When entrepreneurs launch business ideas, they are often overwhelmed with the details of operations, financing, and sales. Concepts such as artificial intelligence (AI), machine learning (ML), and generative AI (GenAI) may seem too futuristic—things to consider once the startup has established itself firmly in its market space.
However, in today’s technology and data-driven worlds, these advanced technologies must be woven into every company from the beginning. If used correctly, these technologies can accelerate a startup’s speed in the market and minimize the number of failures often otherwise inevitable in young organizations.
One advantage that new companies have is a fresh start. Instead of being bogged down with years of unstructured data that must be cleaned up and sanitized, startups often have very limited data, or none at all. This positions them perfectly for pilot or test runs with data models or algorithms.
For those businesses that have no data yet, many government agencies offer publicly available datasets for free. These are ideal for training a new data model on a small scale, providing a fundamental analysis to help direct a startup in a particular geographic region or industry.
Publicly available data can be an inexpensive and straightforward place to start, but most startups will need to refine this data as they grow to generate more accurate insights.
Specific data that may be more relevant to a startup can often be purchased from third-party providers, research organizations at universities, or other similar companies. Startups may be able to partner with a more established related business, making arrangements to train their models using existing datasets.
As they get up and running, they will want to use their own data as it becomes available to refine their data strategy further.
Unlike established companies that may collect data with antiquated reporting methods, startups can create their data strategies with ML and GenAI in mind from the very beginning.
Consider how data will be used before collecting it so it can be gathered and stored in a meaningful way from the outset. Remember to focus on end goals such as a superior user experience, streamlined and efficient workflows and processes, and real-time data delivery that can drive intelligent business decisions.
Consider using a cloud services provider such as AWS managed services to leverage years of experience and expertise for a faster start. AWS-managed services eliminate the need for startups to employ their own data engineers or scientists; new businesses can piggyback on existing datasets and analyses.
For example, a startup focused on helping pharmacies increase their claims can access key data through AWS Forecast regarding local population demographics, seasonality of certain conditions, and other such classifications. This data can be analyzed by ML and GenAI tools to ensure that specific pharmacies have the right level of inventories and offerings to maximize their claims and profits in particular regions.
In addition, using AWS managed services allows easy scalability as soon as startups are ready to grow, allowing new companies to employ more sophisticated ML and GenAI technologies as needed.
As startups move through various funding rounds, they must show potential investors that they are focused on the right areas for growth. By preparing for GenAI and ML technology integration from the very beginning, startups will have an advantage in subsequent funding rounds as they demonstrate a focus on a superior user experience, efficient and streamlined operations, and establishing a data-driven culture.
IO Connect Services is an AWS Advanced Tier Services Partner, a certified MuleSoft® System Integrator Partner, a Salesforce Commerce Cloud Consulting Partner, and a member of the Datadog Partner Network. Our professionals have over 20 years of experience delivering complex technical solutions worldwide. We offer solutions in migration, DevOps, cloud native development, cloud solution architecture, security and compliance, and managed services. The company has achieved AWS competencies in retail, migration, and DevOps. We work relentlessly on establishing and maintaining trust with our clients and all business partners for successful long-term relationships.
Focusing on companies "born in the cloud" or wishing to migrate to the cloud, IO Connect enables them to leverage the advantages of having a cloud-native infrastructure.
Reach out to us today. Schedule a consultation to discuss how we can optimize your middleware deployment and achieve monetization in year one.
