5 ways startups can leverage AI tools for success
It’s the 21st century we are living in. And Artificial Intelligence is more than just a buzzword. It’s ‘the’ technology that all businesses are clamoring for – startups, SMBs, enterprises – everyone wants a piece of the AI pie. And while large enterprises have deep dived into the AI revolution, the question still remains as to how AI can help small businesses?
AI today is the go-to technology across all business verticals, with an ever-growing list of AI use cases that demonstrate how it’s powering up businesses. But, to better understand the role of Artificial Intelligence in business, let’s first break some of the popular myths around the subject, especially when it comes to AI adoption in startups and small businesses.
AI for Small Businesses: Busting 3 Popular Myths
1.AI integration is a tedious process: Artificial Intelligence as a cognitive technology was developed to help businesses automate, scale and grow, to reduce complexities and streamline business processes. When it comes to implementation therefore, with the right AI tools in place, it’s as simple as any new tech-integration can be.
2. Integrating AI systems in business requires technical skills: There is AI development and there is the use of AI tools for business processes. AI technology is evolving and there are AI tools and platforms already in place that can easily be deployed, without technical knowhow. For example, using content tools for developing better marketing content, or app analytics tools for understanding user behavior on your mobile app or website.
3. AI in businesses is expensive: As a top AI development company, we often hear concerns about the cost of AI implementation in small businesses. Let’s clear that. When it comes to building a custom AI platform for a large conglomerate or government entity, the scope of the project usually calls for significant financial investments. However, this is not the case for startups. There are several off-the-shelf AI software that can effectively perform tasks and in case of custom development, the right vendor can build a platform tailored to the business’s niche requirements and budget constraints (we mean it).
Implementation of AI tools in startups have over the years, actually helped them to scale leaps and bounds. The timely adoption of Artificial intelligence into organizations have not only helped in optimizing resources, improving productivity and reducing costs, but have also helped in automation and digital transformation with AI.
Here’s taking a quick look at how startups are opening up and adopting AI and bringing in AI innovations into their processes to cut costs, optimize resources and in short, have a better day!
Artificial Intelligence for Startups: Adoption of AI for SMB
Using Artificial Intelligence for customer service:
Taking a cue from Fortune companies like Amazon, customers are often the No.1 priority for businesses. Not surprisingly, more organizations are investigating smarter solutions for better customer support and service. AI tools for small businesses like chatbots, are often the first choice for bridging the gap. A recent report by Microsoft, reported that globally, 54% of all consumers say they have higher expectations of customer service than they did a year ago.
Small businesses are gradually relying on AI powered chatbots for quick and effective customer service. Turnaround time is usually low, efficiency high, costs minimal, and they also help with lead generation, personalizing offers, product recommendations and more, making it the ideal tool for ensuring customer satisfaction and in turn brand loyalty.
For instance, Ubisend, UK’s leading chatbot company uses AI for helping organizations have conversations with their audiences either via text or via voice.
[Also Read: Chatbots as smart solutions for businesses today]
Influencing decision making with AI implementation:
Implementation of AI tools can help provide insights into the behavior of customers and even competitors. Advanced computing tools, machine learning algorithms, predictive analysis, and other business intelligence tools can analyze written, video, and social media posts and provide insights helping businesses stay competitive. AI can also help businesses by providing real-time insights into customer needs and wants so products and services can be developed accordingly.
For instance, Crayon, a competitor analysis tool tracks behaviors of competitors across different digital channels including websites and social media. Even the slightest adjustments in pricing, marketing language, and offers are covered.
Accelerating Content Development and Marketing using AI software:
Startups and small businesses use AI for marketing to help them use data intelligently. AI technology can help to provide real-time insights and updates on where the customers are, suggestions on intelligent allocation of resources, cost optimization strategies, identify new promotional opportunities and more.
Content marketing involves intelligent creation and strategic distribution. AI tools can help in discovering content ideas and even in optimizing content for different audiences. AI-powered tools like Curata help in discovering topics that are proven to drive results and removing the guesswork. Platforms like Atomic Reach and Market Muse help in optimizing content by comparing it with top-ranking content and providing recommendations.
Content creation, curation and distribution, image editing, video creation – there’s widespread use of AI tools today to maximize returns across digital platforms.
Artificial Intelligence in HR processes:
AI in the HR process has seen some ups-and-downs. In its initial days, there have been some challenges including Amazon having a gender-biased AI system affecting their recruitment process. Fortunately the platforms have grown with many of those challenges now resolved.
One of the most prominent of AI has been in the recruitment and hiring process including the application of Natural Language Processing with reference to automatic screening of resumes and finding the right match, verifying and validation credentials, status of application, progress and status of application etc.
Another case of AI software for small business that have immensely benefited HR professionals is the streamlining of the hiring and onboarding process for new employees. Aside from helping with hiring and onboarding, it can also help by acquiring feedback from the new employees and help them with questions about company policies and benefits.
AI for enhanced Data Security:
With the increased sophistication and number of cyberattacks that have taken place over the past few years, it is clear that probably the most important use of AI tools is to provide enhanced data security. Artificial intelligence can analyze data of previous attacks, learn about any patterns present and predict any potential threats.
‘Reinventing Cybersecurity with Artificial Intelligence’, a report published by Capgemini Research Institute, indicates that it is imperative to build-up cybersecurity defenses with AI.
Startups often use old threat detection models making them increasingly vulnerable. And while there have been enough instances of the integration of AI tools into existing cybersecurity systems that have saved organizations from huge losses, the question of how to implement AI in small businesses will always remain. According to a report by Norton, it takes an organization 196 days to recover from a cybersecurity breach. In such cases, AI-powered tools can work wonders.
[Also Read: How AI is used in Cybersecurity]
While some startups and small businesses have been upfront and quick to embrace Artificial Intelligence, there are many others who are still to make their first move.
As a leading AI mobile app development company, at Day One Technologies we understand that the future belongs to cognitive technologies and to businesses that are able to adopt it. Mobile applications, AI technologies including machine learning, computer vision, NLP, voice assistants and the like are here to stay and it’s only but a smart move for startups to leverage the benefits of AI in business for competitive advantage, efficiency and profits.