Running a tech company? Use data science and AI to improve
There are a lot of great benefits of artificial intelligence with startups that can't be overlooked.
As a tech company, you will always be looking for ways to develop. Using data science and artificial intelligence can be useful for this type of growth. While they share some similarities, there are also some differences between the two. You may be surprised to hear about the amazing benefits that AI offers for startups, especially those in the tech sector.
You may have heard artificial intelligence being referred to as AI in countless movies and TV shows. In real life, it’s used for creating improvement rather than turning on humanity, as it is so often shown to be doing on screen, even though this makes interesting viewing.
AI has many uses, such as helping with translations, analyzing complex information and decision-making. It also has the ability to learn and therefore improve and adapt.
Rodrigo Liang is CEO of SambaNova, which provides both hardware and software to businesses for the purpose of analyzing data. While this can be classed as data science, one difference is that data science tends to use a predictive model to make its analysis, while AI can be capable of analyzing based on learned knowledge and facts. This information may not have been programmed, which is why AI can be more precise and take factors into account that weren’t previously considered.
Data science covers a broad range of techniques, including statistics, design and development. It can be used to achieve quick mathematical calculations and find hidden patterns and trends in the data it analyzes, but it needs an element of human intervention. One difference is that using AI can remove the need for human input as it learns and develops.
The programming for data science relies on already having statistics and predictive trends to work with. This information can then be used to find patterns and other details that might not be immediately obvious without hours, days or even weeks of human analysis.
Both AI and data science can be used interchangeably depending on what is required, and they can complement each other.
The benefits to your tech company
One way that AI can be used to benefit your tech company is to carry out risk analysis. Otherwise, this can be an expensive task, particularly in the event of human error. It also saves time, as AI can process and analyze large amounts of information much quicker than a person can. Therefore, although the initial outlay might be high, the savings to your business will more than compensate for this. One example of this is fraud detection, which in some cases could be enough to force a business to close if it’s not caught or prevented in time.
AI can also help with translating different languages. Most businesses rely on trading with customers and other businesses around the world, but the language barrier can make that more difficult. If you need to meet with or send emails to clients, or create content for speakers of other languages, hiring a translator can be expensive. It’s also risky if you’re dealing with sensitive information. That’s why AI is so popular for translating. It not only saves money but also inspires trust in your company, as the information is kept secure.
Data science can be used to spot trends and patterns in your business. This is useful if you need to cut costs in areas that are losing money for your business, or if you need to focus your attention on more successful aspects to boost these further. No successful tech company will want to continue spending money on the parts of it that aren’t cost-efficient. AI can work well with data science here, by thinking logically to find a viable solution and make improvements.
Although AI can translate human facial expressions, tone of voice and body languages to interpret human emotion, the ability to find solutions using logic can be an advantage to your tech company. While you and your employees may try to operate fairly and make the right decisions, it’s difficult to be completely impartial. We have our own thoughts and opinions, and these can shape our decisions, whether or not we want them to.
When it comes to repetition in the workplace, nobody wants to be stuck doing the same thing repeatedly. It’s no good for the morale of your employees, and they will eventually leave if they don’t feel like they’re getting job satisfaction. It may feel like using data science and AI in your tech company will kill off jobs for humans. However, it’s just as likely that they can be better placed doing other less menial tasks within your company. If using these technologies results in fewer financial losses and more gains, then there is no reason why employees can’t be relocated elsewhere in the company on more appealing tasks.
AI offers great advantages for tech startups
AI and data science can be great for your tech company, removing or lowering risk, increasing profits, and generally helping you run your company with fewer problems, and with fewer job losses than you might think. Any initial costs will usually be recuperated.
Author: Matt James
Source: Smart Data Collective