In the fast-paced world of business and technology, the term “AI” (artificial intelligence) often takes center stage, promising revolutionary changes and groundbreaking innovations and how investors’ pitches are now saturated with the term “AI,” said Peyush Bansal, Co-founder and Chief Executive Officer, Lenskart at TiE Delhi-NCR India Internet Day 2023.
“Technology is not the problem. Yes, AI is the enabler,” Bansal stated, stressing that the key lies in building a team that can effectively wield technology to find solutions.
He underlined that the focus should be on identifying problems and using AI as a tool to craft innovative solutions, rather than merely adopting AI for the sake of being trendy.
“We started using AI and said, you know, there’s so much data on the internet about visitor traffic, city size, and localities,” he said.
The journey started with a modest 3 per cent accuracy, but over time, the application of AI led to an impressive 95 per cent accuracy. This shift empowered his company to make informed decisions, optimise store locations, and predict revenue with remarkable precision.
He encourages business leaders to look beyond the hype and focus on the essence of their goals. “It’s not about being cool. It’s about allowing us to achieve what we really wanted,” he said. He added, “It’s about using it to realize your purpose.”
