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While conversing with the CIO Applications’ editorial team, Murari Naidu, Founder and President of The AI Point, shares his insights on the company’s journey, solutions, and the value propositions that the company imparts to its clients.
Could you give us a brief overview of The AI Point?
We established ourselves quite early on as an aggressive startup. The AI Point possesses internal nimbleness and independence to develop powerful solutions for our clients. Earlier, we were a service-based organization with a core focus in ERP, big data, and others. However, with massive advancements in AI, coupled with its growing significance in the business realm, we have decided to switch toward AI to offer our clients with innovative solution that assist them in their business operations, marketing in particular. The innovation labs at The AI Point are investing a lot of time and resources in building result-driven solutions, which gave us an edge over our competitors in gaining and retaining customers.
The AI Point caters to multiple industry verticals, including retail, manufacturing, healthcare and BFSI. We are already working with a couple of customers—in retail and manufacturing industries, consulting healthcare and BFSI customers for their AI strategy. In addition, we have sent proposals to a bank to extend our solutions to enhance its day-to-day operations in terms of marketing. At The AI Point, we drive towards transforming the business by leveraging our edge in new age AI algorithms, neural networks, tree structured neural sentiment analysis, computer vision, deep learning, and prediction accuracy to help organizations in taking “robust decisions”. We have the potential to quantify how different data contribute to AI, understand AI Readiness of organizations, audit AI Algorithms for data/system bias, and optimize the use of data and algorithms for better decision making, considering long-term implications from various angles—privacy, error rate, continuous engagement/growth, and efficiency.
What are the major trends that you see in the banking sector and how The AI Point’s offering helps the industry?
In all industry verticals, the business model is focused on data and the banking sector is no different.
Designed with self-tuning capability, our algorithms learn from the feedback and align themselves to give the best possible outcomes for our clients, which is still a far-fetched dream for other solution provides
Along with the aforementioned features, our solution can also predict the demography of people who visit to a particular branch. With such a value-bound and specific prediction, the bank can effectively reach out to its customers from every angle—be it mobile advertisement or phone calls. For instance, imagine people waiting in queues at a bank, having their mobile phones in hands, scrolling through the newsfeed in social media. The bank can use this time to explain its products to the customers according to their needs. Thus, banks can make their marketing more customer-specific without additional efforts and predict customer lifetime value.
What are the advancements made by The AI Point in the retail and manufacturing industry?
The AI Point collaborated with an FMCG manufacturing company, which has malls and other retailers as its primary customers. We developed a recommendation engine that can predict the trend of a product in the market based on the data gathered. Our solution looks into the sales and returns to make predictions. This enabled the customer to identify the demand in the marketplace and manufacture products accordingly.
We have also developed a solution for the manufacturing industry, which predicts the possible time for a system breakdown or a component failure. Evident that the legacy method of determining the life of a machine according to the suggestions from component vendors is inefficient, we helped manufactures better identify the life cycle of a machine in an effective and agile fashion. By using IoT devices, we recorded the temperature, sound, vibration, and other factors of the machine to make predictions on when the system would fail and why. This was a revolution in the manufacturing industry as we helped the firms reduce the machine downtime, and ultimately increase productivity.
What methodology does The AI Point adopt in developing value-bound AI-powered solutions of your clients?
We have seen that several innovative technologies haven’t reached out to people on a large scale or failed to serve the customer desire. In a bid to eliminate these speed bumps during the entire lifecycle of our product suite, we have come up with a “design thinking” model. We add our clients to the loop throughout the design, development, and even maintenance process to ensure that our solutions are in-sync with their needs.
The AI Point introduces reinforcement learning, where the prediction is not only based on the stagnant data available during the engagement but also the real-time feedback from the users. Our machine is designed to learn constantly from the feedback loop and tune it according to the real-time data. By adopting such a sophisticated method, we are solving the issues pertaining to the “old school” model of prediction. This also helps us modify our solutions on the demand of clients for higher operability.
Looking ahead, what will be the next significant steps that The AI Point would take in improving the value proposition of its solution stack or even expand geographically?
With thrive to strengthen its edge in the space, and are on a drive to increase the amount of talent in our firm by 2020. We also have plans to invest more on human resources and research considering the growing demand in the marketplace. The AI Point is on a drive to analyze the technological advancements in the space to deliver powerful solutions for our clients.