Offering a variety of Visual AI-based solutions, which utilizes computer vision to assist in various tasks, such as surveillance, access, analytics, and more, Prisma AI braces to write a new chapter
“Prisma AI believes that Artificial Intelligence is the next step to technological evolution and building an empowered society that makes full use of the potential AI provides.”
Shreeram Iyer, Chairman and Group Chief Executive Officer, Prisma AI
The Artificial Intelligence (AI) market in India is all set to witness a surge of 20% over the next five years. India is also among the top three talent markets, producing 16% of the world’s AI talent pool, agrees a joint study conducted by Microsoft and the Internet and Mobile Association of India (IAMAI).
AI no longer remains a fringe technology for Indian companies. It has come to the mainstream. The AI market is expected to grow at the second-fastest rate of 20% among major economies over the coming five years, next only to China.
Although Data quality, scale infrastructure and sensitivity or risks still pose as major obstacles for enterprises for large-scale AI adoption, AI seems to have come of age in the country. As per the joint study we discussed earlier, AI or ML has been able to found extensive penetrations across enterprises, with nearly 80% of enterprises found to have at least one AI model in their production. While large enterprises have adopted AI at a much higher rate. Nearly half of the large enterprises are planning to build their own AI models in the next three years.
Currently, India produces more talents than it consumes. However, enterprises still lack domain-specific expertise, data visualization or analysis talents and data engineers. In the summer of 2018, NITI Aayog came out with an AI strategy for the country. With this, India became one of the first countries to inch towards using artificial intelligence to address inclusion and social challenges. The adoption of AI across all relevant sectors and value chains is also progressing at a faster pace.
At this backdrop, we have embarked upon scaling the latest state of AI adoption, the promise this next-gen tech has brought to the table and the opportunities it has created for the channel business.
To take a sneak peek into the AI landscape, we had caught up with Dr. Shreeram Iyer, Chairman and Group Chief Executive Officer, Prisma AI. A Visionary and expert, Iyer has been instrumental in developing and executing business strategies to achieve short- and long-term goals of Prisma AI. Under his stewardship, Prisma has successfully maintained positive and trust-based relations with its business partners, shareholders, and authorities. He has been responsible in overseeing the company’s business operations, financial performance, investments, and ventures.
In a special interaction with SME Channels, Dr. Shreeram Iyer, Chairman and Group Chief Executive Officer, Prisma AI, reveals his organization’s approach to leverage this highly promising technology, opportunities created by the AI market for channel growth, his forecasts for the AI industry, the major growth drivers and his vision and plans for the channel community. Edited excerpts…
Please brief us about the AI Solutions offered by your company.
Prisma AI offers a variety of Visual AI-based solutions, each utilizing computer vision to assist in various tasks, such as surveillance, access, analytics, and more. These solutions include products such as object detection, body behavioral analysis, facial recognition, video recognition, sentiment analysis and more. Each of these products have various applications such as Access surveillance, Illegal object detection, Theft detection, and many more.
All our AI products and solutions can be adapted as client’s requirements.
How is your company leveraging AI – the Next-Gen Tech – to address business pains?
Prisma AI believes that Artificial Intelligence is the next step to technological evolution and building an empowered society that makes full use of the potential AI provides. We leverage AI and computer vision to build Visual-AI based products and solutions using our patented computer vision platform Gryphos, to develop and train state-of-the-art solutions for almost every technological hurdle. Prisma AI leverages AI to provide several core products such as object detection, body behavioral analysis, facial recognition, video recognition and sentiment analysis. We empower traditional technology like manual surveillance, entry gates in various industries, and more, with AI-powered solutions which automate their functions, ensuring less manpower is used and diverted to more important tasks.
For instance, one of the leading kitchens in an airline industry approached Prisma AI towards the late 2019 to help them with kitchen surveillance, wherein, they could monitor the body behavior of staff to ensure all standard procedures were followed. Prisma AI’s technology, Gryphos acted as a vigilance for quality control in this case.
We also developed an effective Automatic Number Plate Recognition (ANPR) system for one of our clients to detect the license plates of any speeding vehicles not following the road or traffic safety rules.
