Everywhere you look, artificial intelligence is popping up. Even those with relatively little interest are seeing a certain degree of AI influencing theirs lives, both in consumer technology and in the workplace. The influence and integration of artificial intelligence aids startups in a way that was unimaginable, until now.
One hurdle every startup encounters is marketing; with predictive analytics and tools that hover around more viable results, they’re able to target specific marketing audiences, reducing unnecessary time spent on remedial tasks, allowing them to focus on their products and services.
But it isn’t just about marketing – startups encounter enormous risk: they’re not established, so their investments and ventures come with much higher volatility. AI gives startups the ability to use carefully-conjured, critical risk management and prediction techniques, as well as fraud protection.
AI utilizes advanced data mining techniques to essentially give startups a proverbial 3D mapping of their audience or consumers, and continues to grow with them over time. The basics of artificial intelligence allow a machine to learn, archive data, and optimize its learning process for later use. AI takes time, however, the longer you’re with it, the better it gets.
Three Sectors That Shape Helpful AI
There are three basic processes that artificial intelligence uses to benefit startups: descriptive, predictive, and prescriptive analytics.
Descriptive Analytics – Data is mined to be archives later, allowing AI to make informed decisions.
Predictive Analytics – This is the process of optimizing big data; useful information forms a data tree, allowing AI to travel back down previous roads to make informed decisions.
Prescriptive Analytics – Hybrid form of business rule understanding and computing models.
So What do These Mean for Startups?
AI applications are seemingly endless; we’re at the beginning of this journey. Utilizing these processes, startups can more easily identify consumer needs, expectations, requirements, and optimize processes open to human error, such as ordering supplies, efficiently utilizing space and resources for the most profitable, reliable outcome.
Machine learning and predictive analysis allow startups to retain a competitive edge alongside competitors, allowing them to thrive without being left behind in the shadow of fortune 500 companies within their same industry. AI very well could be the savior of fair and balanced capitalism that startups need.