Use of Big Data and Ai Tools to Evaluate and Assist Startups

Abstract

Startup businesses are striving from the very beginning to understand their customers' needs and gain competitive advantage over their competitors. As they are running out of budget, time and other resources sooner than corporates they need to rely to disrupting technologies such as Artificial Intelligence (AI) and Big Data to progress to a next round. In this report, we present those dimensions of these technologies which empower startups on understanding and modelling customers' behavior and customers' needs. These are presented from the point of view of prospects and challenges considering, in one hand, the benefits of bringing data analytics into production or service delivery, but also considering the challenges for the startups to prove that they can deliver the right products or services. The confluence of the AI and Big Data technologies transcends all the sectors of even a startup business (manufacturing, information technology, finance, technical operations, customer services, logistics, etc). However, the challenge of a startup is to harvest the best possible business intelligence and implement targeted and earlier innovations.

Startup Valuation with Artificial Intelligence: A SWOT Analysis

“…In a separate study by Agarwal (2018), the author discovered that expenses are a public administrative challenge of implementing artificial intelligence in any startup because it requires a lot of resources. (Davalas, 2020) supports this notion in his study that discovered that startups can easily have their budget run out. Despite the excellent work that the AI tools do in evaluating a startup, the costs prove too much for some of the newly formed business ventures.…”

“…The evaluation of startups is necessary because of many reasons that would be useful in helping such business ventures to survive. According to (Davalas, 2020), evaluation of startups is necessary because it determines the point of interaction between the customers and the business. Startups need to be evaluated to ensure that the business owners are able to determine the point where the organization interacts with people and improve the same.…”