It’s a misbelief that Artificial Intelligence (AI) is a technology that is widely used by established companies and is out-of-reach for startups. Many even stress upon what good it can bring on the daily activities of a startup that has just begun its operations.
Despite these misconceptions, AI is essential for startups as it is for any other business.
Today, when the businesses are crumbling down due to pandemic, companies who’ve invested rightly on technology and startups that have a strong technological foundation are able to keep themselves afloat.
For instance, AI and ML can easily provide insight into a user’s behavior helping companies take an immediate strategic business decision.
This helps businesses and startups one step ahead of their competitors and help them make the most of the moment.
Here are some of the ways AI can save startups from sinking during the pandemic or after it:
1. Seamless customer service even during tumultuous times
Investing in the customer service department is a cost to any startup. It is something a startup has to set up irrespective of their target customer. However, with tech evolution, companies are opting for AI-enabled applications to further enhance and smoothen customer interaction, either through calls or text messages, such as chatbots.
As per the reports published by Accenture, they predicted that by the end of 2020 80% of the customer conversation will be handled by bots. The number in itself speaks of the popularity of AI. Now, a simple application, like Chatbot, can do an enormous task. It can handle all the first-hand communication, such as collecting the customer’s information, registering their issues or problems, guiding them to the FAQs, or prompting them with the latest offers or discounts. This frontend seamless interaction will surely save the time of the customer and money of the company.
2. Leveraging data to make informed decisions
In the pre-AI era, it was tedious to keep a record of the customer’s changing likings and taking a strategic decision based on the study. By the time the records were presented and the decision was taken, the things would have evolved a little more.
For startups, these are critical information that they bank on. With AI, however, it’s faster than anyone would have imagined.
By smartly integrating AI in the business activities, every information of the customer’s choice and behavior can be seen in no time. This has helped startups to make the right decision and plan their strategic move accordingly. Everyone is using AI to tap their potential customer by showing them what they’re interested in. Take YouTube or Facebook for instance. They record your taste and show the things you probably have an interest in.
3. Strengthening Data Security and Fraudulent Activities
Even today, data security remains a major concern for organizations. There have been recent incidents of data leak questioning the security of such critical information. Besides, the loss of personal information and valuable data, such as hacks and leaks cost millions of dollars to companies. According to a report published on the Norton website, “it takes over 196 days for an organization to recover from a security attack. estimates the cost of recovering from a data breach of 3.86 million.”
Even though such risks and threats are increasing at an alarming level, several startups and businesses still use the same old threat detection methods.
AI, as observed, in recent years has proved it worth identifying any suspicious activities on the websites and taking the immediate required action. For example, a Google search update that was done in 2016 blacklisted 20,000 malware-infected websites and 50,000 phishing websites every week.
AI can analyze past behavior and predict malefic activities before they happen
4. Precise Targeting, Personalized Advertisements
Personalized ads are more likely to get the attention of the audience than a generic ad on digital platforms. Machine learning is successfully able to provide cognitive insight about the customer through their past behavior on the website, app, or e-store and give insights about their likes and dislikes in products. This helps in personalizing the ads accordingly. Personalized ads not only allow you to reach patrons that can be easily converted but only target that special bunch, saving you big bucks in the ad-spend. Giants, like Facebook and Google, get 85% of the online ad marketing dollars due to their AI ability to provide precisely targeted ads.
5. Easy Hiring Process
Startups are in dire need to get the right talent on board, to help them grow exponentially. Hiring experts confess that finding the right talent from a pool is like looking for a needle in a haystack. However, the rightful use of AI can fasten the process. Hiring professionals can have an automated screen to filter out the right candidate within no time.
Interestingly, AI can even interview potential candidates. PepsiCo used a robot, Robot Vera, to phone and interview candidates for their open sales positions.
The robot Vera, used by PepsiCo to hire talent:
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