Artificial Intelligence, Machine Learning, RPA, etc., have become buzzwords across various types of industries. These automated solutions have been growing at an immense speed, especially in the last decade. Businesses that have adopted AI-Powered Tools and their subsets have not only been able to sustain in this cutthroat market but have also been successful in gaining an edge over their competitors who have not yet adopted Artificial Intelligence Applications. For the past few years, AI solutions have been most accessible to big, corporate, well-funded organizations. However, the market has completely changed today, and more and more startups are embracing AI solutions to scale up their operations. To find out how startups accelerate growth using AI-Powered tools, read on!
AI-Powered tools and the Startup revolution
With AI becoming mainstream, it has opened up a world of possibilities, especially for startups. With the help of the new-age technologies, startups can efficiently scale their operations, quickly detect any issues, and find ways to resolve or mitigate the effects of the issue. They can also leverage various AI technologies to enhance and improve their products and services, gain deep and valuable insights, and make business-driven decisions that result in high revenue generation. Many startups may still hesitate to implement various AI-based solutions. However, by understanding how these solutions can transform their businesses, startups can definitely open themselves up to innovations, and efficient strategies and gain a competitive edge over their competitors.
Leveraging AI-Powered Tools and Technologies
So, how can startups leverage AI solutions to grow their business and operations? According to a Statista report, it is expected that by 2025, the AI software market will reach around 126 billion US dollars! This is an indicator that this automated solution is definitely here to stay. With its popularity growing day by day, the demand for AI applications is only increasing. For startups, investing in these intelligent solutions is one of the best ways to boost the efficiency and productivity of their overall business.
6 AI-Powered Tools to Accelerate Your Startup Growth
Read on to find out the six best ways startups can use AI-powered tools to accelerate their growth and scale their operations.
Improved Customer Experience
Efficient and timely customer experience is one of the core goals of every business. For startups, it is absolutely important to look at ways to attract new customers and retain their existing ones. To ensure their success, startups need to provide top-notch customer experience, and using traditional tools will not get them the desired results. Today, customers demand immediate and quick resolution, and lacking in this area can give your competitor’s an edge over you. This is where AI solutions come into the picture. With the help of various AI-powered tools, startups can offer cost-effective and efficient customer support. Some of the widely used AI solutions for seamless customer experience include:
- Chatbots – Chatbots are considered one of the best ways to cater to your customer queries. Over the years, chatbots have undergone several transformations, and today, AI-powered chatbots are in high demand. These highly advanced chatbots can instantly understand the customers’ queries and provide resolutions without involving any human assistance. Implementing chatbots also allows your customer agents to focus on complex problems rather than the same, regular issues.
- Voice and Mobile Assistants – In the past few years, the speech recognition software has helped in enhancing the way companies offer their customer support. These voice and mobile assistants go a step further than chatbots, allowing businesses to model their digital assistants to provide a more human-like customer interaction. Voice assistants use various advanced AI solutions like natural language understanding, text to speech, speech recognition, etc.
- Interactive Agents – Interactive Voice Response (IVR) has become quite popular across large companies, and it is time that startups also leverage this technology to provide better support to their customers. This technology relies majorly on ML algorithms which enables them to perform intelligently by understanding the customer queries better.
With the help of this various AI-enabled software, startups can also cut down on their human capital costs, train customer agents, etc.
Enable Data-Driven Decisions Using AI-Powered Tools
Businesses today are not just about providing products and services. It has evolved into something more complex and challenging because of all the competition in the market. One of the best ways for startups to ensure that they succeed and stay ahead of their competitors is to take advantage of AI and machine learning to enable data-driven decisions. The role of AI in business analytics is phenomenal, and startups no longer need to depend only on static reports to make key business decisions. Various AI solutions like machine learning, predictive analysis, advanced computing tools, etc., can help startups gain deep insights into their customer behavior, product performance, market trends, and more – all in real-time.
In order to make the right and intelligent business decisions, startups need to get their hands on actionable insights to leverage their decisions quickly. Today, business is all about seeking the window of opportunity and turning it into a success. With AI solutions, you can easily access key data that can be used to make necessary business decisions at the right time. Prior to these AI solutions, businesses had to depend on inaccurate and incomplete data. But artificial intelligence enables businesses to make modern data-driven decisions. This is why companies like Coca-Cola, GE Power, etc., depend on AI and its capabilities to make quick and effective decisions.
