Artificial intelligence or AI has been dominating conversations all over the world. While we have noted its various capabilities to enhance productivity, from research to image editing, discussions on AI applications and their impact on business are largely reserved for corporate boardrooms.
Businesses too are seemingly going through transformation with AI, and Findability Sciences is a company that is streamlining AI for business processes and unlocking new levels of efficiency for growth.
โMore and more Indian companies are deploying AI compared to the US or Japan. This is mainly due to the awareness about AI technologies and the resources required within organisations,โ said Anand Mahurkar, founder and CEO, Findability Sciences.
The company recently launched its Business Process Co-Pilots (BPCs) to augment business processes with the help of AI tools.
indianexpress.comย sat down with Mahurkar who is leading the change in the AI revolution. During the interaction, the Findability Sciences CEO shed light on the companyโs cutting-edge solutions such as the BPC and Enterprise Forecasting,ย and how they are redefining the business landscape.
What are Business Process Co-Pilots?
Mahurkar explained that the BPC solution is changing how businesses approach their day-to-day operations. He said BPC uses natural language processing, optical character recognition (OCR) and large language models like IBM Watson to automate and optimise content-centric business processes. โIt is not an autopilot, but a co-pilot. You need a co-pilot because most of the content-centric business processes involve massive amounts of documents which can be overwhelming,โ he said.
By automating the gathering, assembly, and comprehension of information, BPC alleviates the burden on human resources, enabling them to focus on more important tasks. Mahurkar highlighted the impact of this solution, stating, โInstead of three years for a process, it has now come down to one year. Because of this, the product launch happens much faster than expected, increasing their revenueโ.
Riding on predictive power
The companyโs AI-powered solution, Enterprise Forecasting, uses supervised machine learning algorithms and proprietary algorithms to offer predictive insights to companies.. โOur technology is a self-learning technology, it learns from the historical data.โ The key strength of this technology lies in its ability to build multiple self-learning models, taking into account numerous variables to predict outcomes with improved accuracy.
โWe have a self-learning monotype modelling that is our proprietary, which helps companies to take as many variables and build as many models fully automatic without human interference,โ Mahurkar added.
According to the Findability Sciences CEO, by harnessing the power of Enterprise Forecasting, organisations can gain valuable insights into future trends, enabling them to make data-driven decisions across various business verticals, including supply chain management, sales planning, pricing, human resources, and customer management.
Mahurkar emphasised, โThis system will be able to tell you the answers to the questions โwhat will happenโ and โwhat to do.โ So, these Enterprise Forecasting Machine Learning Modules will learn from the wide data and tell organisations what will happen and what should be done.โ
AI in India
While AI is making strides in the global landscape, it is also making significant waves across India. Mahurkar believes Indian companies are at the forefront of AI adoption. โIndian companies have the resources and the ecosystem here has more awareness about AI technologies than many other nations,โ he said.
Mahurkarโs company is tapping into this trend by founding its development centre in Maharashtra to make the most of Indiaโs technological talent.
Since businesses are increasingly relying on AI solutions, data security and governance have become paramount concerns. When asked about his companyโs approach to this, Mahurkar said Findability Sciences understands this critical aspect and has implemented robust frameworks to ensure data privacy and integrity. โWe have a very robust governance framework for each operation in terms of what data goes into the training,โ Mahurkar said.
Besides, the company also provides isolated implementations for each customer, ensuring that their data remains secure and confidential. โOur solution is not a multi-tenant SaaS platform, our solution is individual implementation for customers,โ Mahurkar said.
When asked about the concerns surrounding AI adoption leading to fear of job loss. Mahurkar said he advocates the โECM strategyโ which stands for education, communication, and motivation. โWe need to educate and communicate that AI is not here to take jobs. We need generative AI so communication and then motivating all to use AI is the need of the hour to improve productivity.โ