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ARTIFICIAL INTELLIGENCE: THE BOLD NEW FRONTIER IN BUSINESS AND ENTREPRENEURSHIP

~ YUVRAJ SINGH 



Many might not realize it but artificial intelligence (AI) has ubiquitously made its way into our daily lives. Talking to SIRI, Netflix recommendations, smartphones, or hailing an Uber are all taken for granted yet there is a hidden genius behind it all, making it possible . Even seemingly mundane things like using navigation, communicating with customer service bots, and asking Alexa to play your favorite morning jam, all are enabled by AI. 

 

While the full potential of AI is yet to be explored, the onset of usage of AI tools points to a clear trend for entrepreneurs and businesses. With nearly limitless applications for AI, entrepreneurs have plenty of opportunities to innovate creative ideas to set themselves apart and grow their business exponentially. 


From the past decade, there have been rapid advancements in the global technological scenario including AI entering the third wave. Artificial intelligence isn’t reserved for Fortune 500 tech companies anymore, who earlier manifested all its benefits. With hundreds of companies designing user-friendly AI tools for entrepreneurs and small businesses, a growing number of small businesses and entrepreneurs are breaking into the AI market. 

Machine learning algorithms know us better than we know ourselves. An AI can analyze systems like supply chains and workflows to identify areas for improvement, which could open doors to a more widespread audience . By utilizing AI in digital marketing practices, entrepreneurs can ultimately achieve a stronger competitive edge against other online brands and e-commerce websites.AI can also be used in price determination—an algorithm that can track market trends, determining the ideal price for optimizing profit margins. 




However,  AI can act as a boon or a bane. Integrating AI has proven to help in removing the less pleasant aspects of our working lives like monotonous tasks, cost-cutting by assisting in clerical jobs, predicting analytics, and working round the clock .

But it also comes with some challenges  like expensive installment and risk of unemployment. Using AI can compromise the safety of data entrusted with it. In addition to that, one of the main barriers to implementing AI is the availability of data. Data of new startups are often inconsistent and of poor quality, all of which presents challenges for businesses looking to create value from AI at a smaller scale. Another key roadblock is the shortage of necessary skills to effectively deploy and operate AI solutions.  

Therefore, it can be concluded that just like any other milestone innovation, AI does have its set of problems. However, with a solid strategy and innovative thinking AI can surely reap rampant profits. Investors, nowadays, do have a genuine and growing interest in funding Artificial Intelligence ventures, but slapping fancy terms onto a pitch deck no longer does the trick for opening the funding faucets. It is eminent to fully grasp the pros and cons it poses . If implemented responsibly, artificial intelligence has immense and beneficial potential. 

 

 

 

 

 

 


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