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INTRODUCTION

With constant changing world around us, comes the need of changing, adapting and empowering ourselves as new age entrepreneurs. It is only possible if we observe how the globe is stepping ahead? What are the elements that are the most essential in our journey ahead? The Business world is but one of the most diverse when it comes to holding few concoctions to run a lucrative and outstanding enterprise that is constantly advancing towards making it big.

Forget about established businesses for once, think about aspiring Entrepreneurs. For new age aspiring startups, the challenges are even bigger than before. There is saturation in every product and service-based industry. To make it happen as a new age entrepreneurs, we need to understand that this era is the era of the advancing Artificial Intelligence. To march ahead and step the best foot forward as an entrepreneur, let’s have a look at how can we change the game of entrepreneurship and business world using Artificial Intelligence that is AI.

In this Essay, we will discuss how AI can empower any business and how entrepreneurs can join hands with AI to deliver the best of their potential.

The Time and Speed Matters

Entrepreneurship is forever evolving subject. With new decade comes new challenges in Entrepreneurship. The momentum that requires to move forward as an entrepreneur is not as easy as it seems to learn. It comes with time and experience. It is only time and experience that teaches us how important it is to change and keep moving forward to beat the challenges in a constantly changing world. There are so many factors that matters in an entrepreneur’s journey. The factors are internal as well as external. Examples of internal factors are personal life, phycological barriers, health, our living surroundings etc. whereas external factors that contribute or effect our journey as entrepreneurs are laws and regulations, finances, marketing, organizational behaviour, technology etc. Most of the time, passion and dedication are not enough. The learnings matter more. The modifications and alterations matter the most together with adherence to the uniqueness of any business.

Over the past few years, the business world has changed by leaps and bounds, and it is changing constantly even faster. This represents challenges for entrepreneurs across the globe to make the necessary adjustments in the technology and business processes. Information Technology affects the firm’s ability to know its future growth and stand beforehand by consolidating and analysing various parameters like country’s economic conditions, firm’s financial position, technology trends, customers future mindset, & number of competitors in the market. It makes the entrepreneur to be able to take better decisions in difficult situation. With extensive market research, many entrepreneurs have been able to know the current trends and come out with products and services as per the trend which minimizes the failures. Information technology streamlines communication and stores all the historical information which can be analysed for better decisions. Two-way communication has become easy in business through technology which makes it possible to know better about their customers and take customers feedback and their opinion about their products and services and improvise on that. Customization has become easy through technology which is the key to succeed in business. (Kumaran 2018.)

 

Information Technology and AI connection

Information technology (IT) is the creation, processing, storage, secure transmission, and exchange of all forms of electronic data.

IT includes computers, networking, storage, and other physical devices. As opposed to the technology utilized for personal or leisure purposes, IT is typically used in the context of corporate activities. Telecommunications and computer technology are both included in the business usage of IT.

These are some of the common examples of IT and teams at work:

• Server upgrade
• Security monitoring
• Business improvement

The technology is constantly improving and widening its branches to all aspects of life. The most advanced form of technology that we are witnessing right now is Artificial Intelligence. AI, the area of computer science known as artificial intelligence is focused on creating intelligent machines that think and behave like humans.

According to Market Research, the artificial intelligence business was worth $51.08 billion in 2020. By 2028, this amount is anticipated to have grown more than ten times in just eight years, reaching $641.3 billion, with a Compound Annual Growth Rate (CAGR) of 36.1 percent. These are some of the most known examples of AI:

• Siri
• I think
• Nest (Google)

Artificial intelligence and information technology: The connection

Artificial intelligence and information technology are merely trendy terms used interchangeably in the wake of industry. Artificial intelligence (AI) has demonstrated its importance by reviving the information technology industry. Obviously, software, data transmission methods, and computers are at the heart of information technology. But in the background, general artificial intelligence defines upcoming technologies and applications using AI-assisted technology. (Eliaçik 2022.)                                                                                     

