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Tag: Science & Technology

  • Establish Better Work Boundaries with This Second Phone Number App

    Establish Better Work Boundaries with This Second Phone Number App

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    Opinions expressed by Entrepreneur contributors are their own.

    Want to separate your personal phone number from your work number? Whether you’ve been meaning to improve your work-life balance or have it listed as a resolution, Hushed makes it easier to ensure you aren’t fielding after-hours calls.


    StackCommerce

    Hushed Private Phone Line provides an excellent second phone number option, allowing you to manage multiple numbers in an easy-to-use app. And right now, you can get a lifetime subscription to this convenient service and start setting up work boundaries for just $24.99. That’s a significant drop from the usual $150 price tag for a service that has already amassed a 4.6-star rating on the Apple App Store.

    Hushed Private Phone Line lets you hide your actual phone number while tackling work calls and even sending texts or pictures. Just use this super secure app to select your preferred area code and start making calls on a second number — without paying an expensive second phone bill! You’ll get your private phone number with no additional monthly fees, with 6,000 SMS texts and 1,000 phone minutes available per year.

    Choose between 100s of area codes from the U.S. and Canada, then customize your number with a voicemail. You can also include call forwarding settings, and if you use Wi-Fi or data, you won’t incur any expensive service charges.

    Aside from being an excellent tool for entrepreneurs, you could also use this second number for Craiglist sales, dating apps, or any other activities where you want to keep your actual number private. One verified user wrote, “Very handy app to use when I don’t want to give out my personal number.”

    A lifetime subscription to a Hushed Private Phone Line is on sale for just $24.99 (reg. $150) for a limited time.

    Prices subject to change.

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    Entrepreneur Store

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  • This $50 Bundle Can Help You Ace Exams on Cloud Technology

    This $50 Bundle Can Help You Ace Exams on Cloud Technology

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    Opinions expressed by Entrepreneur contributors are their own.

    These days, people and businesses alike are more dependent on cloud technology. Many entrepreneurs, however, don’t understand the technology any more than knowing it’s what powers their Google Drive. If you want to learn more about the cloud in 2023 and learn how to get certified in a few of the most popular cloud platforms, then check out The 2023 Ultimate Cloud Foundation Certification Bundle.

    https://www.youtube.com/watch?v=i3dGlyXl444

    This bundle includes five courses from iCollege, one of the most trusted online learning marketplaces around. Since 2003, they’ve helped thousands of students across 120 countries learn the most in-demand tech skills. iCollege is even trusted by Silicon Valley startups and Fortune 500 companies to keep employee skills up to date, so you know you can trust their courses to prepare you to pass the certification exams.

    Through these courses, you’ll prepare for five key certification exams: CompTIA Cloud Essentials+ (CLO-002), CompTIA Cloud+ (CV0-003), AWS Certified Cloud Practitioner (CLF-C01), Microsoft Certified Azure Fundamentals (AZ-900) (v2), and Microsoft Certified Azure Administrator Associate (AZ-104). These core exams will teach you the skills you need to understand which cloud solutions will work best in different business environments and help you take the first steps toward cloud proficiency. As a result, you’ll be able to evaluate, design, and deploy cloud environments; automate, administer, secure, and troubleshoot cloud systems; and save organizations money by implementing valuable cloud solutions.

    Once you’ve got the generics down, you’ll dive into introductory exams for Microsoft Azure and Amazon Web Services (AWS), two of today’s most popular cloud platforms.

    Right now, you can get The 2023 Ultimate Cloud Foundation Certification Bundle on sale for just $49.99 (reg. $1,495) for a limited time.

    Prices subject to change.

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  • How Yami’s Founder Sustains Growth in the Ecommerce Space

    How Yami’s Founder Sustains Growth in the Ecommerce Space

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    The transition to college can be tough for any young adult — especially if they attend one 7,000 miles away from home.


    Courtesy of Yami

    That was the case for Alex Zhou, founder and CEO of online Asian marketplace Yami, who came to the U.S. from China to attend Kansas State University in the college town of Manhattan, Kansas in 2007.

    “For almost five years, I didn’t have access to Asian food, restaurants or grocery stores,” Zhou tells Entrepreneur. “It was really inconvenient, and I noticed a lot of my classmates who came from Asian countries experienced the same problem.”

    Post-graduation, Zhou moved to LA, where there’s a large Asian population. Surrounded by a bounty of Asian restaurants and brick-and-mortar stores like H Mart, the lightbulb went off: Maybe I can start an ecommerce company to carry Asian products and brands, Zhou thought.

    Ecommerce certainly wasn’t a new concept at the time. In China, there was Alibaba; in the U.S., eBay and Amazon were long-established players. And with more and more Asian students and immigrants coming to the U.S., Zhou realized there was a real market for his idea.

    Zhou established Yami, formerly known as Yamibuy, in 2013. Today, the ecommerce retailer boasts two million customers (one in 10 Asian Americans use the platform, Yami found by examining customer and census data) and more than 300,000 SKUs of Asian snacks, food, beauty and health products, home appliances, books and more.

    Additionally, even though the majority of U.S. Asians live in California, New York, Texas, New Jersey and Washington, Yami’s seeing its most rapid growth not in those states, but in college towns like Raleigh, North Carolina and Tempe, Arizona — a testament to Zhou’s original mission.

    Related: 12 Awesome Tips From Ecommerce Experts

    “In the beginning, I was just trying to serve all the Chinese students studying in the United States.”

    Back in 2013, as a fresh college graduate, Zhou had no idea how to run a business. So he started from scratch: researching everything from products and costs to website development.

    Part of the process? Taking a stroll through the very Asian markets he’d noticed on arrival to study their customers and jot down brand names, some of which would become eventually become Zhou’s own suppliers.

    Zhou’s strategy was a success, but as Yami grew, so did some of the challenges along with it. In the early days, when Zhou couldn’t afford to hire employees, he would work from 6 a.m. to midnight, driving around to pick up the inventory nobody wanted to deliver to his still-young company.

    Then, around 2015, when Yami was really gaining momentum and could afford to hire, Zhou had to figure out how to convince people working at Google and Amazon to join his startup.

    Through it all, the founder had to consider how to sustain Yami’s growth. “In the beginning, I was just trying to serve all the Chinese students studying in the United States because I understood their pain point,” he says. “I knew what they wanted.”

    Leveraging word of mouth was key from the start. The right product can generate a lot of organic takeoffs, Zhou says, using the example of social media.

    “Let’s say somebody bought instant noodles from Japan,” Zhou explains. “Then he or she posts on social media: ‘Oh my God, look at what I bought.’ Then their friend is going to ask [where they bought it from]. This is our classic customer acquisition channel — to this day.”

    Related: The Business of Harnessing the Power of Social Media

    “The strategy changes a little bit [when] customers aren’t familiar with the product.”

    In recent years, Yami has expanded beyond its Asian customer base, and doing so requires a shift in tactics, Zhou notes.

    “When we step into this space, the strategy changes a little bit because these customers aren’t familiar with the product,” Zhou says, “but they’re influenced by the rising Asian pop and food culture.”

    Especially in U.S. coastal cities, it’s not uncommon for people to incorporate Asian cuisines into their weekly meal rotations, Zhou explains, and part of Yami’s success with its non-Asian customer base relies on its ability to connect with those potential buyers.

    To that end, Yami works with Asian chefs and restaurants to acquire Asian-food lovers. The company also partners with Asian content platforms to draw in people who are fans of Asian pop culture like K-pop, K-drama, anime and more.

    Image credit: Courtesy of Yami

    Related: These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture

    “Every single customer wants a world-class experience. Improving the customer shopping experience is on our mind every day.”

    Another major growth milestone? Yami’s opening its East Coast warehouse, which will enable shipping times that rival Amazon Prime‘s across the U.S. — an average of just 2.6 days, Zhou says.

    “Retail is retail,” Zhou explains. “Every single customer wants a world-class experience. Improving the customer shopping experience is on our minds every day. That’s why we [opened] our West Coast warehouse first, and now our East Coast warehouse — so we can ship the packages to our customers faster.”

    Yami also has its own fleet of vehicles; in LA, orders placed in the morning can be delivered the same day, and those placed in the afternoon can be delivered the next day.

    In dealing with so many cross-border products (95% are imported from Asia), Yami has to contend with a sometimes-complicated supply chain. That’s why it’s made data and AI a cornerstone of its strategy — using the technology to forecast demand and personalize marketing to customers.

    Related: Are You Giving Your Customers Personalized Experiences?

    “You never solve the problem if you just think about it.”

    To other founders hoping to break into the ecommerce space as successfully as Yami has, Zhou suggests keeping two things in mind. First, you have to zero in on your niche.

    “It’s too late [to start the next Amazon],” Zhou says. “Amazon already dominates the entire ecommerce space. But there are still new ecommerce companies coming up every day. If you look at all of these [new] companies, there’s always something distinct about them. For example, Yami — Amazon is big, but it’s not doing well with Asian supply chains. It’s not doing well with Asian products.”

    But perhaps the most important piece of advice, according to Zhou? Just take that first step.

    “Sometimes [potential founders] think too much — but they never put their thought into action,” Zhou explains. “You never solve the problem if you just think about it.”

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    Amanda Breen

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  • How Web3 Founders Can Get the Most Out of an Accelerator Program

    How Web3 Founders Can Get the Most Out of an Accelerator Program

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    Opinions expressed by Entrepreneur contributors are their own.

    “Build in the bear market” is a common phrase in Web3. However, beyond a whimsical sentiment to tide us through uncertain market conditions, what does this phrase actually mean? It is a widely known fact that in general, startup life is not easy. Being a startup in the Web3 space is no exception to that rule and comes with additional considerations. Data has shown that nine out of ten new startups fail and, when we add to this the additional, regulatory, reputational, business-model and technical risks that the Web3 industry brings, it becomes ever clear that building a Web3 startup is not for the faint of heart.


