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AI research in Germany excellent, AI integration in business expandable

08/15/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

A representative survey of 605 companies with more than 20 employees in Germany, commissioned by the digital association Bitkom, shows that only 2 percent of respondents consider Germany to be the leading nation internationally in the field of artificial intelligence (AI).

Nevertheless, 25 percent of respondents rate German companies among the world's leaders in AI research.Bitkom President Dr. Ralf Wintergerst emphasizes Germany's long presence in AI research and the outstanding scientists in the country. However, he urges greater use of these strengths for marketable AI solutions.Wintergerst points out that AI is a cross-sectional technology and requires a broad application base in industry.He also criticizes Germany's restrictive rules on the use of non-sensitive data, which would hinder the development of AI.

The survey results show that currently 41 percent of companies see the U.S. as the leading nation in AI, followed by China with 23 percent.Japan, Israel and Taiwan are well behind at 7 percent, and 4 percent each.The forecast for 2030 looks similar, with 38 percent of companies seeing the U.S. as the leader, 25 percent seeing China, and only about 1 percent seeing Germany.

Bitkom's upcoming Big-Data.AI Summit on September 20 and 21, 2023, in Berlin will address concrete applications of AI in companies, best practices, cross-industry strategies, industry-specific solutions, technologies, trends and societal challenges in the field of AI.

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What is product research?

08/14/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Product research is the process of gathering information, analyzing data, and conducting investigations to understand various aspects of a product's potential or existing market. It is a critical step in the product development and marketing lifecycle, aimed at making informed decisions about creating, improving, or launching a product.

Product research involves several key components:

Market Analysis: This involves studying the target market, including demographics, preferences, behaviors, and trends. Understanding the needs and desires of the target audience helps in creating a product that meets their demands.

Competitor Analysis: Examining similar products offered by competitors is essential to identify gaps in the market, potential differentiators, and areas for improvement. This analysis helps in positioning the new product effectively.

Consumer Insights: Collecting feedback and opinions from potential or existing customers provides valuable insights into their pain points, preferences, and expectations. Surveys, focus groups, and interviews are common methods for gathering consumer insights.

Technical Feasibility: Assessing the technical feasibility of producing the product is important. This involves understanding the required technology, resources, and expertise needed to develop and manufacture the product.

Financial Analysis: Determining the cost of production, pricing strategies, and projected revenue helps in evaluating the financial viability of the product. This analysis also considers potential risks and returns on investment.

Legal and Regulatory Research: Researching applicable laws, regulations, and standards is crucial to ensure the product complies with safety, quality, and other legal requirements.

Prototype and Testing: Developing prototypes and conducting testing helps in evaluating the product's functionality, user experience, and potential issues before launching it to the market.

Feedback Iteration: Throughout the research process, it's important to iterate based on the feedback and insights gathered. This ensures that the product aligns with market needs and addresses any shortcomings.

Product research ultimately aims to minimize risks associated with launching a new product and increase its chances of success by making informed decisions based on solid data and insights. It guides the product development team in creating a product that meets customer needs, stands out in the market, and generates value for both the business and its customers.

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What are the biggest mistakes when selling a business?

08/01/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient preparation: sellers who do not invest sufficient time and effort in researching and preparing for the sale of the business are prone to making mistakes.

2. Unclear price expectations: If the seller doesn't have a clear idea of how much they want to get for their business, it can be difficult to get a realistic price.

3. Lack of expertise: A seller who does not have the expertise needed may not be able to ask the right questions to close a successful deal.

4. Insufficient documentation: a seller who does not provide all relevant documents and records may have a hard time closing a deal.

5. Lack of communication with investors: If a seller is unable to communicate convincingly to investors or answer important questions, it can slow down the sales process.

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How do I become a journalist?

07/28/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

As a journalist, you must first and foremost be able to research and write well. It is also important that you have an interest in the topics you write about.

To become a journalist, it is helpful to have a university degree, for example in journalism, communication studies or media studies. There are also various training programs and internships that will help you get started.

Experience in other fields, such as public relations, can also be helpful. It's important that you continue your education and stay current to keep up with new technologies and developments.

There are also many online resources to help you improve your skills as a journalist. It's helpful to read and listen to blogs, publications, and podcasts related to journalism. This way, you can keep your knowledge up to date.

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List of media contacts - This will get you into the media

07/20/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

A media contact list can be an important part of your PR strategy and help you get media exposure. Here are some steps you can follow to create a list of relevant media contacts:

Identify the relevant media: Think about which media are relevant to your company or industry. This can be industry publications, local or national newspapers, magazines, TV and radio stations, and online publications.

Research Journalists: Research journalists writing about your industry, products or services. Check out their recent articles and the topics they cover. This will help you find out which journalists are best suited for your story.

Gather Contact Details: Gather journalists' contact details, including their email address and phone number. You can find this information from their articles, their website, or from other sources like LinkedIn or Twitter.

Add details: Add more information about your contacts, such as their position, their publication, or the area they are writing about.

Maintain your list: Maintain your list regularly by adding new contacts and removing contacts that are outdated or no longer relevant.

Use a press distribution service: Some companies also use a press distribution service that offers a comprehensive list of media contacts and email templates to send out press releases and other PR content.

By creating and maintaining a list of relevant media contacts, you can ensure you're getting your message across to the right people and increase your chances of being featured in the media. However, it is important to ensure that you always provide personalized and relevant information to capture journalists' interest and attention.

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