Ways how AI is Changing our World for the Better

Man has long feared the rise of the machine – his own creation becoming smarter and more intelligent than he. But while artificial intelligence and machine learning are rapidly changing our world and powering the Fourth Industrial Revolution, humanity does not need to be afraid Creating New Jobs

“Artificial intelligence will change the workforce,” affirms Carolyn Frantz, Microsoft’s Corporate Secretary. The bleak view of AI as a job killer is but one side of the coin: while 75 million jobs may disappear, as many as 133 million more engaging, less repetitive new roles are expected to be created. AI “is an opportunity for workers to focus on the parts of their jobs that may also be the most satisfying to them,” says Frantz. 

1. Bridging Language Divides : Whether it’s teaching new languages in a personalized way or translating speech and text in real-time, AI-powered language tools from Duolingo to Skype are bridging social and cultural divides in our workplaces, classrooms, and everyday lives. Digital translation services are not “perfect,” admits Microsoft education leader Mark Sparvell, but “they offer a means of understanding” that might not otherwise be possible.
2. Transforming Government : Less paperwork, quicker responses, a more efficient bureaucracy – AI has the power to drastically change public administration, but are governments ready? This tech comes with both risks and opportunities that need to be understood and evaluated. Academic Kevin Desouza believes gamification and role-playing could be the key to public servants analyzing complex cases, coming up with better solutions, and truly understanding the future of autonomous systems.
3. Delivering Health Care : AI has the potential to make health care “much more accessible and more affordable,” insists Paul Bates, director of NHS services at Babylon Health. Babylon, an app that offers symptom checking and fast access to physicians if needed, is providing advice to more than one million residents in central London through an AI-powered chatbot. Patients can get an accurate, safe, and convenient answer in seconds – and save health care providers’ money too.
4. Creating Art : Computational creativity is drastically changing the nature of art. Software, more than a tool, is becoming a creative collaborator, merging computer scientist with artist. As Austrian artist Sonja Bäumel assures, “The exhibition space becomes a lab; art becomes an expression of science, and the artist is the researcher.” (My office app.)

Here are seven important benefits AI brings to businesses and some industry.

Not only AI is changing our lives every day in general aspects but in every pro-fession and every subjective field AI is the new game changer, a revolution that has started which has enormous benefits. In terms of AI’s role is Business Ad-miration, AI is not only required to enhance the businesses of this time, but it is also a need of this very moment in entrepreneurship.

Areas where artificial intelligence technologies can improve business operations and services. As businesses continue to deploy artificial intelligence technologies within their operations, they are starting to reap tangible benefits, including material gains.

1. Efficiency and productivity gains
2. Improved speed of business
3. New capabilities and business model expansion
4. Better customer service
5. Improved monitoring
6. Better quality and reduction of human error
7. Better talent management

Retailers can use AI to better target their marketing efforts, develop a more efficient supply chain and calculate pricing for optimal returns. At retail companies where humans do the majority of the work, AI will help predict customer requirements and appropriate staffing levels.

The pharmaceutical sector can use the technology to perform drug-discovery data analysis and predictions that can’t be done with conventional technologies. The financial industry can use AI to strengthen its fraud detection efforts. (Pratt 2023.)

 

How can AI help new startup businesses?

Artificial Intelligence (AI) can provide numerous benefits to new startups, helping them overcome common challenges and achieve success.

Here are some of the ways that AI can help new startups:

AI can automate repetitive tasks and streamline processes. It can analyze large amounts of data and provide valuable insights that can inform decision-making and drive better outcomes. It can be used to personalize customer experiences and provide 24/7 support through chatbots, improving customer satisfaction and loyalty. By automating tasks and improving efficiency, it can help startups reduce costs and allocate resources more effectively.

AI can assist with product development by analysing customer feedback and market trends, helping startups create products that better meet customer needs. It can assist with risk management by providing insights and predictions that can inform decision-making and help startups mitigate risk. It can help startups streamline their operations and improve the accuracy and efficiency of tasks such as inventory management and order fulfilment. By providing valuable insights and automating tasks, AI can free up employees to focus on innovation and perform strategic and creative tasks thus helping startups stay ahead of the competition. It can assist with marketing by analysing customer data and providing personalized recommendations, helping startups target the right customers with the right messages.