    KanawatTH | Getty Images

    Through the helping hand of an accelerator program, this is not a journey that must be made alone. Accelerators exist generally to support early-stage startups by providing access to education, mentorship, expert networks and financing — be that directly or indirectly. Their overarching aim is to accelerate the life cycle of young companies by compressing years worth of learning by doing into a few intense months. Research indicates that accelerator participants increase their chances of survival by a lofty 23%. At Outlier Ventures, we are proud to say that 9/10 of the 187 startups we have accelerated over eight years are still alive. As an accelerator native to the Web3 paradigm, our programs are tailored to each start-up, covering topics including token design and economics, legal and regulatory considerations, product roadmap, NFT and community strategy amongst other areas of guidance and coaching.

    Related: What All Entrepreneurs Need to Know About Web3

    Spoiler alert — accelerator programs are no walk-in-the-park. They require a degree of readiness from the startup. Accordingly, I’m sharing Outlier Ventures‘ top tips for founders to make the most of an accelerator program, in particular, one focused on the Web3 market.

    You need a founder mentality

    First things first, it is imperative that founders entering accelerators truly embody the founder mentality. While this is a characterization that encompasses a broad variety of tenets, the core three that are crucial in ensuring success in an accelerator are: mental fortitude, coachability and an execution-focused mindset.

    Be adaptable and resilient

    Be open to advice. Be open to learning and adjusting. From time to time, these learnings may lead to big changes in your business plan that will not be easy to make but will ultimately lead to a stronger and more resilient business model. The founders that do best in accelerators bring humility but also self-awareness to the table.

    Related: Web3 Is About More Than Tech, Thanks to Its Inclusivity

    Accelerators strive to educate and inform startups on how to improve and run their business from a variety of different perspectives. Sometimes, this will mean that certain aspects of a business will need to be changed and adjusted, or even abandoned altogether. Suggestions for change to a business are ultimately made with the long-term survival of the business at its core. In the industry since 2014, Outlier Ventures has seen all market conditions, including two global recessions. From this, one can safely assert that it is the founders willing to take constructive criticism and adjust in the short term that will reap the greatest rewards in the long term, the benefits and reach of which extend far beyond the end date of the accelerator program.

    Focus on execution

    When it comes to an execution-focused mindset, we must also remember that accelerator programs take place over a relatively short period of time and move at an incredibly high pace. No more is this true than in the ‘crypto time’ whirlwind of the Web3 space, which, as a 24/7 permissionless innovation, sees capital markets move 10x faster than traditional markets. As such, Web3 accelerators are focused on speed of execution and accelerated time.

    However, it is important not only to be focused on executing objectives swiftly, but also efficiently. When introductions to potential clients are made or discussions with advisors are ongoing, founders need to be ready to act with haste, ensuring that opportunities do not fall by the wayside. To solve real issues and take full advantage of potential networking opportunities, founders must be single-minded when it comes to execution and employ the necessary discipline, focus and conviction to achieve their desired outcomes, understanding that, as founders, their time is the most valuable asset a company has.

    Have clarity in business goals

    Accelerators provide a wide variety of resources to founders. It is crucial that careful planning and consideration are put into place from the outset to establish precise goals for participation, ensuring adequate time and resources are allocated and distributed to allow for the execution of such aspirations. For startups, this can be as simple as setting up basic operational tools and processes like OKRs to effectively track and coordinate a team’s attention and resources.

    Related: Venture Capitalists are Pouring Money into Web3. Here’s Why.

    Have a strong concept

    It is important to remember that accelerators are not equivalent to incubators and, accordingly, should not be used for ideating or brainstorming. Teams entering accelerators need to have a solidified proof of concept and if possible, some form of early validation of this concept. If founders can enter an accelerator with a pre-existing community, a relevant advisor or team member who is already situated in the industry, or a letter of interest from a potential customer, then they will instantly be in a position to capitalize on using these connections to further the growth of their startup. Accelerators are about creating ‘fly-wheels’ which increasingly build up momentum. Teams that lack this are often asked to reapply with traction in areas critical to their success and founders can be accepted after as many as two or three applications.

    Grow your network

    Leverage the network that is provided to you by the accelerator cohort. Assume there are already several better-capitalized teams somewhere in the world working on a similar idea right now because it’s most likely true. With social media, we now operate in a hive mind where no idea is new or unique for long, and the only way to navigate competition is to out-execute it. Making connections and seeking feedback early on to iterate ahead of the competition is essential. This is especially true in Web3 where most startups are building on, or integrating with, the open source technology of others where there is less of a technological moat and community is at the heart of most products.

    Be relentless

    As a founder, I am convinced the strongest indicator of success is relentless perseverance to see things through. In the wider macroeconomic environment, let alone in the frantic world of crypto and Web3, there are so many factors that cannot be controlled. However, if you possess a real unmet need or innovation, then a premature start and lack of execution are the only enemies. The startups that succeed are the ones that stick to their goals and work on getting better. There have been plenty of times I’ve seen founders momentarily lose faith in Web3 due to market events out of their control. However, building a business in an old paradigm like Web2 because it feels easier, is to deny an eventuality and give any fleeting success a short shelf-life.

    Amidst an economic downturn, accelerators are still seeing more applications than ever, with a notable upturn from founders and executives pouring out of Web2 and Big Tech and drawn to Web3’s alluring potential. Some of the largest companies such as Nike with the RTFKT acquisition, Starbucks and their NFT loyalty program and, within Outlier Ventures’ partner network, the likes of FARFETCH, are all deeply committed to Web3 and its ability to redefine their value chains and businesses.

    As we transition out of this bear market, there is huge potential for Web3 to be the growth vehicle that drives us out of the current macro trends that we are witnessing. The time for building is now, so get out there, and don’t miss out on this invaluable opportunity!

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    Jamie Burke

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  • 5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

    5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    Machine learning is much more than a buzzword — it has become a major player for many businesses. More and more companies are implementing machine learning and other AI tools to supplement or streamline their activities. This is especially true after the Covid-19 pandemic accelerated the adoption of machine learning.

    The way that your company implements machine learning can have a direct impact on its performance in the year ahead, especially as AI tools become utilized in a broader range of business activities. By understanding the areas where machine learning is poised to have the greatest impact, you can move proactively to adopt these tools for your own entrepreneurial efforts.

    Related: Learn How Machine Learning Can Help Your Business

    Decision-making automation:

    Machine learning’s ability to proficiently analyze and interpret large amounts of data in a rapid timeframe has made it an essential part of many businesses’ decision-making processes. In some cases, these tools can even be used to automate simpler, lower-level decisions that might otherwise be made by customer service reps or others.

    In this situation, machine learning draws data from previous actions and trends, and uses available data to recommend the most efficient solution to a problem or request. This allows employees at all levels to spend less time focused on more repetitive decision-making tasks so they can focus their efforts on more in-depth problems.

    This is undoubtedly part of why 81% of employees feel AI improves their work performance, with 49% specifically citing improved decision-making.

    1. Improved privacy compliance

    While many consumers have concerns about big data and machine learning negatively affecting their privacy, machine learning is often being used to enhance privacy compliance and protect data.

    In a recent article for the Turkish Journal of Computer and Mathematics Education, Pramod Misra details multiple ways machine learning can aid privacy compliance, namely through machine learning privacy meters, which assess potential privacy issues associated with other machine learning models; and privacy-preserving machine learning (PPML), which trains machine learning tools to protect confidential data.

    With these tools, Misra’s research team was able to use PPML to model threats and prevent data leaks from a variety of attack methods. In this case, machine learning is being used to ensure the security of other enterprise applications.

    Related: What Is Machine Learning, and How Can It Help With Content Marketing?

    2. Smarter customer recommendations

    One of the more popular uses for machine learning has been in customer recommendation engines. Examples of these tools include Amazon recommending additional items for a shopper to add to their cart based on past purchases, as well as Netflix’s personalized recommendations based on a customer’s viewing history and other factors.

    The end goal of machine learning, in this case, is to deliver a more streamlined and enjoyable experience for the customer, based on the data that they readily supply to the business. Notably, many of these machine learning tools also support direct feedback from customers to improve their recommendations.

    Though these data filtering tools are hardly new, they can still have a transformative impact on entrepreneurs in 2023. Businesses that can implement specific and relevant use cases for delivering personalized recommendations to their customers will be better positioned to deliver a positive experience that helps them stand out against the competition.

    3. Generative AI

    In the latter half of 2022, generative AI proved to be one of the hottest topics in the machine learning space, garnering both enthusiasm and harsh criticism. Generative AI has been used to create highly realistic photos and videos, as well as generate “art” or even produce basic written content.

    Many artists and celebrities have spoken out against AI art, in large part because of how it uses others’ creations as source material to generate its own content. Despite the outcry, many businesses will likely make their own tentative forays into generative AI to speed up the creation of their own content and to reduce costs.

    Though this trend is certainly worth paying attention to, this is an area where entrepreneurs should proceed with caution. Generative AI is still prone to imperfections, and the backlash of using it could easily outweigh the potential benefits. Time will tell how this trend shapes the business and artistic landscape (for good or ill) in the year ahead.

    4. More efficient financial management

    Few things can have a greater impact on a business’s sustainability than its cash flow and overall financial management. Machine learning algorithms are playing an increasingly vital role in a wide variety of financial tasks to help leaders make better money-related decisions.

    For example, machine learning can be used for tasks like performing a cost analysis or predicting expenses associated with certain business activities. This allows leaders to better determine how an action will affect the bottom line, and if the investment will truly be “worth it.”

    Machine learning tools can also be used to protect businesses and customers from fraud. Fraud detection tools can use information such as the time and location where a customer typically uses their credit card to flag fraudulent purchases. Protecting customers is a sure way to enhance trust and build a loyal customer base.

