AI opens new doors
There has been quite a heated debate about whether artificial intelligence will take away jobs or how many jobs it will create. But we have to look beyond the impact of AI on the traditional 9-to-5 employment box.
Let's consider another side of this story that doesn't get enough attention but is likely to have an even bigger impact than the zero-sum employment debate. It's a new business that we can build on an AI platform using ideas that we're just starting to consider. AI has the potential to make entrepreneurship much cheaper and more sustainable than ever before, for both start-ups and established companies.
There is a market for everything, and when it comes to launching new business ideas, AI is a vast field that is always waiting to be filled and may even create new markets in the process.
It's already happening. AI-powered startups are offering a variety of services, from automating customer inquiries to providing product recommendations and invoice cleaning services.
An example of an AI-driven startup is documented in a YouTube piece by technology influencer Liam Ottley. As an example, he said that his company has “created an invoice cleaning system that uses GPT to not only spell check invoices but also format and punctuate them” for service providers such as plumbers and electricians. startups are listed. Plumbers “are not very good at explaining the work that's been done,” Ottley explains. “What the AI system essentially does is ensure clarity and professionalism for plumbing franchises.”
Still, he admits that launching AI-powered business concepts is new and unexplored territory. “This is difficult because we are literally paving the way for future businesses to follow and yet we don't have a playbook for what to sell or how to sell it. In many ways, and in general They're skeptical about bringing AI into their business. It's definitely an uphill battle at the moment. We just need to figure it out.”
The good news is that startups and new business units can build AI-driven technology capabilities without extensive knowledge or technical skills, says Informatica CEO Amit Walia. “GenAI makes it easier for people to use technology without having to create complex interfaces. Instead of manually designing screens, buttons, and fields, these tasks can be done through natural language commands. It may be possible.”
The need for traditional development skill sets may decrease as AI takes over these tasks, making it easier for executives and entrepreneurs to implement changes without extensive coding or interface design. , freeing up bandwidth to focus on more strategic tasks,” Walia added.
“Instead of developers creating tools like PowerBI dashboards, non-technical users can interact with data directly through conversations,” Walia says. “This streamlined approach reduces both the time and cost for users to build their interfaces.”
AI-powered tools and solutions “are definitely driving new business formation,” agrees Brian Lehnhart, president and CTO of Momnt. “The capabilities of AI and its application to a variety of business cases are rapidly accelerating, with new tools emerging almost every day, and each tool creating new business opportunities.”
The clearest examples of AI-powered business creation “are those that leverage automation, data analytics, and insight capabilities,” Lehnhart continues. “AI eliminates the most time-consuming parts of building and sustaining a business for business leaders, automating tasks traditionally done manually and analyzing large amounts of data in just minutes. This gives entrepreneurs and start-ups a huge advantage when entering the market, as they can focus their potentially lean staff on more strategic aspects of their business, supporting overall growth. ”
Still, it's also important to remember that AI alone won't be enough to launch a new business. The realization of an idea always depends on the inspired people. “Generative AI as a business tool is just that, albeit a potentially powerful tool with the ability to generate a large number of ideas and tactics faster than humans can,” says Redpoint Global. said Ian Clayton, Chief Product Officer.
For example, “the chief marketing officer of a clothing retailer asked ChatGPT to create an annual marketing plan and inspired us to create several innovative marketing campaigns,” says Clayton. “While the response may be impressive in terms of the level of detail and the fact that it took him 15 seconds versus days, if not weeks, for teams to create something similar, it's still on the table. It's just one voice of his.
Generative AI “provides information from reading and analyzing millions of pages on the internet, but how much does it really know about a particular business or customer?” Clayton continues. “The answer will be relevant to everyone, unless they are asking for information that is relevant to your business.”
It all depends on people's ability to leverage data. This is the very heart of most business innovations today. Walia believes that AI, now available to all businesses, will introduce “pattern recognition, trend identification, and opportunity discovery within large data sets.” “AI can analyze data to reveal hidden insights, suggest useful information and links to innovation, and even predict upcoming trends and market needs. AI can also help in handling day-to-day tasks. , allowing people to focus on more creative work and maintaining a feedback loop that supports adaptation and innovation based on user input.”
Because AI can process and analyze large amounts of data, “business leaders can identify important business trends and financial analysis in real time,” Lehnhart adds.
Moving forward, Lehnhart cautions that it's important to first look at opportunities and market needs, and not push AI for AI's sake. “There are many nuances to AI, and the perceived and actual benefits of AI vary widely for companies of all sizes.”
At the same time, identifying use cases for AI tools “can be difficult, and it's similar to the common lean advice of 'determine your core value and outsource the rest,'” says Lane. Hart says. “Start by thinking about where AI can bring the most value to your business. Now is the right time to embark on this journey and focus on integrating his AI into this area of your startup.” is it?”
Next, “ask whether the company has access to enough data to inform the tool,” he continues. “AI relies heavily on good data, so if your business doesn’t have enough data, is generative AI right for you? Finally, consider how AI can be integrated into your startup. Can AI add value to your business? Is it a core product? It is important for entrepreneurs to realize that AI cannot and will not solve every problem. .”
Make sure humans always have the latest information as well. Just because your business is automated 24/7 doesn't mean it has to run unattended. “For example, ask AI to optimize his consumer UI, but make sure the designer has the final say,” Lehnhart says. “AI remains expensive to leverage and implement, both in terms of money and time. Startups often lack resources at the start, so they have no idea what AI can do. Make sure to stay focused on your overarching business goals. can and intention Don't get distracted by the AI's behavior. did it do. “
