I was recently watching a video about the growing prevalence of AI in the workplace, and it was mentioned that AI will very likely displace many in the current workforce.
This got me thinking; If you’re in a segment of the population displaced from your current job/career by some type of AI tool, the wise thing to do wouldn’t be to try and “beat ’em” (as they say), but to ‘join ’em’.
If you’re the entrepreneurial type, rather than searching the job ads, you’re probably going to start trying to come up with a business idea of your own.
That said, I sat down and compiled a list of 18 AI Businesses You Can Start When AI Takes Your Current Job.
This is the third instalment of the series.
Starting an AI Powered Supply Chain Business
Supply chain management is changing rapidly, and artificial intelligence (AI) is having a significant impact on how firms conduct their operations. An AI-powered supply chain optimization firm could be the ideal business for you, if you love innovation and have an entrepreneurial spirit.
Here is a step-by-step instruction manual to get you going.
Step 1: Research and Identify Opportunities
It’s essential to do market research before starting your business in order to pinpoint sectors of the supply chain sector that are primed for change. Analyze the present tendencies, difficulties, and problems that businesses in the industry are currently experiencing.
Look for ways to use AI to address issues in sectors like procurement, shipping, and inventory management. When you’ve chosen a specific area of concentration, like manufacturing or retail, focus your marketing efforts on businesses in that sector that are most likely to use AI solutions.
2. Define Your Value Proposition
Define your value proposition, or what makes your AI-powered solution stand out from the crowd. Consider why your solution is better than other options on the market by first recognizing the special qualities and advantages of it.
Explain how your product will help businesses cut costs and improve customer happiness, for instance, if it employs predictive analytics to improve inventory management.
3. Build a Strong Team
A solid team of committed and knowledgeable professionals is necessary for a successful startup. Build a team of experts with a balance of technical and business abilities, and look for individuals with experience in AI, supply chain management, and business development.
You can create and scale your solution more efficiently with the support of a diverse workforce with a range of viewpoints and skill sets.
4. Develop a Prototype
Create a workable prototype of your AI-powered product now that you have a strong team and a clear value proposition.
The objective is to develop a minimum viable product (MVP) that highlights the salient aspects and advantages of your proposed solution. This will help you to collect feedback from potential clients so that you can improve your product.
5. Raise Funds
You will need to raise money to sell your AI-powered supply chain optimization service. Think about other sources of funding, such as crowdfunding, angel investing, and venture capital.
Have a clear plan in place for how you will use the funds to expand and scale your business before picking the choice that is most appropriate for your company and your goals.
6. Launch Your Product
It’s time to roll out your AI-powered supply chain optimization solution once your prototype is finished and you have received the required funding. To reach your target audience and pique interest, concentrate on marketing and advertising your solution.
To establish trust with potential clients and help them understand the value of your solution, think about offering a free trial or demo.
7. Keep Improving and Scale
Finally, it’s essential to scale and continuously develop your product. Collect customer feedback, monitor your performance, and alter your solution as necessary in response to this feedback.
As you grow, concentrate on scaling, increase your clientele, and think about introducing new features and entering new markets.
It’s difficult but rewarding to launch an AI-powered supply chain optimization startup. You can create a successful company that has a significant impact on the supply chain industry by following these guidelines.
The opportunities are limitless with the right strategy and a commitment to innovation.