Enhance Marketing and Sales Efforts
For startups, the focus needs to be on innovation and efficiency. In order to focus on these areas, they need to have several other areas running smoothly, such as having a strong online presence, ensuring an efficient digital marketing team, having the right sales team in place, having the right marketing team on board and more. Of course, all this involves a lot of cost and time, which is why startups need to invest in various AI solutions that can seamlessly help them achieve all these goals and more. From using Natural Language Processing software for enhancing customer experience to AI Writing Assistant software for efficient content creations like blogs, videos, infographics, etc., to CRM software to social media management software, the options are endless. Also, most of these tools are quite cost-effective, especially for startups.
Today, it is vital that startups build up a strong online presence as the majority of the people spend their time in the digital world. Startups can take advantage of various AI tools that are capable of managing your end-to-end digital marketing needs – from media buying to audience segment creation to analysis to optimization and more. Along with implementing top-notch digital marketing campaigns, startups also need to focus on their email marketing campaigns. Of course, with the plethora of AI solutions available, startups can easily boost their email marketing campaigns, ensuring a more open rate and conversion rate.
Boost Employee Productivity and Efficiency
When it comes to running a startup and making it successful, the amount of manual effort required is huge. Since startups need to quickly make their mark in the markets, it puts a lot of mental, physical, and emotional pressure on the employees, which can also result in a lot of them succumbing to the pressure. This can lead to severe attrition, which in turn can affect the growth and success of the startup. The ideal way for startups to avoid this situation is to look for the best AI solutions that can be leveraged to automate various tasks like data collection, report generation, research, customer service support, etc. By automating these processes, you can allow your employees to focus on other key areas, which in turn will make them more efficient and productive.
AI solutions are not beneficial only for the employers; they are beneficial for the employees as well. By taking away all the repetitive and monotonous tasks, companies can enable their employees to better hone their core skills and use them productively to ensure the growth and success of the company.
Effective Hiring and Management of Talent
Whether you are a startup or a large corporation, a large percentage of your business’s success and growth depends on your employees. No matter how good a product or service you provide, without having the right talent, there is no way that you can make your mark in the industry, and this is especially true for startups. Compared to established organizations, startups have more at stake with very less room for errors, which means that you need to have a strong workforce who are talented, skilled, productive, and efficient.
The majority of the startups still rely on the traditional form of recruitment, where the recruiters spend hours and hours going through hundreds of resumes to shortlist the ideal candidates. The process is tedious even for the applicants who need to go through detailed job descriptions and determine whether they are suitable for it or not. Rather than exhausting the mental and physical efforts, startups can take advantage of AI solutions, such as an AI-powered job portal. This portal which is rich in algorithms and analytics can help by collecting and collating all the data from both the recruiters and the applicants and automatically matching up the right candidate for the right job.
Some of the Recruiting Automation software also offers other key services, such as providing suggestions and insights to the applicants for enhancing their profiles, ‘pitch’ top candidates to the recruiters, helping recruiters in the testing process by making them more accurate and smarter, etc. Apart from helping recruiters in the hiring process, there are several other AI-power human resources tools as well that can assist the startups in monitoring their employees’ performance, enhance their engagement and interaction levels, and offer suggestions on how best to retain their employees, and more.
Enhanced Data Security
In the past few years, cybersecurity has become extremely vital as more and more companies are coming under the threat of various forms of cyberattacks. For startups, falling prey to any type of cyberattack can have a deep impact and in some cases can also lead to the shutting down of the business. Hence, it is crucial that startups leverage AI-powered solutions to enhance their data security rather than depending on traditional threat detection methods.
With the help of artificial intelligence and machine learning, businesses can easily predict and identify threats, implement quicker resolutions, and mitigate the attack as much as possible. This will help in protecting your data, business, and customers’ privacy. By detecting the threat before it happens, startups can save a lot of time, effort, and money.
This list of top ways startups can use AI to accelerate their growth and success is just the tip of the iceberg. Artificial intelligence is developing at a rapid pace, and the markets are being inundated with a plethora of AI-powered tools and technologies. Large businesses have definitely started investing and implementing these tools, and it is high time that even startups start taking advantage of them to ensure that they can scale their business rapidly and edge out their competitors.