As we stand on cusp of the next industrial revolution, India’s Union Budget for the 2021-22 fiscal is a crucial one. All eyes were on increasing employment and productivity through substantial funding towards Big Data, and rightly so. With Artificial Intelligence’s proficiency in evaluating the impact of policy intervention, it can immensely contribute in reducing the economic costs of the proposed welfare schemes for the nation.
At Infinite Analytics, we have been striving to help organizations across multiple sectors to apply AI to optimize their processes for increased efficiency. There is a special post in this newsletter about that!
Moreover, for the 2021-22 fiscal year, the government will be launching data analytics, artificial intelligence, machine learning driven MCA21 Version 3.0. This Version for the Ministry of Corporate Affairs, will possess additional modules for e-scrutiny, e-Adjudication, e-Consultation, and Compliance Management. Also, as a much-needed boost for the GSTN system the government has deployed deep analytics and AI to identify malicious tax evaders and fake billers and has even launched special drives against them. This is certainly a good beginning and a critical one at that.
With this edition of the newsletter we bring to you:
Though this pandemic led e-commerce platforms to drive massive sales outdoing smaller businesses on account of necessity over convenience, some players like not-amazon.co launched themselves to boost the sales of local businesses in Canada to stay afloat. Read all about going hyperlocal here.
Keeping the conversation going, we made a case for and against democratizing artificial intelligence. We feel that democratizing AI will lead to better innovations, more efficient AI systems, and even better engagement. You can read all about it here.
Pro Tip: We, at IA, use the unique combination of behavioral data and customer demographics such as age, gender, marital status, income for arriving at target groups. Add to that customer psychographics and we have the perfect recipe to find highly accurate information on buying frequency and preferred brands of customers. We can thus know what the customer wants and when. Marketers often use such insights to encourage customer loyalty. Read about it here How to convert target audiences into paying customers (through AI) - Infinite Analytics and reach out to us at [email protected] to know how we can help your idea | business reach greater heights.
And like always, we close this issue with our special
Insight from Infinite Analytics
Did you know that fans of Rajkumar Rao in India have a huge propensity to be fans of Jayden Smith (and vice versa)!
When we analyzed a Bollywood movie a few years back, we found this strange correlation between the two sets of fans. We trusted the insights (hundreds of millions of users cannot be wrong) and helped the production house achieve traction that they had never even imagined for their movie.
If you have ever been in the business of video editing, especially when a famous celebrity was involved, and no matter how much you try to salvage the video, you cannot; deepfakes will help with that clip and your video will be made uninterrupted. Earlier, movie directors would spend millions on creating the perfect location for their movies. This is now achievable with a far lesser sum using deepfake and AI. Deepfakes can be real game-changers in film-making. Imagine new movies starring Charlie Chaplin opening to full houses. This, ofcourse, after all the copyright issues are taken into consideration..
What is the brand which comes to people's mind when they think about purchasing consumer electronics- is it Reliance Digital Retail Ltd.? Has Xiaomi Technology finally positioned itself as a premium brand? What is common between multi-brand electronic retailers and the people who visit them? What is consumer mindset of someone who wants to purchase consumer electronics and what other places these people go to and what are their brand affinities like?
Sherlock AI (powered by Infinite Analytics) looks into all the people who visited consumer electronics stores in the month of October and connects the dots. Take a 3 minute journey and understand consumer mindset of electronics buyers analytically!
Did you know that jewelry stores’ visitation went up by 125% during the Dhanteras weekend? Sherlock AI analyzed all consumers who visited jewelry stores pan-India and revealed that though typical weekend footfall surges in Jewelry shops is around 16%, the Dhanteras weekend contributed to a whopping 125% surge! WHOA!
Indians have always preferred gold as an asset class and an investment vehicle. With Dhanteras being among the most auspicious occasions to buy gold, Indians did indeed flock to the ‘market’ to buy gold.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.