7 Best Business Ideas Using AI
Coming up with ideas for a startup is one of the very first steps in a very long journey of establishing a startup.
There are so many industries with space for startups. But looking at the current automation phase the artificial intelligence industry is one of the most promising for a startup.
The principal thing that favors AI is that it’s going to dominate the next generation and currently it’s under-saturated. The growth rate of AI startups has been growing quite rapidly for a few years now.
This tech has applications in dozens of professions in the world. Artificial intelligence and machine learning will continue to open up new and great opportunities in the business world.
AI-driven IT Services, Security, and Cybersecurity Startup
An AI startup for technology in the security industry is a nice way to start your business in AI.
For instance, you can build conversational interfaces on AI platforms to power voice assistants, IVR service, and next-generation chatting apps.
AI and ML can also be added to hyper-converged infrastructures. New IT services and security that can balance the various workloads of computing systems are being implemented by companies all over the world.
AI can work automatically to find anomalies that indicate that a physical threat to a secure area is imminent.
Because of this, costly data breaches will lessen. AI and ML can be used with both cybersecurity and more traditional security.
The prediction of AI and ML applications has great accuracy when it comes to finding vulnerabilities in software and where they will occur.
Companies can then shore up these weaknesses before hackers take advantage of them.
Staying ahead of attacks will increase investor confidence in businesses, allowing for higher profit margins, quarterly projections, IPOs, etc.
Investment opportunities come along quite often within an AI startup cycle.
Getting in on the ground floor with artificial intelligence and the cybersecurity industry could pay off big for you.
AI-driven Smart Home Management Startups
The idea on which AI-based startups that feature home automation is to make home management easy.
Such startups are geared toward allowing homeowners to manage what is going on with their property with a few button presses within an app.
They can do so whether they are at home or halfway across the world. Home automation infused with AI has much greater potential than those apps and programs that do not feature it.
The sole purpose of Home Automation is to make home management easy.
It has allowed millions of homeowners to manage their homes almost anywhere and anytime with just a few clicks.
The more you look at AI, the more you can see how using it in startups makes fiscal sense.
AI-based Marketing Strategy Startups
Marketing is a complex and challenging industry. It requires a lot of time and effort to be spent gaining experience and knowledge.
An AI-driven system can accurately gauge a marketing performance using its experience over time combined with advanced workflow automation analytics.
Because of this, such a system could offer potential clients a baseline performance guarantee. This alone would likely be a significant competitive advantage in the marketing world.
AI / ML applications can be used for market prediction, which helps researchers and marketers in gathering accurate data by using it in an efficient manner.
These applications can be used in several traditional places like customer personalization, intuitive workflows, improved searches, and product recommendations.
AI-based Workflow Automation
While there are still many companies that solely depend on manual workflow, the introduction of automated workflow is a great help to increase productivity and user experience.
There are not many companies that offer to design this type of workflow for other companies, so beginning a startup and designing this workflow which is fully automated and selling it to others has a great profit margin.
How does AI improve business process management?
By automating routine tasks, analyzing large amounts of data, and enhancing user interfaces, AI makes running a business easier.
Data analysis, machine learning, and predictive analytics can automate several of the basic decision-making processes in an organization.
Some of the user cases are:
- An AI tool can monitor regular business processes to note where issues may potentially crop up. It may include an ‘assign’ feature where the system decides who needs to act on a request, based on current availability and past performance.
- The tool can also analyze business processes to make recommendations on process optimization.
- An AI tool may optimize workflows to avoid spending more time than necessary on tasks that don’t require this extra investment.
- It can analyze the time workers need to perform specific tasks. By applying machine learning, the tool can identify data, forms, and situations that lead to a higher-than-necessary time investment.
- AI has many applications in improving customer support. One use case is to automate voicemail follow-ups, ensuring that customers who leave a voicemail are engaged quickly and receive appropriate responses to their queries.
Such an intelligent tool could use speech to text conversion to create a transcript of the voicemail, and then take the text and add it to the service ticket, offering customer support agents a clear idea about what the complaint entails for quicker resolution.
Designing such workflows can be a great idea to start your business in the AI sector.
eLearning Startups and AI-based Learning Apps
Some of the top AI startups also have to do with eLearning. The very idea of AI and ML apps has accelerated the power of written text. As fast as AI can learn, it can also teach humans based on personalized lesson plans.
It has been established that people learn better and faster when they are taught based on their unique abilities and characteristics.
Through testing, an AI app can determine how best to formulate individualized lesson plans that will allow humans to hold many different jobs to get better at their work.
In some circles, there are insufficient numbers of human teachers to instruct students who are falling behind in their studies.
AI startups are being formulated which will showcase personalized learning in many different walks of life, both in professional settings and academia.
By identifying the style in which each student learns best, AI can prepare individuals for the challenges that are currently holding them back.
Startups based around this idea should be scalable and profitable soon.
Companies that are confident and bold enough to see the potential in this, could very well see incredible profits if they can mass-market the idea in a way that is comprehensive for those who are not particularly tech-oriented.
AI Controlled Healthcare-based Systems
AI-controlled systems in the healthcare industry are flourishing. Healthcare AI systems with the most modern tech can help doctors diagnose and determine when patients are deteriorating. In this way, medical intervention can occur before the patient ever needs hospitalization.
This means that the average life expectancy for humans will go up. Some diseases and conditions that were once fatal will seldom be so anymore. The diagnosis AI startup could be a real moneymaker for you if you can back the right one.
AI startup systems and solutions involved in the healthcare industry can save costs along with patients. Machine learning can save the lives of humans in settings like hospitals, clinics, and private medical practices.
In areas like cancer detection, human error or an inaccurate diagnosis will not occur as frequently. There are many other aspects of the healthcare department where AI will change the industry as well.
Medical AI startups that are well-conceived can certainly be regarded as the wave of the future.
AI-Powered Retail Startups
AI can be used for a variety of purposes within the retail eCommerce industry. Think of personalization within shopping apps.
AI can be used as a virtual assistant for selecting products a customer might like based on their past purchases.
Consumers frequently drop hints about the types of things they want and like, as well as how much they are willing to pay for them. Savvy retailers can gather that information through sources like IoT sensors and integrated platforms.
They can also use deep learning combined with AI to make the shopping experience as easy and personalized as possible.
You can clearly see how AI can be helpful in building your startup from scratch.
The idea of automation and AI-driven systems are now at a great rise and can be really profitable to the business owner if they do it the right way.
This list of AI/ML startups would surely help your business to grow in whatever niche you choose.