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Should Startups Adopt Artificial Intelligence To Be Successful?

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Should Startups Adopt Artificial Intelligence To Be Successful?

Trust people for the never ending urge to become better and better in their lives. Their significant growth says it all. All thanks to technology for always standing up for humans.

Technology revolutionized the way of our thinking and our way of functioning. The current advancement in this area is Artificial Intelligence (AI.)

Artificial intelligence is the ability of computers to perform tasks normally requiring human intelligence. The machine mimics the cognitive functions that humans associate with other humans such as learning and problem-solving. We can simply say AI is a process of transforming predictions by humans into a mechanical route with help of certain pre-determined parameters and pre-defined algorithms.

Many hard tasks and complex intelligence processes can be carried out using AI. There are many AI based apps which allow the user to do all calculations regarding their businesses so that they can spend less on these works and more in their business expansions.

Here follows a list which certainly explains the inclusion of artificial intelligence in startups that can be successful.

  • By using AI, one can travel over the new opportunities to develop a new thought process to generate new solutions for business growth.
  • AI can be used by Startups to optimize marketing.
  • Predictive analysis from already stored data results in a better product being built.
  • Artificial intelligence can be used to understand various measures of social networks online.
  • AI also includes data mining techniques to analyze different types of networks.
  • This also enables the user engagement. A simple mobile application must be installed so that the marketers can be directly connected to the consumers through chats and notifications.
  • Artificial intelligence uses natural language decoders to provide better insights of user feedback.
  • Smart customer relationship management (CRM) can automate data entry for professionals which allow them to focus on more important things such as building a relationship with customers.

On the whole, artificial intelligence promotes new techniques in the market to solve large-scale problems in a short span of time.

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Amazon Opens Automated Grocery Store – Amazon Go

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Amazon.com Inc., the global ecommerce giant will launch the first of its kind supermarkets without checkouts, human or self service on Monday in Seattle. According to BBC, this revolutionary supermarket, Amazon Go, has been tested by Amazon staff for the past year.

Amazon Go store relies on cameras and sensors to track shoppers and maintain a list of what shoppers remove from the shelves and what they put back. Making cash registers and checkout lines superfluous, customers buying products from the Go store will be billed after leaving the store using credit cards on file.

A row of gates guards the entrance to the store and shoppers can only enter after they scan their Amazon Go app. The 1,800 square foot mini market is packed with shelves of food and will be open from 7 A.M. To 9 P.M. Monday to Friday. Speaking about the newest venture, the Vice President of Technology, Dilip Kumar said, “(the idea behind Amazon go is to) push the boundaries of computer vision and machine learning and to create an effortless experience for customers.

According to Amazon, the technology used in the Amazon Go store is so accurate that the sensors can detect minute changes and distinguish between multiple people standing side by side at a shelf. The tracking is precise enough to detect which customer picked up a yogurt or a cupcake and track which customers are simply browsing. Technology website GeekWire reported, the system also knows when people pick up items and put them back in case customers simply wanted to read the label. While the company has remained tight lipped about the technology it’s using in its sensors and tracking devices, can see and identify every item in the store, without attaching a special chip to every item.

Amazon further added the technology will not replace employees but streamline the shopping process. Associates and employees will be put on different tasks including restocking shelves and helping customers troubleshoot any technical problems and help customers find items. According to people who have tested the store, Amazon sends an electronic receipt for purchases only a few minutes after walking out of the store. The Head of Amazon Go, Gianna Puerini, speaking about the technology said, “This technology didn’t exist, it was really advancing the state of the art of computer vision and machine learning.” The company has already released official Amazon Go apps on iOS and Android and customers can use their existing Amazon credentials to log in to the Amazon Go app.

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Bitcoin Slips Below $ 13,000

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Bitcoin, the world’s fastest growing cryptocurrency fell more than 21% on Friday dropping to $ 12,191.80 as of 3:47 P.M. in Hong Kong. The value of the cryptocurrency fell down as much as 38% from its peak of $ 19,511.

Despite the steep decline in value, the digital currency is still up in value by more than 1,100% since the beginning of the year. According to coinmarketcap.com, with Bitcoin’s decline in value, other cryptocurrencies also plunged with Ethereum losing as much as 26% over the past 24 hours.

On Sunday, Bitcoin rose to as much as $ 19,666 in the lead up to exchange giant CME Group’s launch of bitcoin futures. Nevertheless, the currency seems to have lost steam post the launch. The current plunge comes amid growing signs of mania among regulators and investors for anything cryptocurrency related.

However, this is not the first time the cryptocurrency saw a steep decline in value. In November this year, Bitcoin tumbled by almost 30% in 4 days, falling to $ 5,555 from $ 7,888. Similarly, in September, the virtual currency fell by 40% to $ 2,972 from $ 4,979. Overall, in 2017, Bitcoin soared about 19 times reaching bubble territory.

Many policymakers and market analysts spurred caution and alarm calling all forms of cryptocurrencies ‘dangerous’ due to the lack of regulations. Indian market regulator Securities and Exchange Board of India (SEBI) also issued a warning against all Initial Coin Offerings (ICOs) claiming Bitcoins or any such cryptocurrencies, is not an approved product by the Reserve Bank of India (RBI) or any other agency. China was one of the first countries to ban all local cryptocurrencies exchanges and tradings. Post China’s decision to ban ICOs, South Korea also banned raising money through ICOs in an effort to protect investors from fraud by the use of any forms of virtual currencies.

Although CME and its rival Cboe Global Market’s move to list bitcoin futures has given the digital currency some perceived legitimacy, a majority of the policymakers are still on the fence and remain skeptical.

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Flipkart To Launch Artificial Intelligence Unit, AIForIndia

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After launching the first data analytics brand, Billion, Flipkart is all set to create an Artificial Intelligence unit called AIForIndia in order to strengthen its business offerings.

The ecommerce giant is looking at expanding its services by investing millions of dollars into the venture and has already initiated its hiring process. Flipkart is looking to hire AI specialists for this particular project and is considering hiring people from the IIT sector for the project.

The AIForIndia project will be headed by Chief Data Scientist, Mayur Datar, Bansal and Flipkart’s Chief Executive Offidcer, Kalyan Krishnamurthy. The company is expected to reap benefits of the new technologies to solve issues both on the consumer and supply sides.

Not just in India, this ecommerce giant is also looking at expanding their reach into the United States as well. Flipkart has been on an acquiring spree since earlier this year when it acquired Silicon Valley based F7 Labs. According to reports, F7 Labs has already started working on an AI project called Mira.

Apart from this, Flipkart has also tied up with Microsoft in order to leverage its position in the AI and machine learning space. This is being done in order to better understand the world of machines and t0 foster a better relationship with sales.

Flipkart has been making a lot of new additions, thereby securing its position as a leading ecommerce platform. To make matters interesting, Flipkart’s fashion arm, Myntra, has started using these new technologies in order to sell products more efficiently.

Through this artificial intelligence process, customers can order online using their voice only. The ecommerce giant is all geared up to double down its work with artificial intelligence technologies, across operations ranging from conversational search, visual similarity, better last mile delivery, fraud detection, personalization to warehousing.

Right now, the use of AI is moderate. There are some interesting projects in the marketplace, customer support, search and personalization. You will see much more innovation coming out of Flipkart in the next year…this is going to be a big game changer for us,” said the Executive Chairman of Flipkart, Sachin Bansal.

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