    Are you prepared for how machine learning will impact you?

    Machine learning has already had a significant influence on a wide range of business activities — and that is only going to accelerate even more in 2023. Whether your business has already adopted AI tools or is just looking into machine learning, focusing on these tech tools can go a long way in driving better efficiency, productivity and profitability.

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    Lucas Miller

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  • Carry a Flashlight Everywhere with This Utility Device

    Carry a Flashlight Everywhere with This Utility Device

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    Opinions expressed by Entrepreneur contributors are their own.

    Many entrepreneurs are jack-of-all-trades types, which is why it makes sense you’d want the same sort of utility in your day-to-day. So whether you’re gearing up for summer adventures or just like to be prepared in an emergency, the Eight-in-One MaxLight Mini Super Bright Utility Flashlight makes a great addition to your everyday carry.

    This clever little device fits in your backpack, pocket, or keychain and offers eight cool functions. Primarily a flashlight, the MaxLight illuminates 30x brighter than your phone with powerful LEDs that can reach up to 800 lumens without taking up a lot of bulk. In addition, you can switch between four light modes — super bright, medium, low, and strobe — depending on your needs and attach it to any metal surface thanks to the magnetic design. That makes it especially handy in the garage or at the campsite.

    In addition to the flashlight, the MaxLight also includes a bottle opener, a carabiner, a foldable kickstand, and a mounting hole to make it useful for hiking, camping, fishing, and any other trip. It’s waterproof and dustproof, making it suitable for all of your outdoor adventures. It has a 3.5-hour battery life and is USB rechargeable, so you can quickly get back up to full power. The LED indicator will let you know when it’s fully charged.

    This lightweight tool has 5/5 stars online. One verified buyer boasts, “Very bright and made of quality materials.”

    Be prepared for absolutely anything, and give yourself some support for all of your spring and summer adventures. For a limited time, you can get a two-pack of Eight-in-One MaxLight Mini Super Bright Utility Flashlights for 45% off $54 — just $29.99.

    Prices are subject to change.

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    Entrepreneur Store

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  • What Biotechnology’s Paradigm Shift Means for Businesses

    What Biotechnology’s Paradigm Shift Means for Businesses

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    Opinions expressed by Entrepreneur contributors are their own.

    The past three years have changed nearly every industry. Where business used to be conducted in person, in offices and laboratories, the coronavirus pandemic forced a change. When remote work became mandatory, even traditional industries like the biopharmaceutical sector had to embrace new technologies.

    Today, the world may no longer be required to isolate and keep a distance, but the influence of advanced technologies is only growing. Their potential is apparent in shortening the time it takes to bring medications to market, dealing with supply chain issues and personalizing medicine.

    The paradigm shift of biopharma

    The biopharmaceutical industry has a reputation for being rather traditional. Despite its dependence on research, development and innovation, the industry has relied on tried and tested ways of conducting research. Conducting clinical trials and bringing new medications to the market tended to follow a specific format. This traditional business model has helped biopharma in the U.S. become a global leader for decades.

    Although emerging countries have been mounting a challenge, the United States continues to dominate the global pharmaceutical market. Five of the top ten pharmaceutical companies worldwide are based in this country. Their sales account for nearly 50% of all sales of medication around the world.

    2020 turned the industry on its head. As governments decided to impose lockdowns on their citizens, countless clinical trials came to an abrupt halt. Other companies rechanneled their energies into developing Covid-19 vaccines; for one of those companies, Pfizer, the vaccine resulted in the business becoming number one in the U.S.

    Others again started to look at advanced technologies to transform their operations. This is how artificial intelligence (AI) and machine learning (ML) entered this field. Initial results of AI and ML developments are exciting and have ensured that these technologies are here to stay for the foreseeable future.

    Related: The Future of Food: How Biotech Will Save Us All

    Making medications available faster

    The biopharmaceutical industry has long faced questions about the time it takes to develop, test and deliver a new drug to the market. During the pandemic, the rapid development of mRNA vaccines showed that technology could accelerate the process safely. In addition, the Pfizer / BioNTech and Moderna vaccines also proved the viability of mRNA technology.

    Jan van de Winkel, President and CEO of Danish biotechnology company Genmab, believes that next-generation technologies will be the key to accelerating drug development. In this context, biopharmaceutical companies are starting to take advantage of the likes of AI and ML. AI can process and analyze larger data volumes than humans can. This enables scientists to recognize patterns and their implications faster than ever before.

    ML-based algorithms are being used successfully in clinical trials. One recent example of this is Anavex Life Sciences. The company’s drug candidate Anavex2-73 looks set to provide treatment for dementia patients. The drug is undergoing a phase 2a clinical trial with only 32 patients. Anavex has been using decentralized trials since before the pandemic, minimizing the need to travel and making trials more accessible for patients. The company is supplementing them with whole genome analysis to enhance trial results.

    Utilizing technology like this can help speed up the development of new drugs without compromising patient safety.

    Related: Orchestrating an Innovation Ecosystem

    Improving supply chains

    One of the pandemic’s most noticeable consequences was supply chain disruption. Like others, the biopharmaceutical industry scrambled to continue supplying life-changing medications. As manufacturing and shipping all but halted in countries with strict restrictions, biopharma manufacturers needed to look for alternatives.

    Establishing closer relationships with external contractors proved to be one of the solutions. Those contract manufacturing organizations (CMOs) have always been a part of the industry. But their role was often confined to early clinical development or filling in the odd production lot. Since 2020, CMOs have both cemented and extended their role in the biopharma industry. Currently, CRB survey results suggest that more than half of biopharma manufacturers plan to use these contractors as an integral part of their pipeline.

    Genmab found that working with CMOs added value to their manufacturing of modified antibody candidates and related products. External organizations were able to offer highly specialized services that supported in-house manufacturing.

    Personalizing medicine

    Precision medicine, or personalized medicine, holds the promise of customizing treatments for the individual. Backed by data, this approach would allow doctors to make recommendations based on the patient’s genetics and lifestyle. Precision medicine has huge potential in cancer treatment, for example.

    Experts also believe that precision medicine may hold the key to the continued growth of the entire sector. According to analysts from Boston Consulting Group, medicines driven by biomarkers derived from genomic data will be at the heart of this development. At the same time, the analysts highlight the challenges this type of medication brings. Personalizing treatments and drugs increases manufacturing complexity in ways that the industry is only just starting to explore.

    Related: How Green Pharma Can Cure Disease and (Possibly) Save the Planet

    Cooperating for patient benefit

    The biopharmaceutical industry is competitive. However, during the pandemic, cooperation between businesses became one of the drivers behind progress. Accelerating the time it took to develop, test, and distribute vaccines worldwide required manufacturers to streamline their processes. They also needed to work closely with regulators to ensure vaccines were both safe and effective before entering mainstream production.

    Some industry insiders refer to the pandemic years as a period of creativity. Key players in the industry were forced to change their approach to manufacturing and distribution. The entire sector came together to solve a global problem at an unprecedented scale. Larger manufacturers provided the capacity and infrastructure that small, innovative biotechnology outfits needed to bring their products to the public. The cooperation between Pfizer and BioNTech is perhaps the best-known example of this synergy.

    Biotechnology and the biopharmaceutical industry are starting to embrace technology to transform their research and development departments and manufacturing processes. Continuing this digital transformation will give patients faster access to life-saving treatments and, eventually, personalized pharmaceuticals.

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    Jessica Wong

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  • 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you struggling to keep up with the demands of digital marketing? You’re not alone. Small businesses and entrepreneurs are often so busy that they don’t have time to focus on their marketing efforts.

    Don’t worry, though! There are ways to automate your digital marketing so that it doesn’t take up all your time.

    As a digital entrepreneur and marketing coach, over the past ten years growing online businesses, I’ve learned precisely how to save 20 hours a week with automatic digital marketing processes, which I’m here to teach you. By implementing the three following automation strategies, you can free up valuable time to focus on other aspects of your business. Let’s get started!

    Related: How to Build on Your Digital Marketing Momentum in 2023

    1. Social media marketing automation

    Automating your social media marketing is one of the fastest and easiest ways to save time in digital marketing. There are many tools available that allow you to schedule posts, monitor engagement, and more.

    At the beginning of each month, create a calendar by planning 30 days worth of social media content ideas. For example, each day of the week, you should vary your content by type (i.e., educational, entertaining, inspiring, tips and tricks, behind-the-scenes, etc.). This will help keep your social media audiences engaged and interested in your posts while making it easier for you and your team to create the content.

    Similar to how manufacturing facilities streamline production processes by batching work, the same technique should be applied to your marketing efforts. Instead of creating marketing content from scratch and posting to social networks daily, batch your workload by producing content in one sitting and then schedule your posts for the rest of the week. This will make it easier for you and save you a lot of time so that you can move on to other areas of your business.

    When filming videos or shooting photos for social media, aim to capture a variety of content that can be reused and repurposed for various posts. This will cut down on the content creation time, as you’re utilizing one shoot for multiple pieces of content.

    You can also share UGC (user-generated content) featuring your company’s products or services (either by hired content creators or real customers), which shows social proof while giving you easy-to-post original content that doesn’t require extra work or effort on your part.

    In addition to these social media marketing tips to save time and energy, you can also reshare posts from several months ago. For example, if you had a popular post on Instagram from at least 3-months ago that got a lot of engagement, repost that with a slightly different caption now. This drastically cuts down on your content creation time, helping to attract a wider audience of potential new followers interested in your business.

    Related: Top 12 Questions About Facebook Ads That Every Entrepreneur Needs To Know

    2. Automating email marketing

    Automating your email marketing is a great way to save time and increase efficiency while staying in touch with your customers and prospects. You can use an email automation platform like Flodesk, Mailchimp or Constant Contact to create automated campaigns that send personalized emails to your subscribers based on their preferences and interests.

