Although artificial intelligence (AI) has been around for many years, countless businesses, including start-ups and large corporations worldwide, still hesitate to adopt AI-powered technology.
If you’re planning to launch a start-up, remember that AI is ubiquitous and powerful. It can help you tip the scales in your favor and gain an edge over competitors in the industry who have not yet embraced artificial intelligence.
A significant number of start-ups today have started integrating AI technology to scale up their operations and have benefited tremendously from it. Read on about how start-ups have accelerated business growth by leveraging AI’s power.
Utilize artificial intelligence to improve customer experience
Businesses providing swift and efficient customer support are more poised to succeed and have an advantage over their competitors.
Introduction of chatbots for improved customer support:
Several start-ups have deployed AI-powered apps like chatbots to respond to queries commonly asked by existing or potential customers. Furthermore, aside from providing customers with a swift response, these chatbots can also do the following:
- Collect personal information from users for analysis, such as their age and location.
- Use the data collected to derive insights into their preferences.
- Utilize the analyzed data to find suitable offers or discounts for customers.
- Assist them by providing them with additional information available on your business’s blogs or FAQs for real-time solutions.
With a well-trained chatbot, your business can address customer queries that may affect your conversion rates, thereby impacting your business growth.
Voice and mobile assistants:
Voice and mobile assistants are commonly deployed software that has significantly enhanced the way businesses provide customers with assistance. Unlike chatbots, these assistants can provide customers with a more human-like experience.
Natural language processing (NLP), text-to-speech, speech recognition, and others are utilized by many companies to power voice assistants.
Interactive Voice Response:
Another popular software is the Interactive Voice Response (IVR). The technology used to support IVR relies heavily on machine learning algorithms which enable them to understand queries better.
Enable data-driven decisions by utilizing AI-based analysis
Most businesses today do more than provide their customers with products and services. Companies have ensured their start-up’s success by utilizing the power of AI-powered business analytics and machine learning.
Start-ups can gain insights into their customers’ behavior, product performance, market trends, and more by applying AI solutions. These solutions include machine learning, predictive analysis, and advanced computing tools without having to depend on static reports to make business decisions.
Furthermore, AI-based analysis can also help you project future sales and approximate market trends. This accurate forecasting is possible because of the recent developments in neural networks.
Utilize AI tools to automate marketing processes
AI-powered tools can improve business marketing strategies by scaling-up content, managing digital campaigns, and automating email marketing processes which we will discuss below:
Scale-up content generation:
Many AI tools are available for discovering content ideas, writing, optimizing, and publishing content. With the integration of these tools, businesses can provide marketers with recommendations for top-ranked content and save time on these tasks.
Manage digital marketing campaigns:
In the context of start-ups, programmatic advertising can ensure that the company reaches a broader audience and improves the overall marketing process.
AI tools can help you manage your digital advertising campaigns; you have to create the ads, and the machines will do the rest. Many tools can help you with digital marketing, from media buying to audience segmentation to cross-channel execution, testing, and optimization.
Automate email marketing campaigns:
With AI, you can predict customer behavior and maximize subscriber engagement. Using AI to send targeted emails and promotions will help you better understand your customers. As a result, not only do open rates increase, but conversion rates also rise.
Enhanced data security
Over the last few years, cyberattacks have increased significantly, but their sophistication has also increased. Although cyber threats continue to grow at an alarming rate, many start-ups and businesses still rely on the same methods for detecting them.
In addition to providing a reliable alternative to traditional data security solutions, artificial intelligence and machine learning can detect suspicious behavior on your website.
By processing the past data, developers can identify users with bad intentions and predict the attack before it occurs.
Streamline the talent acquisition process
Talent acquisition workflows can be automated and streamlined using artificial intelligence, especially those that are tedious and time-consuming.
To find the best candidate for a specific position, recruiters must review several applications manually and eliminate a lot of irrelevant applications. Frequently, the best candidates are lost in the pile of applications. Therefore, recruiters can conduct automated screenings with the help of artificial intelligence to eliminate unsuitable applicants.
Hiring managers can take advantage of proven performance data to hire the best candidates. Data on a company’s performance and high-performing employees can be fed into the AI tool by recruiters.
The techniques mentioned in this blog can accelerate AI business growth tremendously, but it is only the tip of the iceberg. It is high time AI is integrated into business intelligence to increase investment returns for unicorn start-up ideas exponentially.