In recent years, the adoption rate of Artificial Intelligence in Nepal has been steadily growing with new companies being established around AI. Kharpann Enterprises is one of such AI companies which has recently completed its first year of operation in Nepal.
In a talk published on Kharpann’s YouTube channel, Mr Pragyan Subedi, the CEO of Kharpann talks about the mindset behind infusing AI into a tech-product. The talk revolves around the mental framework that one should have while trying to incorporate AI into a tech-product. Have a look:
Don’t innovate for the sake of innovation – Same goes for AI
Mr Subedi opens up his talk anchoring on a quote by Peter Drucker who is famously known for his management theory.
“BUSINESS HAS ONLY TWO FUNCTIONS – MARKETING AND INNOVATION”
A business should always focus on its customers and failing to do so means failing to pursue the right innovation.
According to Mr Guy Kawasaki, the Chief Evangelist at Canva, the refrigeration industry which has bloomed today is a result of customer-focused innovation that occurred in the ice industry. Hundreds of years ago, people used to depend on polar ice harvesting companies to buy ice but now, people make ice at the comfort of their own homes.
The same goes for AI. If a company is looking to innovate its tech-product using AI, they should have tangible metrics to measure how they are giving value to their customers.
Should a tech-product adopt AI for innovation?
This is another question that gets answered in the talk.
Whenever a company is trying to innovate, they should know that AI has limited use cases. Thus, one should be wary if their innovation actually needs an AI solution or not (Mr Subedi states this as a statistical solution).
An example of an AI solution is search engines, where, companies like Google use search engagement data to generate better search results. AI solutions for businesses mostly depend on user data modelling and thus, if your tech-product doesn’t need such kind of solution, it may be wise to innovate without the use of AI.
Also, the AI solution should bring value to a business’ key point indicators (KPIs) while also bring value to a customer. If there are no tangible results that can be seen from the adoption of AI to the business, then, such innovation may be of more harm than good.
It is always important to have the right mindset behind taking any kind of business decision and this talk encapsulates that well.