Data Streaming in the Age of AI: How Startups can Leverage GenAI to Reshape Businesses

In India, GenAI revolutionizes banking, customer service, research, and advertising, enhancing efficiency and user experience. Real-time data streaming proves crucial, empowering GenAI to address queries instantaneously and reshape the digital landscape, with startups poised to integrate GenAI, predictably increasing e-commerce sales by 30% by 2025.

Every day, breakthroughs in GenAI research are revolutionizing business operations worldwide, heralding an industry-wide transformation. With 43% of organizations in APAC currently exploring GenAI, the excitement, particularly in India, is rapidly intensifying. This emerging field promises to reshape industries globally, with India poised to play a pivotal role in this dynamic shift.

The conversations are making it to the top of the boardroom agenda and businesses are looking to tap into the immense potential of GenAI on their data to deliver near-human responses. 

A Catalyst in Diverse Industries

In India, technological advances are already redefining the customer experience in the payments industry. Banks can provide updates on customer accounts and credit card spending in seconds. With the use of GenAI, banks may be able to provide details of someone’s current account or how much credit they have left. This approach offers instant responses to customer queries with the latest information, delivering a seamless and efficient experience for a process that would have otherwise been cumbersome and time-consuming – like calling a contact center.

GenAI's transformative power can also extend into customer service, research, and advertising. New startups in India are already revolutionizing support by using real-time data for live conversation intelligence. This allows customer service staff to focus on calls while GenAI efficiently handles routine queries and provides real-time transcripts, enhancing efficiency and customer satisfaction. Research companies can use GenAI to make sense of both current and historic data to create faster and more meaningful insights. Advertising agencies can use GenAI to train models that better understand the interaction between consumers and brands to create highly tailored content.

A ‘Real-Time’ Paradigm Shift

However, harnessing GenAI alone is insufficient. For routine queries to be accurately addressed, real-time data streaming becomes a critical factor for business use, especially when operating at scale. Data streaming’s ability to combine information from different data sources at the moment makes it the lynchpin powering innovation and upending traditional business models. 

Through collaboration with machine learning and presented with the help of natural language processing, the GenAI system, fueled by data streaming, not only enriches user experience but also introduces dynamic solutions previously unattainable. Inquiries are addressed instantaneously, leveraging the most current and comprehensive information available. When these components amalgamate, they form a vibrant customer-oriented solution adaptable to any organizational setup. This very capability underscores the fervor surrounding the discussion of GenAI.

In India, startups are rapidly embracing GenAI to revolutionize the digital landscape. Nasscom reports that 70% of Indian e-commerce companies are expected to integrate GenAI by 2025, potentially increasing e-commerce sales in India by 30% within the same timeframe. These startups are using GenAI to personalize shopping experiences, increasing user engagement and conversion rates by tailoring product recommendations based on user behavior and preferences. It can also enable startups to conduct predictive analyses and make proactive decisions, like fraud and anomaly detection.

Key Considerations for GenAI Adoption

Despite its potential, GenAI adoption faces significant challenges. The scarcity of skilled data scientists and experts in this field hampers the development and implementation of GenAI solutions. Businesses will need to focus on retraining and upskilling their workforce to mitigate job displacement from AI.

For startups implementing GenAI, defining clear objectives and ensuring alignment with business strategies is crucial. Gathering data from various sources raises the challenge of connecting these data hubs for instant access. There is a need to assess the financial impacts, including the costs of integrating GenAI into existing systems and data hubs. Security also looms large. Robust security measures are also vital to protect sensitive data from unauthorized access and breaches. Finding the right technology partner will provide an uplift to those looking to embark on their GenAI journey. 

GenAI is empowering Indian entrepreneurs to devise innovative solutions that address real-world challenges and transform industries. As GenAI evolves, its influence on India's digital transformation will likely become more significant, shaping the future of technology and society. While the opportunities are vast, GenAI must be approached with careful planning and robust, secure real-time data streaming technology. Businesses that strategically embrace GenAI are poised to benefit significantly from this groundbreaking technology.

By Deepak Ajmani

Vice President, APAC Digital Native and Emerging Markets Business, Confluent