Algo8 AI, a 5 year old AI startup that has ventured out to simplify AI for the business world that is proficient with AI in its stride through industry 4.0. Algo8 AI has enabled data driven transformation in the field of manufacturing, oil & gas, metals & mining, energy & utilities, FMCG etc.
In this interview Mr. Nandan Mishra, CEO of Algo8 AI spoke to EM more about company products and innovations in AI.
1. How did you start with Algo8 AI?
I started on my entrepreneurial journey in August 2017. Himanshu and I developed two state of the art deep technology for a couple of giants in India, for which we received a lot of positive validation. That is when we decided to build a firm that creates Enterprise AI Technology
2. What is the trend of Artificial Intelligence in the current industry?
AI’s true potential is being realised by the leaders; however, they are unable to see it happening on the floor. A vision is when one can see it happen, see it take place, else it remains wishful. Currently, the Process Manufacturing Industry is on the brink of creating this vision and we are pushing towards implementing it
3. Which Industries do you represent?
We are aimed towards disrupting a number of industries. At present, our major works belong to the Process, Manufacturing and Supply Chain Industry
4. What truly drives the AI-based IT industry? What unique AI-driven stacks have you designed in the last 3 years that were nearly impossible to imagine 10 years ago?
AI is not IT. IT deals with the various systems to store, retrieve and send data. AI is about creating and applying knowledge through that data and continually improving it. We have built a state-of-the-art AI for Cognitive Process, Assets, Compliance and Supply Chain Management which embody the technology needed for the contemporary industries and processes
5. What does Algo8 AI see as its competitive advantage in these cases?
The fact that we have actualized business benefits in an era where AI is still in its infancy is definitely an advantage. We have shaped the context and approach of the Industry leaders we are associated with. Our “last mile” piece of actually bringing in Data, Domain, Talent, and Research to achieve for our clients is a big differentiator. This is because they don’t just receive and AI solution, they get an AI solution that gives results
6. What has been the ROI of implementation of some cases you have done?
Millions of Dollars or Bottom Lines. If you look at it in terms of efficiency, Supply Chain, Process and Energy are where our savings take place. Cumulatively it would be of the order of 10 MM/year per use case. For Asset and Compliance Management, the unplanned shutdowns that we avert is the biggest relief for our clients
7. What are the dominant sectors using AI and the most exciting use cases?
Retail and Healthcare sectors, apart from Banking, are the ones experiencing a real push. Building smart AI-enabled manufacturing plants are the holy grail for us and constitute the exciting use cases part
8. What is the level of complexity in deploying such cases?
We have brought together more than 50+ data sources, thousands of data points and have learnt from years of history to make Manufacturing plants smart. Our engineers deliver these in the most remote places of India. We make sure that we stand by making AI simpler without hampering its sophistication
9. What has been your collective learning from the use cases?
Our collective learning has been that though the idea of ‘Data is the New Oil’. Howbeit you have the Data, the value is in how you use the data rather than the data itself. The AI that you build has to be usable. Algorithmic accuracy is often stressed by many while designing AI. That is necessary. However, the usability of what the AI is solving and also how your system uses it, is where the actual value is. It is the abstraction of complexity that makes the interface really usable and valuable
10. What’s the most promising or interesting advancement you’ve seen in AI recently, and how do you think it will impact Algo8 AI?
The invention of the Deep Neural Network is the next evolution. Training it using a Human Language will usher in the democratization of machine training, nonetheless, people would want to take in and understand how machines learn.
Somebody asked me a reversed question: He said we all know machines can predict this that…. can humans predict what machines have learnt something to do. The answer opens up a new realm of explainable AI which is a big narrative in itself
