5 Ways For Startups To Take Advantage Of AI
In the last few decades, artificial intelligence has grown from being a concept to the reality we now have. It has taken giant steps forward in the previous few years, and these advancements are helping businesses across different industries to do better.
Although, there was a time when artificial intelligence was only accessible to large businesses and corporate organizations. Its fast growth means that they no longer have that monopoly. AI is now a mainstream technology and is accessible to startups and small businesses.
It has also been filtered down to numerous types of services and products so that more businesses can access it and take advantage of it.
One of the most significant realities of a technology of this magnitude is its ability to increase productivity, capability, speed up interactions and decision making, etc., across a range of businesses in different industries.
Big companies such as Amazon and Netflix have taken the lead when it comes to taking advantage of machine learning and AI. Their services won’t be what we know currently without the use of AI to make those suggestions and recommendations to customers that they benefit from.
Thankfully, small businesses can also take advantage of this technology. Here are five ways for startups to take advantage of artificial intelligence if you didn't know.
1. Email Marketing
Email marketing is one of the most effective digital marketing strategies, and it has delivered more success in recent years. This is due to the introduction of AI into email marketing.
For many startups and small businesses, email marketing is the go-to marketing strategy. It is cheap and effective. It is what a startup needs to thrive, especially in the early stages.
Getting emails from customers is relatively easy. If it’s an online business, you can ask them to sign in to their email address to be able to purchase the product. If it’s a physical store, ask for their emails when they get to the point of sale.
Once you have your email list, you can use AI-enhanced email platforms such as MailChimp to create segments on your email marketing list based on different factors. This makes it easier to send personalized and targeted emails and get better results from them.
One important use of AI for startups in email marketing is email automation. AI always runs in the background. So after a customer takes action, AI systems run the data through the algorithm. This will, in turn, cause other actions to be triggered.
2. Intelligent analysis
Business intelligence doesn’t provide nearly as much as you would want or expect it to. With AI, startups can analyze big data and get real-time insights into their business and recommended courses of action.
For instance, a delay in raw materials delivery can affect the time for delivering other highlight-values a few weeks later. This might generate customer satisfaction issues for the business and might lead to increased discounts, payment delays, low repeat orders, credits, reduction in revenue, and, to add to it, numerous unsold stock.
AI can predict and allow startups to identify potential problems like this before it happens. They will then be able to determine the best line of action to prevent this proactively. It might be by getting a replacement supplier or resorting to some short-term solutions.
3. Improved customer experience
One of the best ways for startups to stand out is to offer excellent customer service. The problem, however, used to be that it requires a lot of resources to give such high-quality customer support.
Again, AI is the savior as it offers cost-effective solutions that allow businesses to provide top-notch customer support through various means, including the use of chatbots. The good thing is that more customers are open to these solutions. A recent survey published in an essay writing service shows that about half of a business's customers are willing to talk to bits initially when they engage a brand.
Salesforce also compiled data showing how customer service agents are reaping benefits from this too. According to their data, more than 60% of customer agents that work with AI chat had more time to deal with more complex problems instead of responding to inquiries all day long.
The benefit of AI for customer service is that it allows the startups to deliver an outstanding customer experience with focus and great accuracy without much human input. Therefore, it reduces human capital costs. This means that startups can do more while having less.
4. Market intelligence
The market is now very competitive. Hence, startups have to compete with rivals that have been established for so long for a share in the market. It is therefore essential to keep track of competitors to find opportunities for your startup.
There are numerous solutions that startups can use to ingest multiple data streams and get real-time insights into competitors’ movements. Startups can easily discover when a competitor reduces their product prices, start a marketing campaign, get updates on their online reviews, etc. You will get every piece of information and actionable insight into your competitors.
This shows how important AI is. Human analysis can’t keep up with changes in the business environment today. The world is changing very fast, and decision-making has to fall in place quickly as well. It will also need to be adjusted with new insights. Only AI can provide such insights at such speed. To survive, you need to move very fast.
5. Intelligent automation
There are numerous workflow engines with which companies can automate and change business processes. Intelligent systems can learn, automate processes, study and suggest behaviors and patterns in businesses.
AI allows both business organizations and individuals to be more productive and effective at their work to produce better results. The risk that AI poses for businesses is to fail or slow to embrace this technology and its benefits. Then you might get outpaced and left behind by your competitors.
It is impossible to resist AI’s pull, even for startups and small businesses. This technology is here for a long while and is here to take over. It is essential to be open-minded to this technology and give it a shot if you don’t already use it for your startup.
Once you start using this technology, you will understand the benefits and how important it is even more. It helps to drive sales with real-time customer data. In the long run, AI can make businesses more comfortable to run and more profitable. It also makes life easy for everyone. There are too many advantages of AI not to give it a try at all.
- Flying an RF-4C Phantom vs Piloting Space Shuttle Discovery & Atlantis? NASA Astronaut Mike Mullane Answers the Question
- NASA Astronaut Tom Jones Reveals Gus Grissom’s Actual Liberty Bell 7 Hatch Story & More Space Stories!
- An Explanation of NASA’s Space Shuttle Columbia Disaster
- Legendary NASA Astronaut Tom Jones on Asteroids, Challenger, Mercury & Columbia
- A Statistical Analysis of The Challenger Accident
- Exploring Mars, Asteroids & A Look Into Space
- String Theory & Cosmology with Brown University Physics Professor Dr. Stephon Alexander
- NASA Astronaut Ron Garan on a Career in Space, the Chinese Space Program & Flying an F-16 vs a Space Shuttle
- NASA Astronaut Mike Mullane on Spacex, Life in Space, the Discovery Explosion & the Best Space Movies!
- Simmons Observatory Director Dr. Brian Keating Sits Down
- Losing the Nobel Prize: UCSD Distinguished Professor of Physics at the Center for Astrophysics & Space Sciences
- Future of Human Space Travel
- SpaceX vs Boeing
- Legendary Astronomer Dr. Steven Beckwith, Director of Berkeley’s Space Sciences Laboratory & Former Director of Hubble Telescope Sits Down
- From Einstein to LIGO: Gravitational Wave Detection
- Dreaming of the Stars: An Interview with Rocket Scientist Dr. Anita Sengupta
- Will Machine Learning Unlock the Cosmos?
- A New Perspective on the World: Geospatial Data
- Self-Driving Lunar Rovers
- What Will Settlements on the Moon Look Like?
- Dark Matter and First Generation Stars
- James Webb Space Telescope Will Answer Some Of The Universe’s Questions
- Next Generation Space Shuttle Sets Space Flight Record
- Space: The Final Frontier of Artificial Intelligence
- The Last Starfighter Sequel Takes Off
- Cowboy Turned Space Surgeon
- Lunar Exploration Possible by 2024
- Black Holes: Gateway to Another Dimension, or Ghosts of Stars’ Pasts?
- Planet Jupiter: Revealed
- Was Our Moon Once Habitable?
- NASA Seeks New Worlds
- Interview with NASA Astronaut Scott Kelly: An American Hero
- Will Trump Rock NASA & The Russian Space Agency’s Partnership?
- South Africa’s MeerKat Telescope Captures Clearest Image of Black Hole at the Center of the Milky Way