AI has the potential to provide significant benefits to new startups, helping them overcome common challenges and achieve success. By leveraging AI technology, new startups can improve efficiency, reduce costs, and drive innovation, positioning themselves for long-term success. (Rahman 2022.)

That’s not everything about Artificial Intelligence, let’s have a look at how AI can improve entrepreneurial experiences and businesses at the very core level of Finance, marketing and the urgent need of the current era Sustainability

 

Common Examples of AI in Finance

1. Risk assessment

Can you use artificial intelligence to determine whether someone is eligible for a loan? Definitely. In fact, banks and apps are using machine learning algorithms to not only determine a person’s loan eligibility, but also provide personalized options, according to Towards Data Science. The advantage – AI isn’t biased and can decide on customers loan eligibility quickly and more accurately.

2. Risk management

Risk mitigation is always an important yet ongoing challenge in banking (and practically every other industry). Now, machine learning can help experts use data to “pinpoint trends, identify risks, conserve manpower and ensure better information for future planning,” according to Built In.

3. Fraud detection, management and prevention

Have you ever received a phone call from your credit card company after you’ve made several purchases? Thanks to artificial intelligence, fraud detection systems analyze a person’s buying behavior and trigger an alert if something seems out of the ordinary or contradicts your traditional spending patterns, according to Towards Data Science.

4. Credit decisions

Towards Data Science explains that artificial intelligence can quickly and more accurately assess a potential customer based on a variety of factors, including smartphone data (plus, machines aren’t biased.)

5. Financial advisory services

Looking to follow the latest financial trends or Interested in a portfolio review? Artificial intelligence algorithms can analyze a person’s portfolio (or the latest trends or most types of relevant financial information) so that you can receive the information you need as quickly as possible, according to Forbes.

6. Trading

Since artificial intelligence is used to analyze patterns within large data sets, it’s no surprise that it’s often used in trading. As Built In explains, AI-powered computers can sift through data faster than humans, which expedites the entire process and saves large chunks of time.

7. Managing finances/personalized banking

Chatbots and virtual assistants have reduced (and in some cases eliminated) the need to spend time on the phone waiting to speak with a customer service representative. Now, thanks to technology and AI, customers can check their balance, schedule payments, look up account activity, ask questions with a virtual assistant and receive personalized banking advice whenever it’s most convenient, according to Towards Data Science.

8. Preventing cyberattacks

Consumers want to be reassured that banks and financial institutions will keep their money and personal information as safe and secure as possible, and artificial intelligence can help. It’s estimated that up to 95% of cloud breaches are caused by human error. Artificial intelligence can boost company security by analyzing and determining normal data patterns and trends, and alerting companies of discrepancies or unusual activity.

9. Better predict and assess loan risks.

As Forbes explains, artificial intelligence can analyze a customer’s spending patterns and actions, which can predict loan borrowing behaviour. This is also important in areas around the world where people have smartphones and other means of connection and communication but may not have traditional credit. Forbes gives this example: A loan applicant can download an app and the lender would use it to analyze the person’s “digital footprint” — which includes social media use, browsing history and more in order to build a more complete picture.

10. Enabling 24/7 customer interactions

Thanks to artificial intelligence and the prevalence of virtual assistants and chatbots, customers can ask questions at all hours of the day (and night!) and don’t have to wait to speak with a person.” It’s always about making the human interaction more efficient, because in many of these cases, there’s still a customer service rep,” says Rob Thomas, senior vice president of IBM’s Cloud and Data Platform, in a recent Yahoo! Finance video. “But AI is making them more productive, making them better at solving the problem.” This means “virtual assistants can respond to customer needs with minimal employee input,” according to AI News. “A straightforward means of increasing productivity, the time and effort spent on generic customer queries is reduced, freeing up teams to focus on longer-term projects that drive innovation across the business.”

