Latest in the tech business

Technology has changed business by increasing profits in business’ with high speed; by increasing customers and serving more people around the world, improving product and service quality, increasing business processes reducing the utilization of human energy in high-risk intensive work and the desire is to improve the standard of living of people on the earth by using more advanced technology in business.
In the way we plan, start, operate, manage, market, sell, repeat, recruit, communicate, and profit in business – technology has changed everything. There’s been a lot of buzz around AI and AR lately, and these are just examples of how technology has changed business. Let’s explore both in this blog post.
How is Augmented Reality transforming business?
Retail: Retailers are prioritizing customer and digital experience. With this blurring of the lines between digital and physical shopping, augmented reality will allow businesses to bridge the gap and introduce new and improved ways for customers to shop.

Example: AR could allow users to see clothing in the 3D format in digital clothing stores.
Customer experiences: Modern users are rapidly adapting to new technology; as active Internet users were reported to be 4.2 billion in 2018 and The Internet-of-Things device installed base is expected to grow to nearly 31 billion by 2020.

AR is the next big thing, as companies develop new ways to apply it. One such way can be seen with Magic Leap’s Cheddar app, which allows the headline news networks of Cheddar to deliver live video feeds in a 3Rd space, for users who can place them in their surroundings. Companies applying AR to their products are directly more involved with their audiences.

Example: Social media platforms can increase their scope with AR, enabling users to interact in a 3D environment without being connected physically.

Industrial application
It is likely that the introduction of AR on industrial markets will change how jobs are performed. On the field, technicians can receive live help from remote personnel, who can provide markings, indicate problems and superimpose models on items such as motor vehicles and the like, and so on. The grunt and the guesswork are eliminated and the processes are streamlined.
Example: NASA used Microsoft’s HoloLens to help build its new spacecraft, so as to remove the need for manual and complex instructions by using mixed reality applications. 
How is Artificial Intelligence transforming business?

Enhancing customer experience: Artificial intelligence assists companies in creating highly personalized customer experiences. It can consume and cumulate all the different bases surrounding the brand and in determining the driving force behind consumer behavior. Does artificial intelligence help to answer questions such as are they looking forward to buying more? Why? Are they likely to leave for a key competitor? Why? An aggregate of this information, companies have unparalleled insight into the customer experience, far beyond what customer feedback surveys can provide. 
Example: According to Salesforce, 50% of consumers are more likely to switch brands if a company doesn’t anticipate their needs. By providing the right messages and marketing prescriptions to customers at the right time, artificial intelligence promises to help organizations better understand customers and anticipate their needs.
Intelligent products and services: Artificial Intelligence is basically about creating smarter versions of traditional products and services. It takes products and services to the next level, allowing them to think and act like humans. The response and popularity of devices such as smartphones, smart fitness trackers and smart thermostats are indisputable. It’s unmistakable that consumers accept products and services that improve the standard of living by making it easier, smarter more connected and streamlined. 
Example: Businesses are intensively searching for new approaches to increase the intelligence of their products and services through AI. For example, vehicles are smarter than they were a decade back and are able to perform a variety of tasks autonomously, from perfect parallel parking to alerting a driver who’s starting to nod off at the wheel. 
Chatbots: An excellent application of AI is visible in Chatbots. They can gather consumer data right from their initial touchpoint with the company and provide statistical information which in turn assists customers. After cumulating enough information, the time invested in collecting and analyzing data dramatically reduces which expedites business growth. To streamline its business for a better future, an organization is required to improve customer services which can be done through chatbots due to their ability to analyze browsing history, buying behavior to gather customer data.

Adoption of both AR and VR capabilities and devices is growing. And as adoption grows, we can be sure to see more industries and verticals explore how to use this technology to deliver the best experiences to their customers and their employees.

Why do startups fail in India?

Initiatives like Make in India, Startup India, Ministry for Skills Development and Entrepreneurship, Intellectual Property Centers, etc. all could have stirred up growth. However, innovation remains the biggest missing component of the Indian start-up puzzle.  Although India has provided a positive economy for the start-up ecosystem to thrive with the various startup initiatives, the start-ups that are growing are mere clones of Western ideas.’ OLA and Flipkart being the obvious examples.