    For example, creating an email sequence workflow that automatically is scheduled to send to people who opt-in to your email list is the absolute best way to streamline your email marketing process. It’s also important to segment your audience lists so that you optimize your email workflows — this way, you know where each person is in the customer journey experience.

    For example, if someone opts into your email list by signing up for a lead magnet (such as a free ebook), then you’ll want to add them to a cold lead list (since they’re just learning about your business). That way, you start to warm them up through emails before selling them on your products or services.

    By comparison, if you set up an audience list of past customers, you can remarket to them by offering reward-based promotions (such as exclusive Thank You coupon codes) to encourage them to purchase again.

    As you can see, setting up audience lists makes it easier to create different types of automated emails that drive brand awareness, boost sales conversions and incentivize repeat purchases.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    3. Implementing content curation tools

    Content curation is another excellent way for entrepreneurs and small business owners to save time on digital marketing. Using a content curation tool, such as Buzzsumo or Curata, you can quickly find and share relevant content in your industry without spending hours researching articles and sources. Content curation tools allow you to easily search for the best content related to your target audience, save it for later use, and share it on social media.

    In addition to sharing industry-focused content, you can also share inspirational quotes that relate to your target audience’s mindset. For example, suppose you’re selling beauty products geared toward women. In that case, you might consider quickly creating a beauty image (even a stock photo will suffice) with a caption by an empowering female icon (such as Coco Chanel or Marilyn Monroe). Women are inspired by motivational messages from these figures and will often engage with this type of content on social media (by liking, commenting, and sharing it). This is an easy, effective way to create content that gets results quickly.

    These are just a few simple ways that automation will help you save time in digital marketing. Implementing these strategies will allow you to focus more energy on other important business areas while growing brand awareness for your company and acquiring new sales leads.

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    Christina-Lauren Pollack

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  • Elon Musk Wants Trial Moved to Texas, Citing ‘Local Negativity’

    Elon Musk Wants Trial Moved to Texas, Citing ‘Local Negativity’

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    Twitter owner and SpaceX CEO Elon Musk knows that some people aren’t his biggest fans — and he’s concerned about what that means for his upcoming jury trial over alleged Tesla stock manipulation.


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    Citing “local negativity” in California, where Tesla headquarters once resided, attorneys for the electric car manufacturer and Elon Musk are asking a federal judge in San Francisco to move or delay the impending trial from Northern California to Western Texas, CNBC reported.

    Related: Tesla Investors Tweet to Complain About Elon Musk and Twitter

    Musk and several current and former Tesla board members will go before a jury in a shareholder class action that alleges the billionaire businessman manipulated Tesla’s stock in 2018 when Musk tweeted he had “funding secured” to take the company private at $420 per share.

    Afterward, Tesla shares were erratic for weeks following an initial pause on trading.

    Musk later reached a settlement with the Securities and Exchange Commission, which a lawyer for the billionaire subsequently called a “government-imposed muzzle,” per NBC News.

    The Tesla CEO moved to Texas in 2020 and relocated the electric vehicle company to Austin in 2021.

    Related: Elon Musk’s Twitter 2.0: ‘Long Hours, High Intensity’ for Workers

    Attorneys representing Musk and Tesla claim that the CEO has received extremely negative publicity in California due to his October 2022 Twitter takeover, which resulted in the volatile elimination of thousands of employees.

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    Amanda Breen

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  • Be the Same You, Just More Prepared with This Generator, Now 28% Off

    Be the Same You, Just More Prepared with This Generator, Now 28% Off

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    Opinions expressed by Entrepreneur contributors are their own.

    Want to go into 2023 the same you, just a little more prepared? It’s impossible to know when a power outage will strike, but you can take action to keep your devices powered up and stay productive if you own a generator.


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    Make sure your smartphone is charged through an earthquake, or your laptop stays powered up in a thunderstorm with the EcoFlow DELTA Power Station. This handy device is currently on a massive price drop during the Same You, New Green Mindset event, from $1,399 down to $999, with no coupon code required. That’s a 28% savings available now through January 9.

    The EcoFlow DELTA Power Station is an excellent representation of the new standard of battery-powered generators. It works with a wide range of devices, helping you keep them powered up for hours when you lose power or simply are away from an electrical outlet. It can also charge a large amount simultaneously — up to 13 devices at once!

    Rated 4.6 out of 5 stars on Amazon, the EcoFlow sets itself apart from other generators thanks to its patented X-Stream Technology, which lets it recharge at 10 times the speed of most portable power stations on the market. And its large inverter load means it can even power up most home appliances and heavy-duty DIY tools under 1,800W with a 1,260Wh capacity.

    This Kickstarter-funded generator can be recharged by solar panels in about four hours or can be fully recharged through a 12/24V carport in under ten hours.

    Be the same you, just with your pivotal electronics charged up anytime, anywhere with the EcoFlow DELTA Power Station. It’s on sale now for $999, no coupon code required, now through January 9 at 11:59 p.m. Pacific time.

    Prices subject to change.

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  • Current Procedural Terminology (CPT): How It Works and What It Means

    Current Procedural Terminology (CPT): How It Works and What It Means

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    Current Procedural Terminology, perhaps better known by its abbreviation “CPT,” is the coding system the medical field uses to document healthcare services during a procedure.

    This system is extensive and can be confusing for those unfamiliar, but it’s essential to understand the basics, whether you’re a full-time medical professional or a patient.

    Below, you’ll learn the meaning of CPT, how it works, and the different categories to be aware of. You’ll also find tips for navigating this complex system.

    What is current Procedural Terminology (CPT)? FAQs answered

    CPT sometimes stands for curricular practical training, cognitive processing therapy, or carriage paid-to.

    However, below will discuss Current Procedural Terminology (CPT) as the acronym used to report medical procedures and healthcare services.

    This medical coding is developed and maintained by the American Medical Association (AMA) and used by health insurance companies, hospitals, and other healthcare providers to process claims and reimbursements.

    CPT codes are divided into three sections: evaluation and management, surgery, and radiology. Each section has its own set of codes for performance measurement for specific procedures.

    Healthcare providers and billers should be familiar with the CPT code system to ensure accurate billing.

    Related: A Day in the Life of a Medical Claims Biller

    How does CPT work?

    CPT officially launched in 1966 and is now in its fifth edition. AMA evaluates the coding annually to gauge whether a new CPT code is necessary. The CPT system has three levels of codes: Category I, Category II, and Category III.

    Category I codes, the most common, are used to report general medical procedures and services.

    Category II codes report more specific procedures and services, including those requiring special training or equipment.

    Category III codes are used for emerging technologies and procedures that are still being evaluated.

    Codes from all three categories can be used to bill for physician services. The AMA developed the CPT Editorial Panel to ensure that codes are accurately assigned to procedures. The panel comprises doctors from various specialties who regularly review and revise the CPT code set.

    There is also an annual review process during which new codes can be proposed and existing codes revised. The CPT system is constantly evolving to keep up with medical technology and practice changes.

    How Is the CPT code set categorized?

    Remember that evaluation and management (E/M), surgical, and radiology services comprise the three primary CPT categories.

    E/M codes are for office visits, hospital visits, and other outpatient services. These codes account for the level of care provided and the time spent with the patient.

    Surgical codes are for procedures performed in an operating room or another setting; they include information on the type of procedure, the body area involved, and the anesthesia used.

    Radiology codes are for diagnostic tests and procedures such as X-rays, MRIs, and CT scans. They describe the type of test or procedure performed and any special circumstances that may be involved.

    Related: Top 5 Healthcare Tech Trends Poised for Growth in 2022

    How can you find the right CPT code(s) for the procedure or service you’re billing for?

    When billing for a healthcare procedure or service, providers must use the correct CPT code (or codes) so that insurers can reimburse them for the cost. Billers can find the right CPT code(s) by searching AMA’s online CPT code database.

    To search, simply enter key terms related to the procedure or service. For example, if you’re billing for a skin biopsy, you might enter “skin biopsy” or “Biopsy, skin.”

    The results typically include a list of codes that match your search terms and a description of each code.

    Once you’ve identified the appropriate code (or codes), you can include them on your insurance claim form. Billers can typically ask a supervisor or another experienced medical billing professional for help if they don’t know which codes to use/

    How can you understand CPT codes on a bill?

    If you’re reading a medical bill for yourself, a family member, or someone else, you may see CPT codes listed for the services rendered. It’s helpful to understand what each code means to ensure everything is accurate and no mistakes have been made.

    For example, a bill with the five-digit code “99213” indicates a type of office visit. The number of the code reveals the level of service provided: a 99213 is for an established patient with a visit between 20-29 minutes, while a 99214 indicates an established patient with a visit of 30-39 minutes.

    Understanding CPT codes on your medical bill can help you identify errors or inconsistencies that may have occurred. If you’re ever unsure about what a code means, you can refer to the CPT codebook or get in touch with your provider’s billing staff for further clarification.

    Related: Startup Expenses for a Medical Claims Billing Service

    How do modifiers work?

    CPTmodifiers are two-digit codes that provide additional information about a medical service or procedure. They are used to indicate a modified procedure or to report a change in the usual circumstances of service.

    When submitting claims to insurance companies, it’s crucial to use the correct modifier code for accurate reimbursement. Failure to use a modifier can result in claim denial in some cases.

    There are many different types of CPTmodifiers, each with a specific meaning.

    Some of the most common modifiers include:

    Modifier 25: Indicates a separate and distinct procedure performed on the same day as another procedure

    Modifier 50: Indicates a procedure performed bilaterally (on both sides)

    Modifier 51: Indicates a procedure performed with multiple units

    CPTmodifiers are only sometimes required but are often essential to receive full reimbursement. When in doubt, check with the patient’s insurance company to see if a modifier is needed.