11. Reducing the need for repetitive work/process automation

AI can automate repetitive mundane, time-consuming tasks, such as reviewing documents or pulling information from applications, which will free up employees to tackle other projects.

12. Reducing false positives and human error

People make mistakes, and human error is an unfortunate reality. In the financial services industry, 94% of surveyed IT professionals said they aren’t confident that their employees, consultants and partners can safely protect customer data. Thankfully, artificial intelligence can help reduce false positives and human error.

13. Ability to execute tasks of any length

Artificial intelligence has the ability to scale, meaning that you can use this type of advanced technology for short- or long-term projects.

14. Making smart underwriting decisions

AI solutions are helping banks and lenders “make smarter underwriting decisions” when it comes to the approval process for loans and credit cards, according to Built In. This is done by using a variety of factors that paint a more accurate picture of those who may be traditionally underserved.

15. Save money.

Every item previously mentioned on this list can contribute to increased revenue. By automating tasks, you free up employees to take on additional responsibilities instead of hiring more personnel. Virtual assistants and 24/7 chatbots create a more positive customer service experience, and using AI to help determine whether someone qualifies for a loan typically means finding those with good credit who won’t default. (University of San Diago.)

 

Marketing without AI is like flirting with disaster.

Marketing without AI is like flirting with disaster — It’s only a matter of time before a competitor moves past you to claim that top spot. Today’s marketing requires a combination of AI, data, and human ingenuity to maximize your company’s ROI.

The optimization, personalization, and innovation required to compete in a world dominated by artificial intelligence (AI) are only possible when AI is at the center of your work. With that said, the benefits of AI are not just about competing—they’re about taking your business results to the next level and learning how to get there faster.

All in all, it means we’ll be able to serve our customers better than ever before. With AI on your side, now would be an excellent time to explore where you could use it in your business strategy or marketing efforts today.

7 Unexpected Benefits of AI in Marketing –

Building Better Customer Retention Strategies :

By identifying who is most likely to churn at any given time, AI will help companies retain customers by identifying who is most likely to churn at any given time. It can predict a customer’s likelihood of leaving before they’ve indicated that they’re unhappy, allowing you to take action before it’s too late. You can create personalized offers, promotions, and experiences at scale through AI and machine learning. When Netflix uses data to analyze your preferences and deliver highly-customized content recommendations, that’s personalization. As more companies use AI to personalize the customer experience, it will become the new standard.

Personalization at Scale :

98% of marketers believe that personalization is an important part of their strategy, and 56% say it impacts their success.One-to-one personalization is great, but it isn’t scalable. Ai helps you personalize at scale. It lets you reach your entire customer base with targeted content without needing to learn anything about each customer’s interests or preferences. You can create different segments based on data that could be combined across your company and then use those segments to create relevant messaging for each group. This allows you to take advantage of the benefits of personalization even if you don’t have the resources needed for one-to-one personalization.

Access to real-time analytics and insights :

One of the most valuable aspects of AI for marketing is access to real-time analytics and insights. AI enables marketers to mine customer data in real-time and spot trends that would otherwise not be apparent. These allow you to see how your audience is interacting with your content daily. By crunching an abundance of customer data from various sources, AI can deliver valuable insights into how customers are engaging with your brand, how they move through your sales funnel, and what triggers their purchasing decisions. This allows you to make informed decisions about campaigns, content, and products that are likely to resonate with customers.

 

Multi-channel campaign optimization :

We can now use predictive analytics and machine learning to optimize our multi-channel campaigns. AI can simultaneously analyze millions of data points to determine what content and messages are most likely to drive conversions across different channels like social media and email. This means that you can optimize your ad spend across different channels (e.g., Facebook, Google Ads, YouTube) by ensuring that each channel sends you the right leads. The result is more efficient spending, a better ROI, and happier customers who get what they need when they need it.

