AI, Big Data and Entrepreneurship: Are We Doing it Right?

It's a well-known secret that artificial intelligence (AI) is becoming indispensable in the world. And before we start panicking and thinking about all kinds of apocalyptic scenarios worthy of a good sci-fi movie where machines replace humans, let me explain why AI is an excellent support tool to help us know if the results of our business will be as expected.

The use of AI allows businesses to face problems easily, since it provides a multilinear approach. In other words, it addresses various points of view and variables. By using it, the business can effortlessly adapt to today’s unpredictable changes.

Thus, with AI you can increase general productivity, cut costs, use big data without difficulties, enhance quality standards and even improve material and human resources.

Let's consider that one of the most important factors that AI influences is precisely big data, which, as I previously mentioned, can be easily assimilated and managed with the help of this intelligence.

Hence, the large percentages of data and tools involved are also taken into account. It's essential to consider them because if we don't, we may be leaving out outcomes and patterns that could be helpful for future actions or decisions within the company.

That said, will the use of AI and big data help our business deal with the fast-paced changes we are currently experiencing?

Honestly, I hope so. Nevertheless, there are multiple aspects that establish the success of a business. These are affected by the actions you take in critical moments. Remember that AI is an aid to predict or streamline behaviors within the company, but it will not do all the work for you.

Even though each business chooses the indicators that work best for it to reach its goal, something that I believe we all should do is measure. Measuring allows you to have accurate control of what is happening within your company. Thus, you can have a specific overview of sales, expenses, salespeople’s goals, statistics within social networks, and even the number of hours worked by each person.

In addition to this, the precise metrics and data you get from your measurement allow you to manage and monitor everything that happens within your business. By doing it correctly, you will be able to make more accurate decisions in case an unforeseen event occurs.

Considering the above, I would like to make special mention of a few indicators that seem important enough to me:

Development of sales

Here, it's important to take into account how the business is progressing on a monthly basis, if the objectives set at the beginning of the year were met and what would be a prediction of future results.

CAC (Customer Acquisition Cost)

The Customer Acquisition Cost allows you to know the amount of money your business spends to get a new customer. It is indispensable that you keep it in sight because it is advisable to maintain it at low values.

Marketing efforts

To reach your target audience, the business must design and implement a correct marketing strategy that focuses on the market toward which it is oriented.

Real income and real expenses

This point refers to the consideration of actual income, which would be any amount that compares with the invoiced amounts, and the consideration of expenses with respect to the amount determined in the budget.

These indicators can be the starting point for your business to scale even more. Keep in mind that you must be persistent with what you measure and be careful with what you pay attention to.

Remember, the world continues to change, and it will continue to do so. From one day to the next, your indicators, AI, the technological tools you use to work — anything can change. Nothing is static; however, it's our duty as entrepreneurs to anticipate such changes, or at least try them. And for this, we need to be constantly learning and developing.

For example, at Skydropx, we are always looking for ways to meet the needs of our customers, to look for innovative proposals, and to be constantly in training. All this is what has guaranteed that we remain victorious in the logistics world.

Now, I'll ask you the key question: How do you think your business did this year? Good? Bad? Regular? It's important that, despite the results you have obtained, you take all the tools that you can and unlock the maximum potential that only your business has. 

Remember that in the business field, it's essential that you sweep away the competition, innovate every day, listen to and know the needs of your customers, along with being creative and persistent in continuing with your ideal business.

After all, the world was made by those who prevailed. And what better way to prevail than by staying on top of the world?