    Other important facts about using CPT codes in healthcare billing and reimbursement transactions

    By now, you likely understand CPT codes and their role in healthcare billing and reimbursement transactions. But as with anything related to healthcare billing, CPT is complex and requires you to learn continually.

    Here are a few other things to remember:

    • CPT codes can describe the services provided, not the diagnosis. The diagnosis is reported using ICD-10 codes.
    • CPTmodifiers may be needed to describe the service provided more accurately.
    • Always use the most specific CPT code possible. If there is doubt about which code to use, it’s generally better to err on the side of caution and choose the more specific code.
    • Bundling edits are in place for many CPT codes. This means specific codes cannot be billed together because they’re considered part of the same service.
    • Remember that CPT coding is just one part of the healthcare billing and reimbursement process. Other important considerations include documentation, billing software, and payer policies.

    Along with deepening your understanding of CPT, it’s best practice to keep your patients’ medical records organized. Many offices now use digital technology like EMR for its efficiency and convenience, and many of these electronic systems have built-in features to make billing with these codes easier and more intuitive.

    Related: It’s Time To Digitize Your Medical Records

    Are there any limitations to CPTfunctionality?

    There are certain limitations to CPT codes to be aware of as a healthcare professional. Here are some of the most prevalent ones:

    Specificity

    The first limitation is that the code must be specific to the service provided and accurately describe the procedure or service performed.

    For example, a diagnosis code cannot be used for a procedure code, nor can a procedure code be used for a diagnosis code. A minor coding mistake can cause issues for the healthcare provider, especially regarding reimbursement.

    Necessity

    CPT codes can only be used for medically appropriate and necessary services. You can’t use CPT codes for experimental or investigational treatments, procedures, or services.

    Accuracy

    You must choose the correct code level when reporting a procedure, meaning that you select the code that best describes the service provided. Choosing an inaccurate code level might lead to an improper payment or even an investigation by Medicare.

    Submitting claims

    It’s essential to consider the limitations of any coding system when billing for services or submitting claims.

    For example, CPT codes are only meant for medical procedures — not non-medical services such as administrative tasks.

    Also, selecting the correct code that accurately describes the service provided can be daunting due to the sheer number of codes available. You’ll want to carefully consider and research when selecting CPT codes for billing purposes.

    Moreover, CPT codes must adhere to certain limitations to accurately describe the service. It’s up to the provider or biller to select the correct code and ensure that all services are medically necessary.

    Remember to take the time to familiarize yourself with CPT codes and become aware of their limitations before submitting any claims for reimbursement.

    Related: The Best Ways To Attract Clients for Your Medical Claims Billing Service

    Now that you know about CPT codes

    CPT codes are an important part of healthcare billing and reimbursement. It’s essential to use the correct code when submitting a claim to ensure that you’re being appropriately reimbursed for the services you’ve provided.

    By understanding how CPT codes work and using the search tips above, you should be able to find the correct code(s) for your procedure or service quickly and easily.

    For more informational content, explore Entrepreneur’s wealth of business-centric resources here.

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  • Last Chance to Get Microsoft Office for Just $30

    Last Chance to Get Microsoft Office for Just $30

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    Opinions expressed by Entrepreneur contributors are their own.

    The year is beginning and you might be feeling like you deserve a reward for navigating yet another challenging year. We agree, which is why we’re offering a massive discount one last time on a lifetime license to Microsoft Office.


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    This year promises to be a challenging one as well, but with Microsoft Office on your side, you’ll be better equipped to navigate all of the obstacles that stand in your way. For only two more days, we’ve dropped the price on a lifetime license for both Mac and Windows versions to just $29.99.

    Both editions are available for instant delivery and download so you can pay just once and have Microsoft Office for life. They both include Word, Excel, PowerPoint, Outlook, Teams, and OneNote, giving you everything you need to successfully run your business. Word processing, data analysis, presentations, communication, organization, and more — it’s all covered by Microsoft Office.

    If you’re a Windows user, you’ll get an even more souped-up version that’s optimized for Windows. In addition to those six programs, you’ll also get Access and Publisher, tools that will help you manage complete databases and design your own lookbooks, flyers, and other design documents with ease. Plus, the Windows version utilizes the new ribbon-based interface that allows you to access all tools and customizations across the suite through one simple view. That way, if you’re working on a project that requires input from multiple programs, you can easily access everything you need in one view.

    Microsoft Office has been the world’s most popular office software for decades for good reason. Treat yourself to a lifetime license while it’s on sale for 91% off $349 at just $29.99 until Sunday 1/8. Get it for Mac or Windows while supplies last.

    Prices subject to change.

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  • How to Use Predictive Analytics in Your Business

    How to Use Predictive Analytics in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Predictive analytics is a field of data analysis that uses past data to make future predictions. By understanding customer behavior, you can better anticipate what they want and need — and therefore create products and services that appeal to them. In this article, we outline seven simple steps for using predictive analytics in your business. We hope these will help you get started and that the insights generated will help you achieve your business goals. In this article, we’ll discuss:

    1. What is predictive analytics?

    2. Why is it important in business?

    3. How does predictive analytics work?

    4. The different types of data that can be used in predictive analytics

    5. Steps for using predictive analytics in your business

    Related: How Predictive Analytics Can Help Your Business See the Future (Infographic)

    1. What is predictive analytics?

    Predictive analytics is a method of using data to make predictions about future events or behavior. It can be used in a number of different fields, including marketing, sales and customer service.

    Predictive analytics can be used to predict how people will behave in the future based on their past behavior. This can help businesses plan their marketing campaigns or sales initiatives better by knowing which type of customer is likely to respond well to a particular product or service.

    It can also be used to predict how customers will respond to changes that are made to the company’s website or product offerings. By understanding where and how customers are clicking on the website, for example, you can make sure that all information is presented in an effective way.

    Finally, predictive analytics can be used in order to improve customer service by predicting which customers are likely to require more attention than others. This allows staff members to allocate their time accordingly so that everyone receives the care they need.

    2. Why is it important in business?

    Predictive analytics is a powerful tool that can help you make better decisions in your business. It’s used to predict future events and trends, which can then be used to influence decision-making throughout the organization.

    There are a number of reasons why predictive analytics is important in business. Some of them include:

    • It helps you optimize your operations.

    • It helps you identify and prevent risks before they become problems.

    • It allows you to make more informed decisions about pricing, marketing and product development.

    • It can help you improve customer retention and loyalty by understanding how customers behave and what motivates them.

    Related: Why Industry Leaders Are Turning Towards Predictive Analytics

    3. How does predictive analytics work?

    Predictive analytics is a method of predicting future outcomes based on past data. By understanding how people behave and what affects their behavior, you can make better decisions about the future. There are three different ways that predictive analytics can work:

    1. Predictive modeling: This is the most common type of predictive analytics, and it uses mathematical models to predict future outcomes. These models are usually powered by data sources like historical sales data or customer preferences.

    2. Predictive segmentation: This is used to identify specific groups of people who are more likely to behave in a certain way. For example, you might use predictive segmentation to know which segments of your customers are more likely to switch brands or spend more money.

    3. Predictive analysis: This is used to understand how various factors (like pricing, product design, etc.) affect overall customer behavior. It can also be used to improve performance by identifying problems early on and fixing them before they become major issues.

    4. The different types of data that can be used in predictive analytics

    There are many different types of data that can be used in predictive analytics, and each offers its own benefits. Here are the four types of data that can be used in predictive analytics:

    1. Demographic data: This includes information about people’s age, gender, location and other personal details. It is often used to predict who will buy a product or service, or to understand customer trends over time.

    2. Behavioral data: This includes information about how people behave, including their shopping habits and preferences. It is often used to target ads and content with the right audience.

    3. Social media data: This includes information about who is talking about what on social media and how this conversation is evolving over time. It is often used to understand which topics are being talked about most frequently and to identify potential marketing opportunities.

    4. Economic data: This includes information about economic trends such as inflation rates and GDP growth rates. It is often used to make business decisions based on predictions about future customer behavior.

    Related: 3 Steps to Building a Predictive Analytics System

    5. Steps for using predictive analytics in your business

    There are a lot of different ways to use predictive analytics in your business, so it can be hard to know where to start. Here are seven simple steps that will help you get started:

    1. Set your goals for using predictive analytics in your business. What do you want to achieve? What outcomes do you want to see?

    2. Define what you need to measure to accurately assess the results of your predictive analytics efforts. Are there any key indicators that will tell you whether your predictions were accurate?

    3. Develop a strategy for how you will use predictive analytics data in order to make informed decisions. How will you use it to improve your business operations?

    4. Train your staff on how to use the data and how it can be helpful in their work. Make sure they understand the data’s limitations and why predictive analytics is important for their work.

    5. Implement a process for monitoring and adjusting your strategy based on feedback from the data-collection process, analysis and decision-making processes. Are there any changes that need to be made? Do they warrant a new set of predictions?

    6. Use predictive analytics technology as part of an overall effort toward improving decision-making across all parts of your business operation, not just with respect to marketing or sales activities.

    In today’s digital world, where customer behavior is changing at a rapid pace, you can use predictive analytics to put out relevant products and services that keep customers happy and satisfied. You can also add other techniques to your arsenal as necessary. For instance, you may focus on customer satisfaction by tracking their emotional state while using your product or service. With such powerful tools at your fingertips, you can now be more confident and informed before making any major decisions!

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    Piyanka Jain

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  • 5 Ways to Make Money With a Mobile App for Your Business

    5 Ways to Make Money With a Mobile App for Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Mobile apps continue to grow in popularity, which offers little surprise when considering the ubiquitous nature of the smartphone. This scenario leads many companies to consider crafting their own app, likely targeting both Apple iOS and Android platforms. Sometimes their goal for the app involves generating publicity for their business or even driving engagement from their customer base.