Prisma AI uses the already existing CCTV and camera infrastructure, creating ease of use and functionality, thus saving revenues. All of Prisma AI’s products and solutions can be customized uniquely for each of our clients, are easy and fast to deploy, making them unique and the first choice of customers for visual AI solutions.
Prisma AI is continuing to innovate and come up with more solutions for emerging market requirements.
What key mega trends do you foresee in the AI Solutions market?
As Artificial Intelligence continues to gain traction and grow, many mega trends can be foreseen in the near future for the AI Solutions market:
- Greater emphasis will be placed on automation and machines for completing tasks that require manpower
- AI-enabled point solutions and use-case-based solutions will start gaining mainstream adoption.
- The focus on multimodal AI will increase to unlock data potential.
- The focus on ethical AI as a core implementation aspect will increase
What are the major drivers of growth in the AI Solutions market?
AI solutions have a huge potential for growth in the market. A number of major industries are already utilizing it to better their functions, and the major drivers that contribute to this betterment are:
Innovation: AI Experts are constantly innovating and introducing solutions to problems that once seemed far-fetched.
Efficiency: A lot of complex tasks are already being done more efficiently by AI than traditional systems and it’s only going to be onwards and upwards from here.
Personalization: Adapting the AI solutions as per the industry and client requirements is crucial and is a key element when it comes to growth.
Prisma AI focuses on these 3 major drivers of growth while developing and distributing our AI solutions. We’re constantly focused on innovating, delivering with efficiency and every solution provided by us is tailored according to the clients’ needs.
How do you ensure partner profitability in this emerging technology vertical?
Partner profitability is an integral part of the AI solutions market. Prisma AI offers varied pricing models to ensure that every partner investing into these solutions also gain maximum out of it.
The pricing model ranges from providing a percentage of amount specifically for the partners, decided as per their involvement in a project to a cost plus pricing model to allow the partners to markup their price.
What is the greatest strength of your products? Is it Scalability, Friendly User Interface, flexible development environments, or flexible pricing structure?
All of Prisma AI’s products are developed using our in-house patented platform, Gryphos which allows scalability and flexibility to each product and solution to be trained and improved as required or adapted to any client’s requirements easily. We possess a library list of APIs which gives our clients the flexibility to choose their desired applications as they see fit and allowing us to better tailor our offerings to their needs.
What sort of Partner Upskilling do you impart to effectively market your solutions?
The exponential growth in AI definitely demands upskilling of partners. Prisma AI imparts the same through:
Data Management System – Prisma AI has a live Data Management System where we update the most recent documents, videos, etc. for the partners to go through and be in touch with the latest advancements.
KT Sessions – Prisma AI organizes Knowledge Transfer sessions periodically for training the partners.
Help during pitch presentations – Experts from Prisma AI accompany the partners during their initial few pitches to the clients to assist them wherever needed.
Continuous Updates – Updates are constantly shared with the partners through Data Management System and emails.
Which industry vertical is currently witnessing the largest application of your solutions?
Currently, the aviation and transport industry is benefitting the most from our solutions, namely our object detection and body behavioral analysis products which assist airport staff and security in detecting and tracking down lost and abandoned baggage and returning them to their owners, as well as keeping an eye on suspicious individuals, or individuals in need of assistance for moving around the airport.
How do you look at the future of AI in India? How is AI going to mold the tech landscape in the days ahead?
AI in India is already gaining increasing awareness amongst the end users, as they now know more about the benefits and potential of artificial intelligence in upgrading infrastructure and present technologies. Artificial Intelligence has the potential to grow indefinitely in the coming years. Computers are already excelling in terms of performing repetitive and complex calculation tasks better than humans. However, our objective is to make every camera intelligent and elevate the scope of AI and make it capable enough to recognize, perceive, and make decisions like a human brain. If even 50% of this is achieved, we would see a surge in growth across industries. We can already see multiple industries recognize and accept the applicability of AI and it is only going to get bigger and better with time. We already have self-driving cars, which are only reserved for certain classes of people. Eventually, we would have different types of self-driving cars that would be more widely accessible to the population.
We can expect accurate automation of traditional human workflows, leading to machinery eventually supplementing manual labor. In the near future, we could get to see actual humanoid robots, smart technology that instantly scans a person’s face for their details to enable seamless and instantaneous payments, alongside a face-as-a-ticket to enter public spaces.