5 Ways to Grow an AI Business
By Joe Blake
It is difficult to grow a business, especially in an industry as sophisticated, capital intensive and competitive as AI. It requires a lot of work and entails juggling a lot of roles, including sales, marketing, an understanding of taxes and regulations, business development, accounting and much more. What it ultimately boils down to, however, is strategy. With that in mind, below are five ways to grow an AI business.
Experiment Management
If you want an AI company to grow and succeed, you need to properly manage your experiments. If you want your team to spend more time undertaking exploratory modelling instead of dealing with the heavy technical aspects of model maintenance, you need good experiment management. Experiment management entails everything from
The use of projects, experiments, runs, tags, descriptions, and characteristics to organize your work to the management of the modelling process's inputs and outputs, such as metrics, observations, and attributions. With good experiment management, you are able to better compare model versions to see what's changed and how it affects quality and create charts that you can customize and use to see the outcomes of your modelling.
Develop and Control Your Proprietary Data
For an AI business, high-quality proprietary data is one of your most important assets. In fact, success is largely dependent on it. Bear in mind that it helps to arrange your data into data categories, data sources, data strategy, and data gathering process.
You can acquire data in a variety of ways. You can create your own proprietary data by collecting it yourself, using an ML-based algorithm to automate data collection or getting data from third-party sources. ML-based algorithms are particularly useful because they provide you with intrinsic data that is both relevant and accurate. Of course, training your machine may present some challenges at first, but after you've nailed down this detail, you'll be able to readily get useful data that will provide you with a competitive advantage.
Make Sure You Are Providing Solutions to Real Problems
When developing a viable AI-driven solution, you should concentrate on real-world challenges that it can solve. You may demonstrate a sales and marketing solution or an application modernization solution. Whatever it is, it must be founded in reality in order to attract a large number of supporters. Once you've found it, make it the guiding light of your AI business and devote all of your efforts to it. It cannot be stressed enough just how important solutions underpinned by solid market research are.
It might be tempting to incorporate other products and services because they seem like good ideas to you and your team, but never lose sight of your primary aim. Postpone diversification until you've solidified your position with an established solution that really satisfies a legitimate need.
Hire the Right People
Successful growth very often hinges on finding the right people, so it is important that you view your human capital as development facilitators within the firm. The main objective was to employ the appropriate people for the right jobs, taking into account their qualifications and hard skills as well as how they will mesh with your company culture.
It is crucial, however, that you don't exclusively focus on technical personnel. It is important to bring on people with diverse viewpoints and skillsets, so long as they demonstrate a passion for your project and an understanding of what it is you are trying to accomplish.
Learn to Explain and Convey Your Product to Diverse Clients
It can be easy to get carried away with industry jargon and complex terminology to describe what a high-end solution your AI business offers, and that's when you can start to lose customers. Whether your application is B2B or B2C, bear in mind that while your customer will understand what your AI solution offers, they may not always be well-versed in the technical intricacies.
Even if you have the most brilliant answer to the most prevalent problem, if everything is in Greek and Latin, your clients (and investors, for that matter) will be unable to grasp it. Simply said, describe your AI company's offering in the most straightforward manner you can. In fact, the more important it is to your day-to-day operations, the more you should simplify it for maximum impact.
Conclusion
AI is one of the most exciting tech fields to be in right now, and the industry continues to see new companies entering the fray with incredible new products and services all the time. There are, however, certain steps to follow in the business if you want to reach customers and solve actual problems while controlling your costs and staying on schedule. Keep the above considerations and tips in mind and make sure you are doing all that you can to assure sustainable long-term growth.
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