What’s trending?
A couple of years ago, starting your own business required a significant investment in time and money. Of late, there has been a proliferation of AI tools to help would-be entrepreneurs to get a business off the ground. Many of these online tools assist with everything from logo design to website building and some go as far as facilitating the actual production of goods. One such platform is CALA which deploys AI and machine learning to streamline the entire fashion supply chain. More than 40 brands and independent designers currently use this technology. Copy.ai is a tool to create human-sounding content for a business’s website and social media platforms.
Why is it important?
The barriers to start, let alone succeed in a new business, are high. Often, founders start new ventures as side hustles while working for an employer, so their spare time is limited. Another struggle when starting a business is access to funding. These AI tools allow time and money to be saved for business-building endeavours other than those the tech can supply. There’s also the added bonus of empowering more disadvantaged entrepreneurs. These wins don’t only apply to new businesses though. Established enterprises can also adopt the technologies to automate existing processes or launch new products.
What can businesses do about it?
Businesses should invest in keeping abreast of the latest AI tools to ascertain which can benefit their companies. Hiring AI specialists who understand the complexity of the field is fast becoming an important requirement. If businesses are unable to afford a dedicated specialist, they are advised to seek the help of external consultants. Intersoft offers AI advisory services to its clients to help them grow their businesses. EY also offers AI consulting services. Use the tools that are available or build your own tools but be wary of relying completely on AI for business advice.
By Faeeza Khan
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Image credit: Tanner Boriack
