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Artificial Intelligence: A New Entrepreneurial Venture

Tanishka Khokhar  |  April 11, 2021, 2:11 a.m.
#commerce
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#artificialintelligence

Artificial intelligence refers to the computerized systems that can perform almost human-like functions. It has easily established its place in the market and has helped take a heavy load off of entrepreneurs and businesses at large. Recently, people engaging in the commercial world have increased the contribution and the part played by technology in their daily business operations, which thereby increases the involvement of artificial intelligence.

Startup Nationhas accurately stated, “AI algorithms can replace human workers on a variety of tasks, freeing up time, money and resources for other uses. While doomsayers might see this as the start of a robot takeover and the inevitable loss of jobs, most entrepreneurs tend toward a more practical view” in their article titled ‘5 Ways Entrepreneurs Can Leverage Artificial Intelligence’.

Established companies such as Google have already taken up artificial intelligence. According toAIMultiple, “artificial intelligence is already at the heart of Google.” Theirresearchstates that the search engine, the ads and the doubleclick system along with the Google Maps itself, accompanied by many other facilities provided by Google are already engaging with the newly introduced technology. The Driving Mode feature of Google Maps helps you navigate to the place you want to go. In addition to this, it also provides features such as gas prices and information related to traffic. Thus, artificial intelligence in this case helps increase the efficiency of Google Maps and is clearly effective for the customers.

Similarly, the Alibaba Group, founded by Jack Ma, is also making use of artificial intelligence to figure out and navigate delivery routes which has, in turn, even helped in environment preservation due to decrease in the traffic activity. City Brain, an innovation by Alibaba, puts artificial intelligence to use for the better by enhancing the lives of people and tourists in cities. It has also helped in reducing traffic and provides a better city life to the people. AsAlibaba Cloudreports, “On September 26, during this year's Apsara Conference, Alibaba Cloud discussed some of the new developments and achievements for the ET City Brain project. As of now, City Brain has been implemented in 23 cities across Asia, serving customers in 48 different specific application scenarios across 11 major areas of city life, including transportation, urban government, cultural tourism, and health.”

While Alibaba Group and Google adjusted their business operations to fit the new developments in technology, companies and entrepreneurial ventures such as Rare Carat established themselves entirely dependent on the creation and use of artificial intelligence. Rare Carat’s key motive was to solve the problem confronted by Ajay Anand, a Wharton MBA graduate, of difficulties in choosing jewelry and diamonds. 

Ajay Anand, Rare Carat

Hence, it’s not hard to conclude that artificial intelligence has speedily increased its reach in the financial-technological world. Whether it be companies like Google and Alibaba who have introduced new systems to involve new arrays of technology, or business organizations such as Rare Carat that have based their business operations with the use of AI. 

Previously it was something only a few had their hands on, however it is slowly becoming a necessity with the growing competition in the commercial sphere. Therefore, it’s important that teenage entrepreneurs realize the need and importance of artificial intelligence and develop skills and experience to achieve their goals. In addition to artificial intelligence, we must also ensure that the new developments remain in harmony with the sustainable development plans.

last updated at April 12, 2021, 9:59 a.m. UTC

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