 

Micro-segmentation :

Micro-segmentation divides a large, diverse group into smaller segments with similar needs, wants, and preferences. This allows you to target them with personalized messaging and offers. With AI micro-segmentation technology, you can send highly relevant messages to your audience based on their specific interests and needs. This increases response rates significantly and helps you build stronger relationships with customers over time.

 

Better Ability to Predict the Future :

Predicting the future has always been a crapshoot for companies. That’s why marketing budgets are often so large: Companies are hedging their bets and throwing a lot of resources at the problem of figuring out what consumers want next. If a company can accurately predict people’s wants and needs, it can create products that will be highly successful, and that means more money for everyone involved.

Artificial intelligence is taking over this role of predicting the future and doing a better job than humans. When companies use artificial intelligence, they can analyze massive amounts of data much faster than anyone. Predictive algorithms give marketers insights into what’s coming next based on trends they see in the market. They can make informed decisions about their marketing campaigns now that they’ve been given a crystal ball into the future.

Real-time Targeting :

Targeting customers with specific ads based on their location, gender, and age is nothing new. But what about if you could target them based on what they were searching for at that moment? That’s where real-time marketing comes in. Real-time marketing can help you reach your audience when they’re most likely to be receptive to your message. This is a big advantage for marketers because they can reach their audience based on their needs and interests, rather than just guessing what might interest them based on demographic information like age and gender. (Helfrich.)

5 ways AI can help businesses to become Sustainable Businesses:

With AI’s undeniable rising popularity, it will be applied to a myriad of industries and will be leveraged for a variety of causes such as environmental sustainability. As the field of AI continues to thrive, companies with massive ecological impressions can leverage the field’s power to make serious changes to our world as we know it. If anything, right now is a historic time in Artificial Intelligence. With advancements in Big Data, Hardware, and emerging powerful AI Algorithms, it seems like all the pieces are coming together to make huge changes to our everyday lives. Saving planet earth (including the ocean) doesn’t seem as hard as it used to be because of these advancements!

• Renewable Energy & Clean Fuels : Artificial intelligence can apply powerful predictive capabilities and intelligent grid systems to manage the supply and demand of renewable energy. For example, more accurate weather forecasts can optimize efficiency, cut costs, and unnecessary carbon pollution generation. Furthermore, it can improve energy storage, efficiency, and load management, and assist in the integration and reliabilities of renewables. In turn, this will facilitate dynamic pricing and trading, resulting in market incentives. IBM has already applied the use of AI for optimizing their weather forecasting, resulting in a 30% improvement in their predictions. Their results showcase better management of their plants, maximizing renewable energy production, and reducing carbon emissions.

• Electric Vehicles : With the rise of companies like Tesla and increasing gas prices, more companies are paying closer attention to the EV (Electric Vehicle) market. In 2021, gas prices hit the highest average nominal price since 2014 due to rising crude oil prices and increased demand for gasoline. The average U.S. retail price of gasoline sits at an average of 3.01 dollars per gallon in 2021 and that price has continued to increase. The environmental benefits of switching over to an EV are glaringly obvious. Some of those benefits include:

Reduction of traffic congestion and air pollution.

Improvement of supply chain logistics, such as the transport of cargo.

Warrant more autonomous driving capability.

The main benefit of EVs is their direct impact on the environment. Greenhouse Gas (GHG) emissions by cars are thought to be the main source of climate change, not to mention the negative health issues it can onset, such as respiratory problems. The Environmental Protection Agency (EPA) states how EVs impart less GHG emissions across the duration of their lifespans, including both tailpipe and upstream emissions. A fully electric vehicle emits zero tailpipe emissions.

• Better Conservation of Natural Resources : The Organization for Economic Co-operation & Development (OECD) released a study that stated 62 Billion tons of natural resources, such as minerals, wood, metals, etc, gets extracted from the earth…Every! Single! Year! As if that isn’t bad, the study also states that 20% of those resources are completely wasted. So clearly, we have an issue with resourcefulness.

