The use of Artificial Intelligence as a new competitive advantage for statups

The use of artificial intelligence has become a hot topic, especially with the emergence of ChatGPT. In just the past year, AI applications have advanced significantly, and their use has become more widespread.

Reima Tuhkanen recognized the potential of AI much earlier when he founded IntelliNord in 2019. Now, as the CEO, he looks back at the company's journey with satisfaction. The business started quickly, and the company has grown steadily. This is not a given for a software startup.

"The idea for the company came from the observation that many tasks could be optimized and made more efficient by using artificial intelligence. IntelliNord's products are based on the idea that AI can make decisions based on data," Tuhkanen explains.

IntelliNord is now developing innovative AI-based solutions for the energy sector, particularly in fault diagnostics and consumption data management during the lifecycle of IoT devices. The company specializes in AI applications for numerical data.

"Due to the rapid development of technology, we leverage the latest innovations to continuously improve our AI applications," emphasizes Minna Toivari, the Development Manager at IntelliNord.

IntelliNord utilizes generative AI extensively. This refers to AI systems capable of independently creating new content, such as text, images, audio, or other media files.

Generative AI has gradually infiltrated various fields, including industry, education, transportation, entertainment, and commerce. Not all AI application possibilities are even known yet, which opens up exciting business opportunities, especially for startups.

Not all AI application possibilities are even known yet, which opens up exciting business opportunities, especially for startups.

AI expertise gives startups a competitive advantage in the market

The use of AI is part of the wave of technological innovations and the latest leap in automation. Tuhkanen and Toivari see AI as a natural continuation of the technological revolution.

"We took the first steps in automation with steam engines, and since then, automation and robotics have accelerated production processes, improved efficiency, and freed human labor from monotonous tasks," they say.

What opportunities does the use of AI offer, especially for startups? At its best, AI enhances efficiency and productivity, enables better decision-making, and provides new services and functionalities. It helps generate and develop innovations.

"The use of AI enables things that a startup wouldn't otherwise have the resources or expertise for. An efficiently operating company is also in the customer's interest. With AI, even a small startup can compete on an equal footing with a large company," Tuhkanen points out.

AI expertise has become a key competitive advantage in the business world. AI excels in data analysis, repetitive tasks, rapid calculations, and interpreting large amounts of data.

However, AI does not outperform humans in all aspects – at least not yet. Humans have a special ability for creative problem-solving, empathy, and deep reasoning. Ethical decisions, social interaction, and nuances of context are areas where AI falls short of human capabilities.

"AI is not just a tool but a resource that can change the way we work and live. The most important thing is to use this technology responsibly and ethically, so we can build a better and smarter future for everyone," emphasizes Toivari.

Artificial Intelligence as a Coder, Content Creator and More

Often, a startup's resources are limited at the beginning, but by leveraging artificial intelligence, even a new company can build an entire team. Various roles can be filled by, for example, a data analyst, content creator, designer, coder, coach, IT support, or photographer.

Tuhkanen and Toivari list four examples of experts created with the help of AI:

1. Data Analyst: Analyzes customers and financial data, identifies trends and cost-saving opportunities. Predicts changes in sales and financial risks, helping the company allocate resources and make better decisions. Optimizes production and supply chains by forecasting demand, stocks, and logistics. Also interprets user feedback, social media comments, and the effectiveness of advertisements.

2. AI Marketer: Creates diverse creative content for the company in various forms. Produces and designs text, images, and videos effortlessly. Writes reports and ad copy with ease. Masters most of the world's languages and translates text fluently. Especially in a startup, using AI can significantly improve marketing efficiency, save time and resources, and provide a better customer experience.

3. AI Developer: An invaluable asset in a company's product development. Conducts thorough background research, actively participates in brainstorming, and questions existing solutions while offering new perspectives and improvement suggestions. Identifies areas for development and helps the company build competitive and innovative products.

4. AI Specialist: Can work in almost any role. For example, a cybersecurity expert can conduct a security audit and detect security risks and unusual behavior in data systems, helping protect the company's data. Similarly, with certain qualifications, AI can assist professionals such as lawyers, HR specialists, environmental experts, and trainers in their tasks.

Using AI offers advantages, but it's essential to be aware of the risks. 

Where should a startup begin when it wants to leverage AI in its business? Tuhkanen and Toivari encourage trying out different tools boldly in daily routines. AI can be used in any industry, and the first experiment should not be discouraged.

There are both free and paid tools available. Using AI for free can be done with tools like ChatGPT, Bard, or Bing. If needed, startups can rely on AI experts like IntelliNord.

"Because tools are evolving rapidly, and new ones are constantly entering the market, companies need to invest more time to keep up with the pace," says Toivari and adds:

"In order for AI to work as desired, people need to learn how to use the tools correctly. Guiding AI is essential to achieve the best results.

While the use of artificial intelligence offers numerous advantages, it also comes with risks and threats. AI may lead to distortions and inaccuracies in data. Therefore, it is crucial for humans to always ensure whether the end result makes sense or not. Blindly trusting AI is not advisable.

"In addition, cybersecurity is a significant concern because AI systems can be vulnerable to data breaches and vulnerabilities, which can have serious consequences. It's important not to provide confidential information to AI," emphasizes Tuhkanen.

According to Tuhkanen and Toivari, AI has the potential to revolutionize our lives in many ways. At the same time, its future is complex and uncertain due to factors like legislation and copyright, which can impose their own limitations on the use of AI.