    However, in many cases, businesses craft a mobile app simply as a source of revenue. In this situation, it becomes critical to fully understand the potential revenue models available to any app. This understanding then informs the process of evaluating which model makes the most sense for the business.

    So let’s take a high-level overview of the different revenue models available to entrepreneurs building a mobile app and how to evaluate these models to help you decide on which one provides the best opportunity. Remember, this analysis needs to happen before you design any interface wireframes or write one line of code. In the end, a successful app launch likely depends on making this initial effort.

    Related: How Can App Makers Improve Revenue and Keep Users Engaged?

    In-app advertising

    Embedded ads within a mobile app offer one obvious approach to generating revenue. However, this revenue stream really only applies to free apps, as displaying ads in a paid app likely hampers the growth of the app’s user base. In fact, a common practice in mobile games or other apps involves using an in-app purchase to remove ads.

    Notably, the market for in-app advertising continues to generate significant growth across the planet. According to Absolute Market Insights, the in-app ad market reached $66.78 billion in 2018 and is forecast to hit $472.64 billion by 2027. This growth shows a compound annual growth rate of 24.4% over that 10-year period. Again, any app needs a large user base to generate significant ad revenue, so consider making your app free to attract users.

    The “freemium” app approach

    Somewhat related to in-app advertising, a freemium app also serves to attract a large user base to a compelling app experience. Additional content or features then become unlocked after buying an in-app purchase. In fact, we just highlighted the fact that users take advantage of this approach to turn off in-app advertising.

    This revenue stream strategy is common in gaming apps as well as music production and instrument apps, with the latter niche more common on the iOS platform. A user might own a free beat-making app, and get access to new synthesizers or drum machines after buying an IAP. Some music app developers also use this revenue model to provide new sounds and synth patches to their user community.

    Related: How to Create an App for Your Business With Zero Coding Experience

    Offering subscriptions to generate revenue

    Additionally, other developers are using subscriptions to provide a repeatable revenue source for their mobile apps typically offered on a freemium basis. Not surprisingly, magazines and comic books sometimes leverage this revenue stream strategy. However, note that Apple and Google Play take a cut of any revenue generated using subscriptions; this also applies to any in-app purchase.

    The subscription model can also be very valuable for B2B apps. Creating a mobile app that integrates with a SaaS solution is a great way to expand the platform to a larger audience and deliver more value — which justifies monthly subscription fees.

    Monetize your mobile app data

    Depending on the nature of your mobile app, its data potential potentially serves as a valuable revenue stream. Of course, this valuation ultimately depends on the size of the app’s user base and the nature of the data. When leveraging data monetization as a revenue strategy, you need clearly note this in the app’s Privacy Policy and Terms of Service.

    This is one of the best examples of why you need to determine your revenue model before developing your product. GasBuddy is an example of an app that generated a strong user base with a very sticky venture and zero plans for how to monetize their mobile app. They ended up secretly (i.e. illegally) selling user data and getting into trouble when users started noticing the extra drain on resources and battery from GasBuddy collecting location information.

    While monetizing data isn’t the most popular monetization strategy, it can work if it is done legally and you are completely transparent about it from the beginning.

    Related: Building an App? Follow These 4 Steps to See Things Through

    The traditional paid app revenue model

    Of course, actually charging for an app provides an easy way to generate revenue. Paid apps need to provide users with a top-shelf experience and compelling functionality. As such, these apps tend to be mobile games, music creation apps (including synthesizers) and productivity apps, like video editing or graphic design software. Leveraging the freemium model with certain features unlocked through an IAP also works, but paid apps also provide IAPs. Once again, this approach depends on the overall quality of the app and the functionality it provides.

    Make sure you fully understand the rules of the Apple Store and Play Store and how they will affect your revenue model. Last month, Apple updated their App Store rules to take 30% of sales on “boosts” for social media posts. This is the first time Apple has directly taxed advertising in iOS apps and is just one example of a recent change that could significantly impact your revenue.

    What revenue model makes sense for your mobile app?

    As noted earlier, before one line of code gets written, you need to determine which revenue model works best for your company’s mobile app. This analysis includes figuring out the potential size of the user community and the amount of revenue you’ll need to break even. Those factors directly influence the potential of using in-app advertising and data monetization as revenue streams.

    If your app requires millions of users to become profitable, you need to set realistic goals for reaching those milestones. Personally, we’ve found more success with subscription-based app revenue models that require a lower number of users to reach profitability. But, charging high subscription fees doesn’t work for every app.

    In the end, entrepreneurs need to take this analytical approach to ensure their mobile app truly makes an impact. Anything less simply won’t generate enough interest — or revenue.

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    Andrew Amann

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  • Fend off a Lagging Economy with This Stock Screening App

    Fend off a Lagging Economy with This Stock Screening App

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    Opinions expressed by Entrepreneur contributors are their own.

    After a volatile year in the stock market and concerns about a looming recession, it’s a good time to think about your investment strategy for next year. Obviously, you want it to be better.


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    Rather than completely overhaul your financial outlook and change your fundamental principles, it’s better to augment and assist your investing strategy with a tool like Tykr Stock Screener. Until January 9, we’re offering a lifetime Pro subscription for the lowest price ever: just $94.99.

    Tykr has earned 4.9/5-star ratings from Trustpilot and AppSumo because it makes investing fun again. The app’s rigorous algorithm works across 30,000 US and International stocks, analyzing data to identify the best stocks to add to your portfolio and help you maximize your gains in the market.

    The stock screening platform is a one-stop-shop for everything you need to know, giving you a summary of every stock on the platform marking it as On Sale (potential buy), Watch, or Overpriced (potential sell). All of the work the algorithm does is open source so you can see the calculations it’s using to come to its conclusions and decide whether or not you want to follow the app’s lead. Every stock also has a score, giving you some more peace of mind when you make bigger investments.

    In addition to stock screening, Tykr is also an education app, giving you all kinds of resources to increase your returns in the market. You’ll learn how to reduce risk, maximize your Margin of Safety, and lock in big gains in 2023.

    Give your portfolio a big boost this coming year. Now through January 9 at 11:59 p.m. Pacific, you can get a lifetime Pro subscription to Tykr Stock Screener for 89% off $900 at just $94.99.

    Prices subject to change.

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  • Get 10TB of Cloud Storage for Life for Just $79

    Get 10TB of Cloud Storage for Life for Just $79

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    Opinions expressed by Entrepreneur contributors are their own.

    Everybody creates huge amounts of data in the digital age. Entrepreneurs just happen to create even more since they manage their professional and personal lives on their devices. When all that data gets to be too much for your smartphone and laptop, it’s time to invest in cloud storage.


    StackCommerce

    Fortunately, during our Same You, New Focus sale, we’re offering one of the best deals on cloud storage you’ll find anywhere. As long as you order before 11:59 p.m. Pacific on January 9, you can get lifetime access to 10TB of backup from Degoo Premium for just $79.

    Degoo is a user-friendly, AI-based cloud storage platform that provides more storage space than Dropbox, OneDrive, and Google Drive combined. Everything is stored under ultra-secure 256-bit AES encryption for peak security, and the intuitive platform makes it easy to organize your data, the company says. You’ll have a 1GB file size limit, support for unlimited devices, and a one-year account inactivity grace period. (You can also make in-app upgrades if you want a larger file size limit, no account inactivity limit, and more.)

    Users have rated the service 4.5 out of 5 stars, and maybe that’s because Degoo is all about peace of mind—which is why it replicates your files when you upload them. The Android app can also keep your storage automatically updated thanks to intuitive file change detection. And, of course, Degoo makes collaborating and sharing files via email, link, or your preferred messaging app easier, too.

    Everybody needs cloud storage, but entrepreneurs need a viable solution a little more. Secure lifetime access to 10TB of cloud backup from Degoo Premium for just $79 through January 9.

    Prices subject to change.

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  • How Facebook’s Demise Will Change Digital Advertising

    How Facebook’s Demise Will Change Digital Advertising

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    Opinions expressed by Entrepreneur contributors are their own.

    Facebook is in trouble. Social media platforms need constant growth to survive, but Facebook is no longer growing. In fact, it’s losing users. As Facebook’s core platform slowed down, Mark Zuckerberg made the fateful decision to shift focus to the metaverse, going so far as to change the company’s name, mission statement and stock ticker symbol to reflect this new direction.

    The public response was swift and decisive: People don’t want the metaverse, and especially not a half-baked version from Facebook. Even among those who are excited about the potential of virtual reality, there’s a sense that Facebook’s technology is decades behind the leading edge. And so people are leaving Facebook. Today, META’s stock is down around 70% from its highs.

    This exodus will have a profound impact on digital advertising. Facebook has long been the go-to platform for marketers looking to reach young people, and its targeting capabilities are unrivaled. But with Facebook no longer growing, and with users increasingly spending less time on the site, businesses will start to look elsewhere for their digital advertising needs.

    As a result, brands will need to find new platforms to reach their target audiences. They’ll also need to put greater importance on user privacy, as the public is no longer willing to tolerate Facebook’s cavalier attitude towards data. In addition, given the Facebook-fueled rise in ad blockers, brands will need to find ways to reach people that don’t rely on traditional display advertising.

    Related: 4 Digital Advertising Predictions You Need to Keep Your Eyes On

    Brands turn to new platforms

    When Facebook first launched, it was a novel way for businesses to reach their target audiences. There was nothing else like it, and so businesses flocked to the platform. But now there are many other social media platforms, and businesses will need to spread their advertising budgets across multiple sites.

    This won’t be easy, as each platform has its own quirks and capabilities. For example, TikTok is popular with young people, but it doesn’t have the same kind of targeting capabilities as Facebook. And while Instagram is owned by Facebook, it has a very different user base and set of features.

