Lately, it seems like the topic of Artificial Intelligence is unavoidable. It’s in the news, it’s in the workplace, and it’s all over social media. McKinsey reports that the use of AI doubled since 2017. Some say it will revolutionise our lives, others are not so sure. Yet, no matter how you feel about it, AI is here to stay.
So today we want to dive deeper into what AI actually stands for, what industries it is changing, and how startups can benefit from utilising this technology.
What does AI mean?
Artificial Intelligence is a technology that enables computers and robots to perform cognitive functions that are traditionally attributed to humans. It is used to deal with real-life problems, such as work tasks and research with the goal of freeing up humans’ time and achieving more accurate results within a shorter time span.
AI in business: today and tomorrow
It might not seem like it, but AI is already deeply rooted in many industries.
Autonomous vehicles are utilising AI in navigating themselves around our cities. The AI recognises patterns of other drivers and pedestrians, keeping driving safe for everyone. If you’ve called a bank recently, chances are you’ve spoken to an AI-powered robot. In software development, AI is already widely used to optimise the coding process and offload some of the basic tasks to the technology. And lastly, if you’ve read an interesting article online this week, there is a real chance that it was written by ChatGPT or similar solutions.
And as for the future, Artificial Intelligence will continue to benefit many sectors of the economy, making them more robust and efficient.
Autonomous cars receive mixed reviews. They appear safe but the rare accidents that happen with such vehicles put things into perspective and push lawmakers to limit their use. However, as AI continues to learn and improve, its ability to predict and avoid accidents will be incomparable to a human driver, enabling us to gradually shift to autonomous cars and make the streets safe.
Another sector that will thrive under AI is manufacturing. Paired with Machine Learning (ML), AI will make production faster, cheaper, and less tedious. With technology taking care of mundane, repetitive tasks, people will be focusing more on innovation and development, resulting in better products for consumers.
If you look at pretty much any industry, they can all be improved with the help of AI. Education can be customised and tailored to each student’s needs without breaking the bank and resulting in far more satisfied and better-trained young professionals.
The healthcare sector which is constantly understaffed and overworked is another perfect candidate for AI integration. If the machine can review lab test results and read X-rays, doctors and nurses will have more bandwidth for patients, treating them better and with more care. And areas such as cybersecurity and fraud management, already heavily deploying AI, will continue to integrate Artificial Intelligence into their initiatives to protect the online space against malicious behaviour.
Forbes Advisor prepared a detailed statistic on top-eleven ways that businesses use AI. Two of the highest ranked functions are customer service and cybersecurity, where AI is deployed in 56% and 51% of cases respectively.
How can a startup use AI to gain a competitive advantage?
Startups need to use all the resources available and capitalize on the chances they get in order to thrive and grow. The AI trend has been growing, and it doesn’t look like it’s slowing down.
With the rise of ChatGPT particularly, it’s become easy to gain momentum through social and traditional media coverage by using AI. Some businesses have even announced that certain content will from now on be created purely by AI, which grabbed user’s attention and boosted their online engagement.
So whether you make a physical or a digital product, integrating AI into the creative marketing process will likely draw extra attention to your endeavor. And in this day and age – attention to your business is just as valuable as the sales. Attention creates awareness, leading to more interest and leaving a lasting impact in the minds of users, prospective customers and even potential investors.
But don’t get us wrong – AI can be used in more essential processes. For example, developers can ask AI to help with some repetitive mundane tasks that are unavoidable and always take a lot of time but generate little value. A tool like ChatGPT can take care of such tasks in minutes, freeing up the valuable time of developers and allowing startups to release products to market faster and beat the competition.
If your startup is in its early days and you are only researching potential clients, competitors, and the market in general – AI can be a perfect assistant for that role too. Don’t rely on it to conduct the entire research, but use the information it provides you as a starting point.
There are endless ways for startups to utilise AI. As long as you’re curious and open to ideas, you will find ways to make this technology benefit your venture.