Can Startups Leverage AI Today?
AI is poised to bring about dramatic increases in revenues for businesses within its first 10 years
The fourth industrial revolution is here, and AI is at the heart of it. With every passing day, new success stories emerge about major companies implementing inventive AI-powered initiatives. From chatbots, trading software, product recommendations, and cybersecurity, AI are powering ground-breaking innovations across various industries.
But AI-powered success stories aren’t limited to those of industry heavyweights with large budgets. An uncounted number of startups and small businesses across the board are deploying AI in various ways to enhance their competitive edge and ramp up profits. This has also been made possible by the increasing availability of affordable hardware and connectivity solutions. As a result, AI is projected to increase the revenue of businesses of all sizes within its first decade of mainstream use.
The following are 4 major ways in which startups can harness AI to enhance the efficiency of their business.
Improved Customer Relation Management
Customer care is essential to the profitability of a business, and AI-powered tools can help supercharge CRM for small businesses. A report by Accenture shows that by 2020, 80% of all customer care communications will be handled by bots.
That’s because AI-powered chatbots can be used not only to give customers quick responses to queries, but also to identify consumer behavior patterns, determine customer preferences, and match customers with offers and promotions. Chatbots can also guide customers through the buyer journey to improve the conversion rate.
Chatbots can also improve their communication prowess over time to deliver more accurate and effective responses, improving the customer experience.
AI-powered analytics makes it easier to identify consumer behavior patterns
With its perceptive pattern recognition capabilities, AI is an excellent tool for number-crunching and data analysis. AI tools can help businesses collect crucial data and also gain insights through data analysis. Companies are now using AI-powered analytics tools to track market trends and decipher customer behavioral patterns.
With these AI analytics tools, it becomes easy to draw insights from vast amounts of data without needing a high level of proficiency in data analysis. This helps businesses make data-centric decisions, reducing the margin of error and inconsistencies in the decision-making process.
This can also help companies stay ahead of changes in customer behaviors and identify emerging tastes and styles in the market. And with the recent advancements in neural network technology, businesses can forecast up-coming trends with greater precision than ever before.
Powerful Marketing Tools
AI marketing tools can help businesses centralize and supercharge their marketing campaigns
AI can be deployed to improve every aspect of a marketing strategy, from content strategy to email marketing, social media and other digital marketing campaigns. With AI-powered tools like Curata and MarketMuse marketers can easily identify effective content to promote a business in a time-efficient manner.
AI-powered marketing tools can also help create and manage multiple digital campaigns. From media buys to SEO, cross-channel strategies, and audience segmentation, startups can use AI digital marketing tools to implement various aspects of a digital strategy from a highly centralized, easily operable systems.
Given its uncanny ability to decipher consumer behaviors, AI can help create a personalised email series to enhance open and response rates. AI can also create a marketing campaign with logo designs and video production. All these can save time and money, while also increasing the company’s bottom line.
A Highly Efficient Hiring Process
It can be difficult to deal with employee turnover, which requires businesses to find the right candidates from a large pool of applicants. AI can help hire and maintain the best talents in an organization.
With AI’s sorting capabilities, the best candidate for a job won’t be lost amidst the other applicants. AI-powered filters like PredictiveHire can sift through a pile of application entries to remove less-qualified ones in a time-efficient manner.
Using such AI tools can be as simple as filling the tools with hiring criteria, company goals, and performances, and then loading the application data. Some tools even help companies create surveys that will allow them to quickly identify candidates with desirable characteristics.
Every Day AI
This list is by no means exhaustive, as new effective AI-based applications for small businesses continue to emerge with every passing day. It’s up to each business to identify and implement the most effective AI solutions that can take them to the next level. As the world moves towards a new technological revolution, businesses who jump on board the AI wave are the ones who are most likely to be carried ahead.
4 Ways Startups Can Utilize AI to Ramp Up Profits