05
Nov
2020

How Can Startups Harness the Benefits of Artificial Intelligence

Artificial Intelligence doesn’t mean killer robots that seek to gain freedom from the inferior human race. It’s not a futuristic concept, either. From your smart home assistant to your personal assistant that opens phone apps and makes calls for you, AI is already an integral part of our lives.

Moreover, AI is already a part of modern business, including startups and enterprises. This article will show you some of the ways in which you can use AI to beat your competitors and ramp up the business.

AI can improve customer experience

No matter your expertise and the type of services or products you offer, most businesses these days have to rely on gaining new customers and keeping the ones they already have if they want to stay afloat in these turbulent times.

AI-powered chatbots are a powerful ally in improving the overall customer experience. When a customer engages with a chatbot, it identifies a query through a series of responses and then provides an answer.

They can be trained to quickly and efficiently respond to the users’ questions and demands. In fact, some predictions say that about 80 percent of customer support will be performed with the help of chatbots in the upcoming year.

AI can help you analyze the customers’ behavior

Some say that the saying “Knowledge is power” is no longer as valid as before due to advancements in technology. Instead, the new motto that “Data is power” has taken its place.

In practice, this means that it is crucial to learn as much as you can about your existing and potential customers – their age, likes and dislikes, things and keywords that bring them to your site, and services and opportunities that make them stay there.

You can use AI as a powerful tool to gather this data and analyze it much better and faster than any human ever could. With this information at your disposal, you can plan your marketing or choose your user retention strategies much more quickly.

Enhanced data security

Another aspect that can make or break a successful business is data security. Clients are very likely to abandon a company that doesn’t respect and protect their privacy and anonymity. Fortunately, this is one more field where AI can help you.

Artificial Intelligence possesses modern threat detection methods. It can spot suspicious behavior on your website or users with malicious intentions, raising the overall security.



Overcome language barriers with AI 

Thanks to the Internet in our pockets, we are all connected more than anyone could even imagine just a few decades ago. If you plan to expand your business beyond borders, AI can help you there as well, as it can help you overcome the language barrier.

Back in 2014, eBay started using an AI-powered translation tool instead of the one it already had. During that year alone, sales to the countries where this tool was affected rose by 10.9 percent.

For AI-aided translations, you can rely on services from Microsoft, Google, or other smaller and independent companies. What is essential is that every business now can communicate with customers worldwide, thanks to AI and machine learning.

Streamlined sales

AI doesn’t only work as a data-gathering tool. It can also predict customer satisfaction rates and see flaws in the sales process sooner than any human could.

By anticipating outcomes, businesses can know what to focus on, which is a significant help of AI in small businesses. Once you figure out the potential weakness, you can take proactive steps and eliminate the issues before they even get a chance to grow into actual problems.

Ad placement and audience targeting

Once you have the social and sales data, it is time to put that info to fair use.

For example, good AI can find out what payment options and channels have a higher success rate within your target audience, which is especially handy if you’re not sure how to find or analyze this data. That skill also applies to the automated placement of ads in the right spots and platforms to attract the business you want.

AI can reduce the odds of making errors

Machines are not human. This characteristic makes them much better at decision making. AI has no emotions or opinions, and it makes its decisions based on the present facts solely.

Though machine bias is a real concern that sometimes impacts the decision-making process, artificial intelligence is still less biased than humans and much more accurate. The good thing is that even if a system makes a mistake, it can be fixed. With a real person, changing their mind is not as easy as it should be.

Conclusion

All the things listed here are just the tip of the iceberg, believe it or not.

AI can improve customer service using chatbots and recommendation systems. It can also increase revenue by identifying and maximizing sales opportunities or predicting product demand.

Artificial intelligence can classify customers, predict their behavior, increase data security, review documents, and do so much more.

In the end, the real question is not “what can AI do to help your business?” but instead “what do you want to use it for?”. And, that choice is up to you only.

Michael has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.

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