AI-Powered SaaS: Everything You Need to Know
The age of AI and Machine learning is well and truly here. We are witnessing huge leaps in development which has greatly impacted how companies conduct their business, especially in SaaS.
Since the release of Open AI’s ChatGPT in late 2022, we’ve seen a huge burst and rise of AI-powered businesses and tools that have embedded these language models into their software allowing them to be faster and more efficient.
So what do you need to know as a founder in the tech space today? How are these integrations being done, and how can you leverage them to improve and scale your business?
We’ve already talked about how to develop a blockchain application, and what that entails, and building a custom AI model is probably just as if not even more challenging.
You’ll need experienced developers on your team, and the good news is that most of the software today can be built using existing models with the most common one being Open AI’s GPT 4 and soon-to-be GPT 4.5
This model can most of them can be embedded using a simple API and most developers can integrate these AI models into a software product and that is what makes it very simple and convenient.
In the case of GPT 4 as an example, since it is just a text-based command, any experienced developer can do it.
How is AI Changing Businesses Today?
So what you will see now in this new age of many tools that are going to automate certain points of certain niche industry processes around the world.
Since they are very easy to build, you’ll see a rise of companies that just have a very simple frontend, wrapped around an existing AI model.
This is going to help and mainly augment what somebody is already doing, and make them do it much faster and at scale.
So we are talking about empowering entire teams, and departments, to do 10x, 20x helping businesses have much faster turnaround times and have the edge over their competitors.
It’s not going to replace entire departments, not today at least, but what it will and is doing is helping businesses to do more faster.
Staying with ChatGPT, if you’ve used it often, and you are an expert in your field, you notice that you need to prompt it correctly and make sure that what it does is useful so it still needs oversight and someone to operate, but what it does do is make this person much faster in their day to day work.
The Age of AI
We are now seeing and will continue to see a host of AI software pop up across multiple industries – construction, retail, banking, etc
You’ll see mini vendors who identify a gap to automate something and grow big. However, once they do, they are going to be very easy to replicate so they have to build value.
The goal is to release something useful very fast, gobble up customers, and then start building out more value, and platforms that do more than just AI or building AI integrations that connect to other CRMs for example Zapier.
What Are the Disadvantages?
If you are just reselling an existing LLM, then you are not building anything in-house so people can easily and quickly replicate what you are doing and they will
Another disadvantage is that you are at the mercy of that language model, if they change something, become worse, or even a price fluctuation.
It’s important to know that building an AI solution is a quick and potentially lucrative entry strategy but you have to start thinking about how to give more value if you are to stay in the business long-term, like building out your language model that can do more.
Have you identified a niche to build an AI-enabled tool? Give us a call! We’ve been building AI-powered solutions for years, we’d be happy to chat!
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Author, speaker, and podcast host with 10 years of experience building and managing remote product teams. Graduated in computer science and engineering management. Has helped over 300 startups and scaleups launch, raise, scale, and exit.