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How Artificial Intelligence Will Change Entrepreneurship

  • 18 September 2017
  • Shawn Farner

Artificial intelligence is already impacting the world in some pretty remarkable ways and helping a number of industries build newer, smarter, and faster solutions to problems. But how are entrepreneurs fairing as AI integrates itself deeper and deeper not only into everyday life, but into business, as well? Where are these self-starters seeing the benefits of AI and how it can make the overwhelming task of running a business much more simple?

Entrepreneur recently took a look at several areas where artificial intelligence is inserting itself into the world of entrepreneurs, streamlining business processes and enabling growth at a more rapid pace. The improvements brought forth by AI become clear immediately upon their mention.

Take human resources, for example (HR for short). Those who work in this department have quite a bit on their plate, as their job functions require managing things like salaries and benefits for existing employees. It’s easy to forget that HR also serves as an inlet for new hires, and HR employees routinely receive dozens, if not hundreds, of resumes to sift through each time a new position needs to be filled. AI’s assistance here is found in the resume review process, with algorithms capable of filtering out applicants who aren’t qualified so hiring managers can spend more time finding the right person for the job.

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Time management is another area where artificial intelligence is affecting real change. Time is money, as the old adage goes, and the more time someone spends being productive, the more value they’ll bring to their business. Artificial intelligence can be seen in systems that automatically push tasks to the correct person, or assign high-priority, high-value tasks ahead of those a predictive model believes won’t deliver as rewarding a return.

The more a company goes, the more time and resources it spends on customer service. Your local mom and pop shop can get with only the owners answering the phone, but a mega corporation like Comcast has buildings and buildings full of customer service representatives. Artificial intelligence, especially in the area of chatbots, can study what a customer is asking, assess the customer’s need, and deliver a response without any form of human intervention. And the smarter these chatbots become, the more problems they’ll be able to solve on their own.

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AI has also become a driving force in the world of investment, music to the ears of entrepreneurs who manage finances for a living. Long gone are the days where a human would be required to pore over a tall stack of charts and hand-calculate trend analysis in an Excel spreadsheet. Finance algorithms capable of studying not only one company but the market at large, have stepped in to take a lot of the weight off. As artificial intelligence in this space continues to learn and adapt, it’ll take on an even larger role and help financial managers deal with more clients and grow their businesses more quickly.

Do you have some of your own examples of how artificial intelligence is impacting entrepreneurship? We’d love to hear them!

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