How AI Identifies New Opportunities
AI is not just about automating tasks. It's also about identifying new opportunities for business development. AI is helping business to find their niche, identify new markets, and increase market share.
Tools like Microsoft Copilot can analyse vast amounts of data to identify patterns and trends that humans might miss. By sitting within a businesses tenant, MS Copilot can constantly scan for new opportunities, and help with the following:
- Market Analysis: AI can analyse market trends and customer behaviour to identify potential new products or markets. This can help businesses stay ahead of the competition and drive growth.
- Customer Segmentation: AI can analyse customer data to identify distinct segments within the customer base. This can help businesses tailor their products and services to meet the specific needs of each segment.
- Predictive Analytics: AI can use historical data to predict future trends. This can help businesses anticipate market changes and take proactive measures.
To learn if you're ready to implement AI into your SMB business, take our AI Readiness Assessment here.
High Profile Case Studies
- Netflix: Netflix uses AI to analyse viewing patterns and preferences of its users. This helps them not only in recommending shows but also in creating successful original content. Their hit series ‘House of Cards’ was developed based on insights gathered from their AI algorithms.
- Starbucks: Starbucks uses AI to analsze customer data and market trends. This helps them in menu development, store location planning, and personalised marketing. Their AI-powered mobile app provides personalised drink recommendations to customers, driving sales and customer engagement.
- American Express: American Express uses AI to analyse transaction data. This helps them identify spending patterns and trends, enabling them to offer personalised services to their cardholders. They also use AI to detect fraudulent transactions, thereby protecting their customers and themselves.
AI is a hugely powerful tool for business development. SMB businesses that leverage AI for business development can gain the edge on even their largest competitors, drive growth, and ensure long-term success.