People have always signified progress with their relentless endeavours to make life simpler and thanks to the co-operation of technology; the twentieth and twenty-first centuries have seen a number of advancements that revolutionised the functioning of our daily lives. Industries have, time and again, harnessed the advancements – the current one to lead the pack is ‘artificial intelligence’.
Artificial intelligence is the most trending term in the business domain, with its major benefits catering to the decision-making process, according to Gartner analysts. The analysts’ further predict that within the next five years, 50% of the analytical decisions will be made through AI: opting it over simple verbal interactions.
Artificial intelligence is the process of transforming human predictions into a mechanical route with the help of parameters and algorithms, through performing tasks of decision-making, problem-solving and learning by encapsulating intelligent behaviour of computational process. One simply requires a set of pre-defined algorithms with which, pre-determined parameters can be set to act as a deciding factor in business procedures.
Applied AI and advanced machine learning cashes in on intelligent implementations, including physical devices (robots, smart cars, consumer electronics etc.) along with apps and services (virtual personal assistants [VPAs], smart advisors).Many complex intelligent processes and repetitive mundane jobs in startups can be automated using AI. By automation of functions, work hours can be reduced and utilised at more thoughtful and creative aspects such as brainstorming, ideating and so on. There are several AI-based apps and conversational bots that are helping startups to bolster their workflow, allowing owners to spend less time on menial functions and more time on business expansion.
Market And User Behaviour Analysis Using AI
- Predictive analysis over data gathered from system matrix, web matrix or social media, results in better product built and enhancing its experience, through consumer insights.
- By using AI in business intelligence or analysis, startups can explore opportunities to develop a unique thought process, generating new solutions for business growth.
- Predictive maintenance system can help startups reduce cost on maintenance without losing customer satisfaction and trust, through regular sprucing and quality checks.
- AI-enabled systems optimise marketing strategy and reduce marketing costs by removing improbable future customers from a list of potential customers. These can be utilised by startups to optimise marketing.
- Artificial intelligence systems, stemming from social computing technology, can be applied to understand various measures of social networks online. Data mining techniques can be used to analsze different types of networks that are built on a daily basis. This analysis helps a marketer to identify influencers or nodes within networks, which can then be applied to take a societal marketing approach.
Here are a few focal points where AI can augment the operational aspect of a start-up:
Conversational bots are enhancing sales through better customer interaction. A simple mobile application can be installed by the consumers, through which marketers can directly interact with the help of notifications, chat boxes and so on.
It helps in engaging visitors on the organisation’s landing page automatically that further generates interests from consumer’s side. Conversations are more impactful than a page with sidebars, leading to better customer engagement.
Better Customer Service
AI systems using natural language decoders can provide better insights of user feedback. Small reports, generated by these, are more impactful than going through feedback manually. The purpose of saving time and money is aptly served, through the incorporation of AI. Also, a conversational agent with frequently used question bank can be more feasible than providing with a list of FAQs, introducing symmetry into operations and ensuring customer satisfaction.
AI enlists the help of smart CRMs to upgrade usability, helping organisations to operate better. Smart CRMs can automate data entry for sales professionals, allowing them to focus on other important things, apart from sales, such as building relationships with customers.
The inclusion of AI into the industry has emboldened small enterprises to use tried-and-tested platforms in novel ways. While startups are steadily gaining a competitive edge through capturing the AI market, big enterprises are facilitating the infrastructure to start-ups for building innovative services. Whether serving as a research assistant in a large corporation or acting as a voice-activated resource in difficult medical procedures, AI has become an intrinsic part of reality.
The AI revolution will promote new players to gather leverage in the market to their advantage. AI is set to be a fundamental predictive enabler helping start-ups to solve large-scale problems, poising them to gain a competitive edge.
[The author of this post is Digvijay Singh Ponia – Product Manger, Hallwaze Inc.]