When starting on a business project, one of the first steps is to do a general study of the current situation of the market in which we want to operate. A market analysis sheds light on market trends, the impact that the product or service may have and, above all, it creates a profile of our target market.
This is a technique that has been applied for many years and now, at the BISITE Research Group, we use artificial intelligence to not only study our target market, but also to obtain accurate information, such as the ideal location for a business, taking into account the proximity of the market and customers, population density or the level of income of the residents.
Our project replaces a traditional market analysis with a tool that is capable of making its own decisions, on the basis of a set of socio-demographic data taken from similar businesses. To this end, we have applied, among other things, Deep Reinforcement Learning, a category of machine learning and artificial intelligence.
This development is a great opportunity for anyone starting a business as it helps carry out a prior analysis, providing conclusive and interesting data for a key location depending on the type of business.