    Advertising on Twitter is an entirely new can of worms. Following the platform’s acquisition by Elon Musk and the subsequent removal of content restrictions put in place to appease advertisers, Twitter is now a Wild West of sorts. Many advertisers have pulled their budgets from the platform, but those who remain are finding that they need to adjust their strategies.

    Google is another behemoth that brands need to consider. While it’s not a social media platform, its search and display advertising businesses are still enormous. Like Facebook, however, advertisers face fake news and bots on Google. The company is also embroiled in antitrust investigations, which could lead to stricter regulation of its advertising business.

    All this is to say that brands need to be nimble and adaptable in the post-Facebook world. They need to be willing to experiment with different platforms, and they need to have a clear understanding of each one’s strengths and weaknesses.

    Related: What to Post on Each Social Media Platform: The Complete Guide to Optimizing Your Social Content

    Businesses focus on user privacy

    As people become more aware of the ways that their data is being used and abused, they’re increasingly demanding more control over their personal information. This is especially true of young people, who are growing up in a world where data breaches are commonplace.

    In response to this, brands will need to start respecting user privacy. They’ll need to be more transparent about how they’re using data, and they’ll need to give users more control over their personal information. This will require a fundamental shift in the way that many businesses operate, but it’s something that needs to be done if brands want to stay on the good side of the public.

    I’ve written before about the rise of zero-party data. This is a new kind of data that users voluntarily share with businesses, such as through quizzes, surveys and sign-ups. This data is incredibly valuable, as it allows businesses to get to know their customers on a much deeper level. Unlike third-party data, which is often inaccurate and outdated, zero-party data is fresh and accurate.

    As user privacy becomes more important, brands will need to start collecting this type of data. They’ll need to find new ways to engage with their customers, and they’ll need to invest in the necessary technology. This will require a significant amount of time and money, but it’s something that needs to be done if brands want to stay relevant in the post-Facebook world.

    Related: The 5 Best Digital Marketing Strategies to Empower Your Business

    Interactive content dominates

    The most successful advertising campaigns of the future will be those that manage to break through the clutter and capture people’s attention. In a world where people are bombarded with hundreds of marketing messages every day, this is no easy feat.

    One way to do this is with interactive content. This is content that requires people to take some kind of action, such as answering questions for a style quiz or responding to a poll measuring interest in a new product. Because interactive content is more engaging than traditional display advertising, it’s more likely to capture people’s attention and get them to take notice of your brand.

    Facebook’s sheer staying power has meant that many brands have been slow to catch on to this trend. But with the platform’s decline, they’ll need to start experimenting with new types of content if they want to stay ahead of the curve.

    Ultimately, the demise of Facebook will have a profound impact on the world of digital advertising. Brands will need to find new platforms to reach their target audiences, and they’ll need to put a greater emphasis on user privacy. In addition, given the rise in ad blockers, brands will need to find ways to reach people that don’t rely on traditional display advertising.

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    Vlad Gozman

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  • COVID-related ICU patients rise to 5-month high above 5,000—are new cases really falling?

    COVID-related ICU patients rise to 5-month high above 5,000—are new cases really falling?

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    While many have been focused on the apparent explosion of COVID cases in China, and the lack of reliable data from China’s government, there are signs suggesting the U.S. situation is also getting worse even as case counts and deaths are falling.

    At first look, initial fears of another COVID surge in the U.S. over the holidays may be overblown. About a week after the year-end holiday gatherings began, the seven-day average of new COVID cases fell to a more than three-week low of 58,354 on Thursday, down 9% from two weeks ago and down 17% from a recent peak of 70,508 on Christmas Eve, according to a New York Times tracker.

    And the daily average for deaths fell has fallen to a three-week low of 355, and has dropped 5% in two weeks.

    But as the NYT tracker has been warning, case and death counts could be “artificially low” this week, as officials who track those numbers take vacation for the Christmas and New Year’s holidays. Therefore, hospitalization data, which is typically not affected by holidays, should remain more reliable.

    And by that measure, the numbers are getting worrisome.

    The daily average of hospitalizations rose to 41,620 on Thursday, up 3% from two weeks ago but also the highest number seen since mid-August.

    There are 29 states that have seen hospitalizations increase from two weeks ago, including 20 states that have seen double-digit percentage increases, led by South Carolina at 54%, West Virginia at 52% and Louisiana at 47%.

    The number of severe COVID cases is also seeing a troubling rise, the daily average of COVID-related patients in intensive care units (ICUs) climbed to 5,080 on Thursday. That’s up 10% from two weeks ago, and the most seen since July 30.


    The New York Times

    Another sign that the fall in case counts is artificial is that the test positivity rate has been rising, to a four-month high above 14% on Thursday, with 41 states seeing double-digit positivity rates.

    “Higher test positivity rates are a sign that many infections are not reported — even if they are tested at home. This results in a more severe undercount of cases,” the NYT tracker said.


    The New York Times

    Stay up to date on COVID news through MarketWatch’s daily “Coronavirus Update” column.

    Meanwhile in China, amid a “lack of adequate and transparent” data from China’s government, there is reason to believe the situation will still get a lot worse before it gets better.

    U.K. health firm Airfinity estimates that new daily COVID cases in China is currently running at about 1.8 million, based on data from China’s regional provinces, and on new-case trajectories from areas that also lifted zero-COVID policies, such as Hong Kong.

    That case number is expected to more than double, to about 3.7 million a day, in mid-January, Airfinity estimates, before another surge in March takes the number up to about 4.2 million per day.

    As a result of the concerns over surging case counts, Spain joined the growing number of countries that are requiring COVID tests for air passengers arriving from China, as the Associated Press reported. This comes after the European Union said Thursday that it is “assessing” the situation in China.

    The U.S. will also require those arriving from China to take a PCR test, starting Jan. 5, while Japan started requiring a test on Friday. Other countries requiring a test for air passengers from China include Italy, India and South Korea.

    The BBC reported that the U.K. was set to announce that travelers will need to show a negative COVID test before they board a plane from China.

    In other COVID news, China’s National Medical Products Administration has given emergency approval to Merck & Co. Inc.’s
    MRK,
    -0.33%
     COVID antiviral molnupiravir. That joins Pfizer Inc.’s
    PFE,
    -0.96%
    Paxlovid, which has already been approved for use in China. Merck’s stock, which fell 0.4% in afternoon trading Friday, has soared 44.0% in 2022, while the Dow Jones Industrial Average
    DJIA,
    -0.88%
    has lost 9.4%.

    Novavax Inc.
    NVAX,
    +0.21%
    said Friday that it has initiated a Phase 2 trial for its COVID-19-Influenza Combination (CIC) vaccine candidate in people aged 50 through 80. “We believe that like influenza, COVID-19 will also be seasonal moving forward, and that there is room in the market for new alternatives to provide better protection against the impact of influenza, particularly in older adults, and to explore the potential to combine this with protection from COVID,” said Chief Executive Stanley Erck. Novavax’s stock, which eased 0.3% Friday, has plunged 93.2% year to date while the S&P 500 index
    SPX,
    -1.03%
    has dropped 20.1%.

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  • Get 10TB of Cloud Storage for Life for Less Than $90

    Get 10TB of Cloud Storage for Life for Less Than $90

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    Opinions expressed by Entrepreneur contributors are their own.

    All of us make a lot of data in our everyday lives; entrepreneurs just happen to make a little more. Data management is one of the most important skills an entrepreneur can have because it helps them stay organized and use data effectively to run their businesses. But when your devices are too full of files, they can slow down or even stop working altogether. That’s why you need reliable cloud storage like Prism Drive.


    StackCommerce

    Prism Drive is an efficient, secure way to clear space on your phone, tablet, laptop, or desktop and it’s currently on sale in the Entrepreneur Store for the best price you’ll find on the web. This storage solution allows you to upload any files (up to 10GB) from XLS to JPEG and everything in between straight to an organized hub where you can access all of your files from any device.

    Prism Drive makes it easy to organize your files and preview them inline so you don’t have to download them back to your computer to figure out what exactly they are. You can create shareable, password-protected links for all files, even large ones, to share with friends or colleagues, and even recover accidentally deleted files for 30 days in the trash bin. All of this is done through intuitive dragging and dropping.

    Perhaps most importantly, Prism Drive complies with all privacy laws and offers the strongest available transfer encryption with zero knowledge on their end of the files you’re sending.

    User Amir Khulad writes, “Easy to download and use. I bought 2TB for one year and this will help keep all my data safe in one location and give me the easy access I need to use it.”

    For a limited time, you can get a lifetime subscription to 10TB of Prism Drive Secure Cloud Storage for the best price you’ll find online, at just $89.

    Prices subject to change.

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  • What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

    What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

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    Companies, commentators and even sci-fi movies can’t stop talking about artificial intelligence (AI).

    Indeed, AI in the real world is far from the artificial intelligence villains you might recall from your favorite sci-fi flick.

    This article will break down what artificial intelligence is, how it works and how it’s used in the real world. It will also explore AI technology’s benefits and potential downsides now and in the near future.

    Artificial intelligence explained

    Artificial intelligence is the computer simulation of human intelligence. It’s programming one or more machines to act in a way that mimics or replicates human behavior. AI breakthroughs are tied to computer science and programming languages, and applications of AI are scalable to simplify workflows across various industries.

    Depending on the AI program or software used, it can more or less act similarly to someone doing the same task when viewed from the outside as an observer.

    In general, AI is about creating software that is “smart” enough to do complex tasks without excessive human intervention or direction.

    Indeed, AI researchers want to program computers to rationalize and think semi-independently. In this way, AI computers and software will likely be able to solve problems faster and better than humans can.

    Artificial intelligence is closely connected to machine learning models, a technology that allows machines and computer programs to learn from and adapt the data without human assistance.

