4min read

How to use Artificial Intelligence to boost your business

It is high time to stop being afraid of Artificial Intelligence, as it helps to enhance your business and opens new horizons for its development

Amit Bendor, the Head of AI and data science in Artlist (a company offering high-quality royalty-free music, sound effects, and video footage), shares his experience in building art startups, digital product, and business innovation.

Amit will help you to understand where and how to find the ‘long hanging fruit’.

We had this idea of building a route that will be very special if you look for electronic music or underground things or if you're into some other artistic things. That was the concept.

The biggest challenge for every entrepreneur is market validation, to see that someone actually needs your product. You should start small, without trying to make everything perfect and everything at once. Focus on something which will have the largest effect and bring the highest value - just concentrate on these small parts!

We understood that we need to be unique in some way, instead of having a website to go into a chatbot.

Next, you must pick the right people for the job, partners, and the team. First of all, there should be good communication, like cultural fit, the same vision of how to develop and use product development. You should also check people’s tech proficiency and make sure your team is able to fit product needs from the technical point of view.

When it comes to choosing between outsourcing freelancers and one company, it really depends on what you personally prefer, on the product, and on your needs.

When working with a company, you have the benefit of scaling, and usually take more responsibility. If you look into hiring someone full-time in your startup, going one-on-one can also work.

When we're talking about the venture, there's some motivation, there's some drive for the person that I'm working with.

One more point to consider: how to attract investors. Many of them look at you, an entrepreneur, as a risk, and potential reward, but more like a risk. They look at the vibes of the team. Reduce the risk for them, so they will feel comfortable to invest.

Investors should feel that the risk is low, and the opportunity is high.

However, the tremendous potential is artificial intelligence. Nowadays, it is something very exciting, and a lot of people think about implementing it, but they don't really understand how it works and what benefits it can give. And we don't know how to implement it, as we think that this is something super complicated.

So, how artificial intelligence could benefit your business? It gives a lot of tailored experience, some more internal things about marketing or content teams, and they actually deliver very fast.

It will help your business to become not just product-wise, but tech-wise as well. If you are still cautious to try it, first, you should get educated about it, and learn more.

AI is a statistical model that tries to predict something. Before it took founders hard time to figure out the models that don't work 100%.

One more recommendation is to try to implement a small AI component. For example, if it is a kind of social media, it can make some suggestions on who you can follow, based on AI, analyze your interest, your profile, your feed likes, and can offer you some interesting people you can follow and get interesting insights. So, starting small can give big benefits.

In the future, AI will probably enhance the things we do. People shouldn’t be afraid of implementing AI in our business and life, we should learn more about it.

Here are Amit Bendor’s main tips for people who start building their own digital product:

  1. Outline your validation strategy: start with small.
  2. Choose “your” team, with a common organic vision, motivation, and skills.
  3. Appeal for investors by minimizing their risk and raising your opportunities.
  4. Don’t be scared to use artificial intelligence in your digital product.

Technology must help business.

If you want to hear the full story of Amit Bendor, where he tells about the start of his digital products, his experience with a chatbot, and the way to artificial intelligence, listen to our new podcast.

Also, you may check Amit Bendor’s community-based platform CloudAIworld.com, where everybody can add their experience, sharing pros and cons of using AI. Feel free to visit it and share your thoughts or experience with AI!

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