Evidently, India lacks innovation despite being the third largest startup ecosystem. According to a study by IBM and Oxford, for exactly the same reason, lack of innovation, 90 percent of startups fail 5 years after start-up. 77 percent of venture capitalists believe that new technologies or unique business models are lacking for Indian startups. Some other reasons cited by Forbes for the imminent failure include lack of skilled workforce, inadequate funding and lack of mentors. In fact, India needs start-ups in areas such as health, education, sanitation, transport (not another Ola idea), alternative energy management, and so on. These areas provide greater scope for improving the quality of life in the country and innovation. While the current trend shows that the majority are IT-friendly.

Failure to innovate is not the only thing holding back Indian startups. Lack of vision, lack of market understanding, bad skills, and poor execution are some of the other major concerns. All of them can be traced back to the lack of skilled workers and mentors for emerging businessmen. The education system of India can be blamed for most of the problems reported. If we delve further into the student’s education system, we can see that there is no surprise about the lack of innovative approach in Indian children, given that the country’s education system does not provide the child with a chance to think out of the box. The monotony of the workforce in India is something that all young adults try to escape.

According to experts, India is the following market and cannot be blamed for adopting Western ideas. The poor levels of competence are to be blamed. India has no competition for meta-level startups like Google, Facebook, and Twitter. In contrast, China with a similar population and economy is miles ahead in terms of development – as showcased by designing its own search engine Baidu to compete with Google. Also, Alibaba, an e-commerce seller has displaced Amazon.

However, there is still hope. The experts say that India’s economic openness and the widespread national market are important advantages in addition to strong government promotion of entrepreneurship that has strengthened startup culture. Inputs from established companies, start-ups, risk capitalists, the government and higher-quality and educational institutions are important aspects of the development of the India entrepreneurial economy and the important elements of the improvement. The inputs play an important role in promoting the development of the Indian economy and reap rewards. Indian managers correctly recognized the economic openness of India as an advantage for the business, and our country has large risk capitalists ready to invest in innovative business ideas. Banks like HDFC have, for example, recently been seen in mentorship programs to help accelerate fintech innovations. India is a country with enormous potential and we are responsible as citizens to harness this potential of developing the economy.

 

Startup trends in India

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India as a start-up nation is rapidly emerging. The Indian technology landscape has seen tremendous growth towards innovative startups being created and has emerged as the country’s third fastest-growing hub for technology startups. The growth of startup culture in India has definitely been accelerated by Narendra Modi through the startup India program that he launched.

In the country, especially among India’s young educated population, the idea of a startup has gained momentum. The youth have been active in the growth of startups. The success stories of many startups like Flipkart, Ola, Uber, Oyo, etc. has encouraged the youth to start on their own. Furthermore, the latest technology on the market is also disruptive and helps to promote start-up innovation. The emergence of new ideas in different sectors has led to phenomenal changes in the product and service varieties available on the market.

Here are a few among the many startup trends in India:

  1. IOT (Internet of Things) based startups

The Internet of Things is a technology that connects different devices to the Internet and facilitates data exchange. This is a startup area that is now becoming widely popular. A good example of a company that is based on IOT is Covacis (a software consulting service company based on IOT and big data).

  1. Being healthy/eco-friendly

India has been clutched by the urge to go healthy like much of the world. Education on pollution issues and wildlife loss strike a chord with all. The popularity of healthy lifestyles and organic food has increased. The population is huge and continues to grow, with a massive increase in awareness.

  1. E-Wallet Boom

The Fintech (Finance + Technology) sector continues to grow at a fast pace. Paytm can easily be called a finch pioneer because it gave people the power of choice and how to spend on people who never had wallets or bank accounts. Following the success of Paytm, many other wallet companies have shown promise.

  1. Electrified transportation

The sector of electric mobility has evolved away from the limelight. The battery-driven two-wheeler market, in particular, is growing at a rapid pace. The opportunity also aligns with the government’s vision of switching to electric mobility.

  1. Insurtech (Insurance + Technology)

Even today, a large part of the insurance business is happening through agents, but this is starting to change with the use of data and artificial intelligence by many firms like Policy Bazaar. Information on insurance policies and product selection is now easily accessible to consumers across the board. The industry has seen growth at a healthy pace.

 

The startup culture has emerged as a strong contributing factor to the economy of the nation by hosting a highly energetic and niche youth work culture. India is ready to be a market where innovations can be tested. Artificial AI has also evolved to automate routine problems without error, especially in healthcare. The sector-wide implementation of block chains has also increased. 2019 has definitely promised so far to be a big year for the startups in our country with more innovative and fresh young minds coming up with new ideas and ventures.