Key takeaways
- AI is gradually integrating into daily life, influencing work, entertainment, and personal interactions.
- Examples of AI applications include voice assistants, behavioural algorithms, and self-driving technology.
- True AI systems are defined by their ability to learn independently, utilising advanced neural networks.
With 20 years of working experience in the tech space across US and India, Dipanjan Purkayastha established HyperXchange in February, 2016, which is a Kolkata-based O2O startup. He has focused equal parts of his career growing businesses and sales teams, as well as structuring large investment banking transactions. His previous corporate role was Vice President of Tech Mahindra. Dipanjan is also a guest faculty for Entrepreneurship and Innovation at leading institutions like IIT-Delhi and IIM-Calcutta. Analytics India Magazine caught up with Purkayastha to get his insights on how AI is affecting human lives.
AIM: What are some of the practical implementations of AI that have revolutionised the way humans are functioning?
DP: The machines haven't taken over. Not yet, at least. However, they are slowly making their way into our lives, affecting how we live, work and entertain ourselves. From voice-powered personal assistants like Siri and Alexa, to more underlying and fundamental technologies such as behavioral algorithms, suggestive searches and self-driving vehicles boasting powerful predictive capabilities, there are several examples and applications of artificial intelligence in use today. A true artificially-intelligent system is one that can learn on its own. We're talking about neural networks like Google's DeepMind, which can make connections and understand meanings without relying on pre-defined behavioural algorithms. True AI can improve on past iterations, getting smarter and more aware, allowing it to enhance its capabilities and its knowledge. While companies like Apple, Facebook and Tesla rollout ground-breaking updates and revolutionary changes to how we interact with machine-learning technology, many of us are still clueless on just how AI is being used today by businesses both big and small.AIM: What are some of the AI-based products or services that you rely on the most?
DP: Amazon's transactional AI is something that's been in existence for quite some time, allowing it to make astronomical amounts of money online. With its algorithms refined more and more with each passing year, the company has gotten acutely smart at predicting just what we're interested in purchasing based on our online behavior. While Amazon plans to ship products to us before we even know we need them, it hasn't quite gotten there yet. But it's most certainly on its horizons. Netflix provides highly accurate predictive technology based on customer's reactions to films. It analyses billions of records to suggest films that you might like based on your previous reactions and choices of films. This tech is getting smarter and smarter by the year as the dataset grows. Pandora's AI is quite possibly one of the most revolutionary techs that exists out there today. They call it their musical DNA. Based on 400 musical characteristics, each song is first manually analysed by a team of professional musicians based on this criteria, and the system has an incredible track record for recommending songs that would otherwise go unnoticed but that people inherently love.AIM: What are some of the ways that your company is adopting/providing AI services? Please highlight some use cases.
DP: HyperXchange is a refurbished gadget marketplace – here we work extensively with AI to improve our diagnostic capabilities of older devices, and to appreciate user interaction with their ubiquitous smartphones. This knowledge, on one hand, helps us offer laser focused products and services to different user segments, and on the other, helps us predict our margins through an optimal spares management and refurbishment process.AIM: What are the areas of life or employment where you would like AI to be more involved?
DP: I would like to see AI being used in these areas:- Medical diagnosis: Complementing a doctor’s human intuition with the precision and completeness of AI could be one of the greatest revolutions in healthcare since hand-washing. The simple fact is that the human race has produced more overall understanding of human health than any one human brain can usefully contain, and AI are quickly starting to outperform even the best human docs. Even faced with a totally binary decision between all-human and all-AI care, in 10 years time, how many people will be willing to opt for the better bedside manner?
- Legal Advice: This makes a lot of sense: laws are supposed to be totally mechanical, so why couldn’t they be handled by a mechanical lawyer? The reality is that, for high-level lawyering, it’s precisely the ability to see around the rules that make a lawyer successful. Where AI could really change society, at a deep and fundamental level, is in providing half-decent defence to those who cannot afford adequate human representation. In many places, the public defence corps is an unmitigated disaster — but AI doesn’t get tired, or jaded, or immediately judgemental. They will provide an adequate legal defence to millions of people who currently do not receive one. Played out beyond the 10-year timeline, this could have some of the farthest-reaching implications of any entry on this list.
- Financial Services: Given how much money funds are investing in AI, there’s a certain irony in watching bankers get automated into unemployment. But the real win for the little guy will come when the AI really take over. Right now, the financial services sector has a lot to do with why the rich get richer — they can afford to hire more and better financial help to manage the money they have. With AI, especially open source fintech solutions, it could be possible to change personal finance to put it on a much more even playing field.




