Business opportunity and artificial intelligence

Gamco

Gamco Team

Companies are becoming increasingly aware of the importance of gradually incorporating artificial intelligence into their business models. The implementation of AI tools should be done comprehensively in each department.However, the lack of knowledge on the subject and the difficulty in taking the first steps still spoil many of the business opportunities.

The use of artificial intelligence is even redefining the way people work. As companies undergo digital transformation, they are increasingly turning to artificial intelligence applications to streamline processes, increase effectiveness and make faster, data-driven decisions. 

Companies such as GAMCO are developing software to facilitate the integration of AI into their business. The labor productivity of a company usually increases with the use of artificial intelligence in its departments, thanks to the fact that production and data processing times decrease, speeding up decision making. Therefore, the development of artificial intelligence solutions allows more time to be spent on activities that truly provide high value and thus compete on a larger scale.

Many AI-based solutions are SaaS (Software as a Service). This means that it is possible to work with the software from within the company, without the need to install it on a physical computer.

► You may also be interested in: Artificial Intelligence business opportunities

The IA applied to the search and development of business opportunities allows, among other factors:

  • Improve productivity
  • Optimize process management
  • Design customized marketing strategies
  • Improve customer service
  • Analyze the behavior of the competition
  • Identify market trends
  • Improving access to and quality of products and services

"Computers will surpass humans thanks to artificial intelligence sometime in the next hundred years. When that happens, we need to make sure that the computers' goals match our own."

Stephen Hawking

However, before we get into the subject, let's define what a business opportunity is and what are the keys to identifying viable opportunities in today's competitive market.

What is a business opportunity?

A business opportunity consists of introducing a new (not necessarily innovative) product or service into the market to create superior value. A business opportunity is considered valid only if it is feasible in practice and it is possible to obtain benefits from its implementation. 

Markets change constantly, needs change, tastes change, habits and customs change. Therefore, new business opportunities always arise. Even in times of crisis we can find business opportunities. Some of them are easy to detect, although, as a general rule, the most profitable ones are usually those that are not so obvious.

A business opportunity is also applicable to the way companies have to improve each of their processes: manufacturing, organization, communication, sales, customer service, etc. It consists of locating those processes that are being solved inefficiently and optimizing them to improve the customer's experience with the product or service.

In this sense, artificial intelligence is gaining importance in the way companies work, as we will see below. AI is being integrated into companies to improve their productivity, profitability and results. The aim is not to replace their workers, but to make their work easier and increase the possibilities within the market to detect business opportunities and build customer loyalty.

► You may also be interested in: 10 ways artificial intelligence helps businesses

AI is enabling the development of a new generation of products and services in a multitude of sectors: green and circular economy, machinery, agriculture, health, fashion, tourism. AI is already being used, for example, to streamline and optimize sales routes, improve machine maintenance, increase production and quality, improve customer service and save energy.

AI can also provide a targeted shopping experience through personalized recommendations, product discovery and merchandising. By collecting data on order history and how they interact, machine learning systems continuously learn and enable an ever-improving shopper experience and happier employees.

How to identify business opportunities?

This question is the first one that every businessman or future entrepreneur asks himself. From those who want to create a startup to established companies that want to expand their market share by launching a new line of business.

The ability to identify new business opportunities to stay ahead of the competition and innovate, leveraging data collected from potential and existing customers, has become one of the cornerstones for growth and also for the survival of many companies.

Therefore, it is necessary to know the ways to evaluate the viability of a business idea (the risks) and to identify the best opportunities for entrepreneurship (the potential).

3 avenues of business opportunity

Business opportunity
Group of business executives discussing over laptop at their desk in the office

When it comes to entrepreneurship, there are three possible avenues:

1. Supplying a scarce good or service. It is the introduction of a new product or service based on an unsatisfied need or one that is not covered by the market. In this sense, consumers are looking for a new way of consuming or satisfying their needs.

2. Offer an existing product in a superior way. It consists of taking a product or service already existing in the market and offering it with a new variation or introducing some innovation. A business opportunity can be covered by improving existing solutions.

In this sense, it targets a market group that is interested and willing to pay the price of the proposal. For example, making our offer include features that the competition does not provide or eliminating deficiencies in our product or service that other companies have not been able to eliminate.

3. Betting on a product or service whose viability has been contracted elsewhere, provided that the market group in question is sufficiently large. This is the case with franchising. Discovering that a product or service is successful in another city/country opens the door for it to work in other markets and vice versa.

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