiting from artificial intelligence has invaded the minds of enterprise owners as well as venture capitalists like a swarm of bees. They can taste the honey but not without suffering the occasional sting. The word AI has gathered so many connotations and been explained in so many different ways that the perception of the non technical investors is completely clouded. Startups are trying to integrate artificial intelligence in their business processes but facing failure more often than not. We will try to look at the possible reasons behind this predicament.

Lack of vision

The capacity and the achievements of artificial intelligence is quite limited. The first and most important requirement is to understand how a certain enterprise can benefit from AI. Not only does this understanding involve consideration of the current technological scenario but also the foresight to imagine the usage of future technologies. The foresight is necessary in order to control the investment.

This vision is often lacking in modern Indian startups. They desperately want to include AI in their company profile but often do not know how.

Unrealistic expectations

The lack of vision is accompanied by unrealistic ideas about the power of AI implanted by the marketers working in favour of the vendors. The vendors come with polished used cases and excellent presentations which may inspire the startup to invest in AI based technologies like, automated chatbots and marketing analytics models. While these devices can be exceptionally useful over an extended period of time provided the constant flow of quality data, startups often find it difficult to wait for the return of investment for such a long time.

Budget constraints

Technologies like artificial intelligence, machine learning or natural language processing do not come cheaply. Whether you want an inhouse team of operators or outsource the services to a vendor, you must be ready with large expendable funds. This is why the large conglomerates find it easier to deploy AI, they can easily assign large funds to the development of these sectors and wait for the ROI. But Startups can easily run dry with one bad investment.

Scarcity of trained professionals

The acute skill gap in the applied AI and machine learning sectors keeps the average salary for skilled personnel so high that it is often impossible for startups to cope. Moreover the quality of employees is not guaranteed by their certificates and hiring one wrong person can wreak havoc on a startup’s finances. This is why applied AI courses have become so important and relevant for both the employers and the job seekers. Applied AI is a new sector that desperately needs able minds in large numbers. These are opportune times for the students with a knack for numbers as well as for computer science to venture into the challenging yet exciting world of artificial intelligence.

The possible way out

Extensive planning and foresight can guide startups to successful integration of artificial intelligence. They must invest in the right services and keep patience till the return of investment. And all startups deploying AI should set a goal of employing inhouse data science and AI teams. There is no limit to the possibilities with proper planning and perseverance.

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