AI Powered – An Over hyped Buzzword
Yesterday I was going through YourStory.com to catch up what’s cooking in the Startup space around the Globe. More then the ideas, which youngsters are coming up to solve million-dollar problems, what amazed me was the common use of a over hyped and trending key phrase “AI Powered” by almost every other Startup. Is this a real thing in every sector a over hyped buzzword to market the product?
Terms like AI Powered Foodtech, AI Powered EdTech, AI powered FinTech, AI Powered AgriTech are the in things of today’s startup world, I mean most of the products being launched uses tons of data to analyse user preferences and present users with most suitable options to solve something. This technique has been there since ages, which may have been done manually earlier or with some unclear, unformatted data but more or less, the businesses were using these things earlier as well. Are these points suggesting us that AI powered is a over hyped buzzword?
All these AI, ML things are the need of hour to market the products? Is this a peer pressure that every other start up is coming up with something powered by AI? Is this something the VCs love to see when they think of funding a startup? Or this is a real thing and it’s a must for every product getting launched out there?
I am a great fan of AI and ML as technologies, but personally did not find any changes in the way I use some apps in food delivery. They used to suggest the same options earlier as they do today. Maybe we still need to wait to see the full potential of AI in the game. Some product I do agree are powered by AI like the ones who suggest you to invest in some mutual funds which they come up with analysis of huge set of data on the assets past performance.
If we look deeper into the Powered by AI things in some apps, we clearly get an idea that these apps seriously don’t need that AI power to function. Do all these apps have all the relevant data to make AI work on their systems or they are just AI powered Over hyped buzzword?
Another factor to consider is related to the users who are actually using these products? Considering 50% of user don’t care if a product is powered by AI, the next most important factor for them is user experience. UX has a huge impact on retention and a user is more likely to retain if the user experience is good in terms of ease of use instead of whether it is AI powered of not.
AI has an ugly face as well. Read why Deepfakes is a Killer.
Are the startups building their products based on AI or they are trying to accommodate AI in their system as this is a in thing and funding attraction? This thought crosses my mind several times as I crawl through all these new startups banking big on AI. Some are genuinely true to use this amazing piece of technology and the results are visible on top of their outputs, but some definitely needs a thinking hat to see if there is a real need to spend the funds and efforts in implementing Artificial Intelligence within their ecosystem. Comment your thoughts in below section and share what you feel about AI Powered technology