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What issues should one take care of while using AI in SaaS for the best results?
AI in SaaS can unlock immense value, but success hinges on three pillars –
- Data Quality – Ensure accurate, unbiased data for AI training to avoid flawed outcomes
- Scalability – Optimise AI systems to handle growing data and user demands
- Security – Safeguard sensitive information with robust AI governance
Organisations should also prioritise user adoption with intuitive AI workflows and ensure continuous monitoring for algorithm accuracy.
What are the challenges in using AI in SaaS and how to resolve them?
Key challenges include –
- Data Silos – Fragmented data hinders AI insights. Solution – Centralised repositories for seamless integration
- Bias – AI can inherit bias from training data. Solution –: Regular audits and diverse datasets
- User Adoption – Resistance to change slows adoption. Solution – Simplify AI-powered SaaS platforms with intuitive interfaces. Don’t just copy what exists. Explore the interfaces that are unique to your target audience's specific use cases
What is the reception of AI-based SaaS among your clientele in India?
When it comes to our product, i.e. Contract Lifecycle Management, the reception has been tremendously positive.
We are empathetic to our customers’ needs. One of the most significant impacts is that it has allowed our customers to catch contract errors and non-compliant sections and nip them in the bud. This has helped them prevents penalties which are not uncommon when it comes to contract management.
The product has 3 key AI features which are tailored to our specific customers’ unique needs –
- Document Comparison, which allows automation of this very laborious task which is a necessary part of a contract’s lifecycle
- Document Summarisation, which can be used to almost instantaneously prepare a comprehensive summary of any contract, agreement, compliance documentation etc., whenever the need arises to recap the document’s terms, signatory details, salient points, etc.
- Data Extraction, which is critical to the analysis of your documents in a larger business context, to improve business efficiencies as well as enable quicker business decision-making.
This is certainly a factor in our growth over the past year.
What has been your revenue growth % in the last 1 year?
Doqfy has witnessed 120% YoY revenue growth