Did you know that a rising percentage of companies, including tech startups, are making use of AI and ML technology in their products and offerings?
Understanding how this tech can help your customers, and your business can be a game-changer for your bottom line.
Artificial intelligence (AI) and machine learning (ML) work collectively to advance the speed, accuracy, and efficiency of big and small businesses…and tech startups are no different.
Most start-ups have built some use of AI, ML, or combined use of both into their products and services.
If it’s not yet incorporated into the development of your offering(s) it will likely included in the requirements for a near-future iteration. And, if you are not yet considering how and where to use AI and ML to better your offering, you may be worried about chasing your tail – or at least chasing the competition!
Understanding AI & ML
Machine learning (ML) and artificial intelligence (AI) are often used in the same sentence when speaking about their use in technology. They are, however, different tools both of which are at their core predictive programming algorithms that use the known to infer the unknown.
Machine learning (ML) is a method of data analysis that automates analytical model building. It is based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention.
Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving.
Who is using AI and ML?
Across industries, we are seeing the benefits of AI and ML-driven technological investments because there is a heightened need to acquire and analyze high-quality reliable data.
For example, increased use in healthcare (including pharmaceutical business) ranges from securing better collection and storage of patient data to the demand for digitized treatment and medical training needed to combat the Covid-19 pandemic.
Worldwide, fin-tech and financial services organizations use AI and ML to predict and acquire consumers for needed financial services. There is a universal demand for operational efficiencies to manage the full service of borrowers, investors, and consumers using technology to manage money. In human resources, AI and ML are HR challenging talent acquisition systems.
Machines that understand cause and effect can drive any e-commerce company to provide personalized recommendations and a more automated concierge-like service.
Government agencies and enterprise business models benefit from the ways that AI and ML deliver natural language processing of text automating the customer experience.
AI solution companies boast about the increasing number of ways artificial intelligence will be used throughout the next decade.
How using AI & ML can help your business succeed
Pay attention, founders of tech start-ups!
As you consider how to ensure your company is not left in the dust before you even get to market, make note of development time and costs for AI and ML and consider how this will affect time to MVP launch and your offering.
Next, consider the ways in which development providers can better serve your company if their model also includes the appropriate use of AI and ML. It’s worth the due diligence to truly understand how they can add value to your business and offer.
You’ll need to be proactive in determining what problem you may otherwise face without advanced technology supporting your business.
Getting organized, seeking funding, choosing a team, and servicing your customers are ways that AI and ML partners can help you to develop an efficient and profitable organization.
If you are or will outsource any of your functional processes, think about vendors that are deploying the same sophistication in their technology as you seek for your own business.
When your partners value similar cutting-edge practices, you’re likely to find a better fit and professional relationship.
For more detail on how the combination of AI and ML are the secret sauce to the Precursa data-driven early-stage start-up platform, apply for an invitation today.
