In this modern day and age, the traditional ways of conducting business can be considered to be anything but conventional. With the rise of technology, we have seen first-hand a fundamental shift in the global marketplace. This notion largely comes down to one, pivotal area, which is artificial intelligence.
AI has given birth to many new business ideas and startup opportunities. Best of all, the trajectory of artificial intelligence seems to have no end in sight. Gone are the menial days of yesteryear, by which companies would have to manually conduct most of their laborious operations. AI has completely revolutionized the way we do business, and it will continue to evolve each day.
You may be interested in running a business that implements artificial intelligence. Check out these seven best AI business ideas to capitalize on for your startup:
Idea #1: Tax Service AI
If you are an expert at bookkeeping, one of the best AI business ideas is to turn it into an assistant. Tax services that use automation in some format are on a significant rise, and are providing relief to all parties involved. Areas, such as filing a tax return, can be a laborious experience; AI can lend a much-needed helping hand.
For example, the rules regarding taxation are very meticulous, and usually require multiple examinations for verification purposes. AI-driven services can potentially house all regulations and rules, and be updated to remain in-the-know about an area’s taxation laws. This could save you both time and money in the long-term!
Idea #2: Business Analyst AI
Being an analyst in today’s marketplace still remains one of the most profitable professions to chase after. Experts are constantly analyzing and viewing trends in various industries, in order to make sound decisions for their enterprises. Of course, this takes up much time and manual labour.
A good idea is to implement an AI chatbot with the capability to access key business information in one fell swoop. It could even work to your advantage in the long run: the AI can be programmed to locate various gaps in market trends. This could benefit your business tenfold. Human efficiency can take a bit longer, potentially mitigating your company’s effectiveness.
Idea #3: Supply Chain Management AI
An AI-influenced supply chain could do wonders for a company’s supply chain. Since there are already so many factors to consider, such as transport costs, efficiency is of the essence. In order to mitigate fees to the lowest possible level, implementing AI could help meet business demands.
Monitoring current and new orders as they come in no longer requires human oversight. Instead, a suitably programmed AI would work to oversee an efficient chain, from the warehouse, right down to the client. This would inevitably drive costs down, taking a burden off the shoulders of the respective company.
Idea #4: Healthcare AI
Although the need for human healthcare providers will never go away, at least not for now, AI can provide some significant backup. AI-based healthcare is on the rise, and is proving to be a viable source of longevity for start-ups. To begin with, a requisite AI can diagnose a potential client, before they even need to head to a hospital for an in-person check-up.
In more vital areas such as cancer detection, AIs have already proven to be effective in spotting various tumours. This provides an enormous sense of relief to institutions such as hospitals, especially those that can be overburdened with an influx of patients. No matter how big or small, AI is definitely providing the basis for efficient business, during practice.
Idea #5: Personal Assistant AI
Just like healthcare before it, the demand for personal assistants will never dwindle. However, if you are in a business that is working within a budget, it might be more viable to implement an AI-based assistant. There are multiples products available on the market, that are there to provide you with the basis of your day-to-day activities.
Areas such as daily operations, reminders, or family obligations can all be controlled by voice detection, or through a smartphone. Just take a look at the many programmed personal assistants sold today, such as Google Assistant. These can be used and implemented almost at will, allowing you to focus on your business more thoroughly.
Idea #6: Marketing AI
AI has virtually changed the efficiencies of all types of business. Marketing is no exception, with computer-driven services allowing one to potentially gauge performance. This is critical to long-term marketing operations, as metrics are used as a basis when trying to implement better functions overtime. AI can grant your business the leg-up it needs over the competition!
Idea #7: Retail AI
Consumers are always in search of the latest product, in order to satisfy their needs. As such, AI-driven retail businesses can predict these needs outright, granting the customer an ease of mind, before a point-of-purchase. Through constant machine learning, the AI becomes accustomed to each customer’s interests, by becoming its own, efficient salesperson.
Although traditional means of conducting business will never, truly become obsolete, AI can be seen as a welcome change. It maximizes efficiency and saves on costs; two pillars of creating a viable company for the long-term!