The smart technology behind the idea of using LED lights at work places to homes to street lights, known as Smart Grids, can also monitor the conditions resulting in the light being dimmed or made brighter. A smart grid, also known as ‘electricity with a brain’, is an electrical grid system that delivers energy efficiently, securely, and reliably. It contains a variety of operational and energy measures such as renewable energy resources, smart meters, smart appliances, and more.

• Sustainable Land Use : Artificial intelligence integrated with satellite imagery can sense changes in land use, vegetation, forest cover, and the fallout of natural disasters. Early detection of crop diseases and issues is possible through the use of AI-augmented agriculture via robotics. This system involves automated corrective measures, automated data collection, and decision-making. It also helps with streamlining agricultural inputs and returns based on supply and demand resulting in an improved resilience to climate extremes, increased resource efficiency of the industry, and a reduction in the use of water, fertilizers, and pesticides – all things that devastate important ecosystems.

• Pollution Monitoring & Early Detection : Did you know that 92 percent of the global population lives in regions with dangerous levels of air pollution? Making air pollution the 4th largest threat to humanity! Air pollution is something everybody tends to glance over. But there are so many different parts of the world that suffer from massive amounts of air pollution, sometimes even making it unsafe to be outside for long periods. There are now air purifiers with an integrated artificial intelligence system that can record air quality and environmental data in real time and adapt the filtration efficiency. Additionally, in urban areas, warnings can be sent to people with AI-powered simulations, regarding the pollution levels in their areas. This allows for pollution sources to be detected much earlier than before. Lastly, air pollution can also be improved through the use of data gathered from vehicles, data sensors, and cameras. (Tehrani 2023.)

DISCUSSION

Entrepreneurship was never easy and with this century of IT and AI, we as young entrepreneurs have even bigger responsibilities than ever. Most of the times we are short of new ideas because there is saturation in every field. Still, the mode of change is in our hands to make the difference in the society and the globe for better. We must act now and aim for better things to hand over to future generations. To utilize our strengths at the most potential, AI is no less than a blessing. This doesn’t mean that AI has no limitations or cons, like every structure, the AI too has other side of the coin. Latest addition to our search engines from AI being CHAT GPT is so advanced and revolutionary that it has the power of killing a human mind’s capacity of cultivating habit of researches patiently. However, in this essay let us stick to how we can use the changing world of technology for our own benefits as entrepreneurs. From our surroundings to the globe, there is a lot of work that’s needed for a healthy and uplifted world that we always imagined we lived in. There are so many problems and loopholes we witness on everyday basis that requires our attention. Where there are problems, there are the opportunities of the solutions and the solutions are the gateway to new business ideas, new business opportunities. In our hands lies the biggest power of not only establishing multimillion worth enterprises but also, we are the new foundation of the society, we are the entrepreneurs of the new era of Artificial Intelligence.

REFERENCES

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https://dataconomy.com/2022/08/artificial-intelligence-and-information-technology/

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https://swisscognitive.ch/2022/05/26/7-unexpected-benefits-from-the-role-of-ai-in-marketing/

Kumaran k. 2018. Why Technology Is Important To Entrepreneurs Today? Read on 15.2.2023.

https://www.entrepreneur.com/en-in/technology/can-an-entrepreneur-survive-without-modern-technology/318362

My Office app 5 Ways AI is Changing our World for the Better. Read on 14.2.2023.

https://www.myofficeapps.com/5-ways-ai-is-changing-our-world-for-the-better/

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Rahman s. 2022. 5 Ways Startups Can Harness AI and Kickstart Growth. Read on 14.2.2023.

https://learn.g2.com/ai-for-startups 

Tehrani k. 5 Ways AI can Improve Environmental Sustainability. Read on 15.2.2023.

https://www.aitimejournal.com/how-ai-can-improve-environmental-sustainability#google_vignette

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https://www.ted.com/talks/andrew_ng_how_ai_could_empower_any_business?language=en

https://www.ted.com/talks/shervin_khodabandeh_why_people_and_ai_make_good_business_partners?language=en

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