    For example, a software program could be created (in theory) to run several tests, take the results from those tests, and come to conclusions or better processes without a human having to interfere or direct it.

    Artificial intelligence is not about building anything you may have seen in science-fiction stories, like killer robots, war machines and similar constructions. Rather, it’s usually about maximizing efficiency, productivity and profit. Most AI research and AI development focus on use cases in the financial, business, supply chain, cybersecurity and healthcare industries.

    Related: 3 Ways Machine Learning Can Help Entrepreneurs

    What does AI really mean?

    For most people, AI means that computers are becoming more intelligent and capable without human direction.

    It’s all based on the idea that human intelligence can be defined and then mimicked so that software can reliably emulate it, even to the point where humans can’t tell whether they are talking to a machine or a real person.

    In some cases, this is already true. Many people get fooled by ordinary customer service chatbot messaging or similar intelligent systems, which have enough preprogrammed sentences and responses that they can feel relatively lifelike.

    However, AI researchers and machine learning software programmers are focused more on making types of artificial intelligence that can do more profound, more complex work and emulate human intelligence more comprehensively.

    In a certain sense, humanity has reached the pinnacle of simple machine technology and inventions. With machines that can do precise tasks and carry out complex commands (if programmed correctly), the next phase in machine development is creativity, initiative and complex “thought.”

    This doesn’t mean that AI will replace humans in all aspects, nor will artificial intelligence spell the end of the human race. It does, however, mean that many new technological advancements could be in the future.

    These AI system advancements include:

    • Neural networks that mimic the activity of the human brain.
    • Deep learning algorithms.
    • Natural language processing and speech recognition AI algorithms.
    • New ways to automate systems.
    • Decision-making capabilities.
    • Real-time computer vision overlays or screens.

    Related: 5 Ways Artificial Intelligence Is Already Influencing Your Daily Life and You Don’t Even Know It

    Why is AI important?

    In a practical sense, artificial intelligence is essential for various specific goals and objectives.

    For example, artificial intelligence software may allow enterprises to understand the enormous quantities of data they collect on their target consumers and customers. In this way, businesses can make better decisions about their marketing campaigns, their products and much more.

    Alternatively, artificial intelligence could be critical because AI-powered machines could do some tasks better than humans, especially when it comes to repetitive or detailed-oriented tasks.

    For instance, a computer can read mountains of legal documents much more quickly and accurately than even the savviest legal mind, and it can come to some conclusions to provide to lawyers later on.

    AI is important because:

    • It represents the ability to improve or innovate in industries without much innovation.
    • It may allow humans to exceed current productive capacities even further, meaning more significant profits and more efficient production for businesses and industries.

    Related: What Is AI, Anyway? Know Your Stuff With This Go-To Guide

    How does artificial intelligence work?

    AI works, in essence, like this:

    • A programmer writes a software program using complex, comprehensive and clever language.
    • That software program includes the capability to “learn” from experience, usually by recording event outcomes and changing its behavior in response. This is essentially what machine learning is.
    • The software program then tailors its behavior according to its experience, its predictions for future events and what it needs to do.

    AI programming uses separate cognition skills to facilitate this behavior. Learning processes allow the AI program to acquire data and make rules for using that data to do actions.

    Artificial intelligence programs use reasoning processes to use suitable algorithms and reach specific objectives or outcomes. Self-correction processes are leveraged to rework or fine-tune algorithms and constantly strive for more accurate or desirable results.

    Naturally, this software process is highly complex and resource intensive. Therefore, artificial intelligence technology is only possible in specific contexts and for certain organizations.

    Generally, real AI (as far as it has been developed) is only available to large enterprises and institutions like the government. AI technology uses specially designed hardware, such as special chips, servers and processors, to facilitate its actions.

    In theory, as technology and hardware get better, and people develop new ways to write software creatively, the capabilities of artificial intelligence will continue to grow and expand.

    Artificial intelligence types

    Technically, artificial intelligence can be classified into several different types. The two broadest types are:

    • Narrow or weak AI. Narrow AI is artificial intelligence designed to complete or accommodate very specific tasks. Some examples of limited artificial intelligence include weather app assistants, chatbots and other digital aids, as well as specialized software intended to analyze data and optimize business functions.
    • General or strong AI. General artificial intelligence is closer to the imagined version of AI in sci-fi flicks. It’s not yet fully realized, but it’s intended to be more versatile and flexible than its narrow counterpart. In theory, general AI can do anything necessary, not just one or two tasks very well.

    However, artificial intelligence can also be categorized differently based upon intended function and specific capabilities. These types include:

    • Reactive AI uses algorithms to optimize objectives or outputs based on specified inputs from human users. Examples include chess-playing AIs.
    • Limited memory AI adapts to past experiences and updates itself based on new data or observations. Examples include autonomous vehicles (or the programs that drive them).
    • Theory of mind AI is supposedly fully adaptive and can learn from past experiences. It includes some of the most advanced chatbots that can pass the Turing Test (named after the inventor of the computer, Alan Turing), though they are not self-aware. The Turing Test classifies any machine capable of engaging in conversation with a human without being detected as a machine as demonstrating human intelligence.
    • Self-aware AI is theoretically conscious and aware of its existence, like humans. Self-aware AI has yet to be created.

    How can artificial intelligence be used?

    There are practically no limits to how you can use AI solutions as they are developed and implemented in organizations.

    Nowadays, AI gets used in various industries, and not just as publicity machines like IBM’s Deep Blue or Watson, which famously won a game of Jeopardy! as an artificial general intelligence.

    Related: 5 Ways Artificial Intelligence Is Radically Transforming Creativity in Business

    Healthcare

    In the healthcare industry, artificial intelligence is used to assist with healthcare diagnostics, such as identifying diseases or ailments in patients. That’s because AI can often rival humans at locating and identifying anomalies or issues in diagnostic scans.

    In the healthcare industry, AI is also helpfully utilized to track and maintain patient records, handle health insurance claims and even classify hospital patients quickly and efficiently.

    Driving and machine operation

    Autonomous vehicles like those from Tesla also heavily use modern artificial intelligence programs.

    With self-driving cars, AI may eventually learn from other drivers, fine-tune its own safety practices and drive more safely than even the most experienced human, all while maintaining faster response times due to its computerized nature.

    In addition, the manufacturing and industrial sectors often use limited machine learning or AI software to operate machines requiring incredible precision and repetition.

    Related: What’s Under the ‘Hood’ of Self-Driving Cars?

    Financial applications

    The financial industry can use artificial intelligence to analyze stocks, market trends and other economic activity, thus allowing brokers and fund managers to make better decisions on behalf of their clients. This is similar to algorithmic trading and has been increasingly common in recent years.

    AI is good at this because it can take a lot of information, analyze it quickly and come to accurate conclusions based on past data sets. AI uses expert systems to improve pricing and similar actions over time.

    Gaming

    You can use artificial intelligence programs to make gaming bots or nonplayer characters, also known as NPCs. AI intelligence is getting better in this arena all the time — modern bots can simulate some of the motions or behaviors of human players very realistically by simulating the human mind.

    Related: 3 Surprising Ways That Video Game Companies Leverage AI

    User assistance

    Naturally, artificial intelligence programs are already being used for general user assistance purposes, such as Amazon Alexa. Siri, Cortana, and other basic AI programs will likely become even more sophisticated and intelligent as time goes on.

    Virtual assistants are already among the most commonly used types of AI computer systems and maybe eventually replace personal assistants.

    Data analysis

    You can use artificial intelligence for general data analysis across various industries. Many large organizations already leverage machine learning or AI platforms and programs to understand their data sets. Google famously uses artificial intelligence to understand its billions of users’ queries and search patterns.

    The benefits of AI

    Many people are excited for artificial intelligence technology to grow even further, primarily because of its potential advantages.

    For example, artificial intelligence programs tend to be much better at detail-oriented jobs than humans, as there is less of a chance that these programs would miss details due to fatigue or human error. This can significantly reduce the time needed for data-heavy tasks, and artificial intelligence programs are already better at analyzing big chunks of data than humans.

    In addition, AI can deliver more consistent results with fewer errors than human counterparts. Machines like AI don’t break or make mathematical errors as often as humans, plain and simple.

    Some businesses are also looking into AI to replace specific jobs because AI-powered chatbots, virtual agents and customer service agents are always available 24/7, allowing them to respond to customer complaints quickly and easily, around the clock.

    In a broad sense, AI will allow businesses to make more money, save more and deliver better customer results. The same is true for hospitals, governments and other large organizations that have a lot to do and rely on taking advantage of big data sets.

    Related: AI Gives Outdated Industries a Makeover

    The downsides of AI

    That all said, AI does have some downsides that it needs to overcome.

    For starters, artificial intelligence is universally expensive. This is why only some organizations, like the U.S. government, Google and other big enterprises, can fully take advantage of its technology and benefits.

    In addition, AI usually requires deep technical expertise to leverage it effectively. This requires having the staff on hand to use, edit and repair AI software or technology from time to time, which only adds to its operating expenses.

    Furthermore, since AI is still relatively unproven and still being developed, only a limited number of workers have the qualifications to build AI tools or monitor AI programs.

    Since artificial intelligence hasn’t reached its full potential, it can’t maintain or repair itself, meaning it is liable to have issues or “break down” in specific contexts.

    Given all these flaws, it’s no surprise why artificial intelligence hasn’t yet taken over many industries and sectors, despite its purported importance and power.

    Summary

    Artificial intelligence isn’t a computerized bogeyman out to ruin the world. AI is also not a one-size-fits-all solution for the world’s problems. Rather, artificial intelligence is a valuable software tool that businesses and individuals can leverage for their goals.

    In the future, artificial intelligence may evolve in a somewhat unpredictable direction, offering even more benefits to organizations that take advantage of it.

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