October 1, 2019
5 min read
Know how Artificial Intelligence or AI helps startups with machine learning, predictive analysis, data processing and much more.
Businesses take up technology in an endeavour to reduce their expenses, increase efficiency, expand, increase revenue and provide a better experience to their customers. Businesses which understand the importance of technology include different kinds of technology in improving their processes such as Machine Learning, Natural Language Processing, Automated Chats, CRMs, etc. - all of which are the products of Artificial Intelligence (AI).
Artificial Intelligence (AI) is the process by which human intelligence is imitated by machines to learn, understand and rectify new processes and actions. AI streamlines efficiency and allows businesses to automate redundant and tedious processes to increase productivity and reduce wastage of resources.
Artificial Intelligence (AI) at its core has three main components of intelligence:
Machine Learning: Machine Learning allows computers to handle new situations via analysis, self-training, observation and experience. Machine learning applications include syntactic pattern recognition, natural language processing, search engines, computer vision and machine perception.
Reasoning: Reasoning allows AI technologies to extract critical information from large sets of structured and unstructured data, perform clustering analysis, and use statistical inferencing in a way that starts to approach human cognition.
Problem-Solving: Problem-solving includes learning from the errors and providing the utmost and accurate solution for the issues faced by the business. Problem-solving involves resolving a number of challenges that humans have been unable to resolve.
The best Artificial Intelligence (AI) consultants state that businesses are impacted by AI in the following ways:
Reduced time and money needed for business processes with automation and optimised routines.
Increased productivity and efficiency.
Reduction in human errors and omissions.
Ability to predict customer behaviour and provide customised experiences.
Faster business decision making ability.
Data analysis of a large amount of data.
A good customer service is a must if you want to keep the customers happy and make them return to the business in future. For startups, hiring employees for customer support services can be expensive. Tight budget and money constraints allow only a little wiggle room apart from key departments. This is where AI comes into play. Chatbots can answer to several customers and detect the need for a real executive. This saves not only costs and time but also gives room for improving customer services due to the deep learning capability of AI. Automated Chatbots learn and improve their processes as they go through more data.
Marketing requires unique content creation, communication, and creative out-of-the-box thinking. All these processes require in-depth research of the information from customers and existing market. However, when done manually, these tasks can be time-consuming. On the other hand, AI can perform these tedious tasks in a fraction of time. AI can predict user behaviour and find the best fitting marketing approach for different target groups.
AI goes through an enormous amount of data and information in a jiffy and allows entrepreneurs to focus on more important tasks. It can help you with recruiting new employees, analyzing competitors, managing your budget, scheduling appointments, dividing tasks, categorizing data & information, etc. When business owners are able to focus on key tasks while the other processes are automated, they can expand their business and sales more efficiently. (To know about how AI can help streamline your startup, consult our machine learning consultants.)
Failure in planning and wrong calculations of the budget and expenses of the startup are the primary reasons why startups fail. When a business runs out of money, it has no means to survive and achieve its task. To resolve this issue, a startup must have its expenses and earnings managed efficiently. AI can analyse, suggest and implement the best financial strategy for the startup and even predict future loss or profit by analyzing collected data. It can also detect anomalies and financial frauds to improve the overall financial security of the startup.
AI is an emerging technology and it is not cheap or easy to implement. Though AI saves startups a lot of money and time in the long run, it needs to implement AI into the business carefully. For this, AI consultants in India can help businesses in understanding the impact of AI on their startup and how the business will benefit the most with amalgamating AI into its processes.
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