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Artificial intelligence has advanced from the concept it was in the last decade to a reality. Recent advancements in AI technology have helped businesses from all sectors perform better. Even though AI was initially only accessible to corporate organizations and large businesses, AI is currently a mainstream technology that small businesses and startups can access. Below is a rundown of the various type of AI and how startups can take advantage of artificial intelligence.
Common Types of AI
Artificial intelligence is a broadly used term that describes anything from a simple tool that blocks spam emails to a complicated virtual assistant. It is crucial that you understand the various categories available when selecting AI options for your startup business. The types include;
- Machine learning – most simple artificial intelligence tools used by startup software make use of machine learning. This is the creation of algorithms defining a goal and guides the machine to achieve the goal. Essentially, the machine is taught how to do something by giving it continuous experience and interactions with data in the task.
- Deep learning – this is a subset of machine learning that features multiple algorithms, each providing different interpretations of data being fed. The network of algorithms is referred to as an artificial neural network and can make intelligent data-based decisions independently. This contrasts with human assistance that compliments ordinary machine learning.
- Natural language processing – this is the manipulation and processing of language, mainly text, and speech. NLP is used when a computer can understand the user’s language and analyze the data.
- Machine vision – as the name suggests, this is ideally giving machines the ability to see what humans see. Machine vision helps in capturing and analyzing visual information using cameras and other digital signals.
How Startups Can Take Advantage of AI
Startups can take advantage of AI in the following way;
1. Email Marketing
Email marketing is among the most effective digital marketing strategies that can deliver success to small and established businesses. This strategy performs better when paired with AI. Email marketing is a go-to marketing strategy for most startups and small businesses due to its affordable nature.
While getting emails from prospects and clients is easy, managing a mailing list can be challenging. However, businesses can easily send targeted and personalized emails with the help of AI-enhanced mailing platforms, such as MailChimp. A significant benefit of AI in email marketing strategy is email automation. Artificial intelligence always runs behind the scenes. Therefore, once a customer takes action, the system runs customer data through an algorithm that triggers other actions.
2. Intelligent Analysis
Business intelligence may not provide sufficient and beneficial information to startups as expected. However, with artificial intelligence, startup businesses can use insights from intelligent data analytics to make informed decisions. Artificial intelligence can accurately predict potential problems, allowing startups enough time to find solutions before the problem arises.
For instance, if there are delays in raw materials, the high chances are that the manufacturing process and delivery of eventual products will also delay. This may affect customer satisfaction, forcing businesses to offer discounts, reduced volume of repeat orders, reduced revenue, and payment delays. AI can predict all these, enabling the business to proactively find the best course of action to prevent these challenges.
3. Improve Customer Experience
Startups can compete with developed businesses equally by providing outstanding customer service. However, the main challenge to achieving this is that providing quality customer support requires that the business invests many resources. Fortunately, AI can be a lifesaver for startups, as it offers affordable customer support solutions through various options, such as Chatbots.
The best thing about using automation for customer support is that customers are open to using them. A study by Essay Writing Services found that half of the potential clients can talk to bots during the early stages of engagement with brands. Salesforce also found out that 60% of customer support using AI had more time to handle complex issues instead of responding to repeated inquiries.
Artificial intelligence enables startups and other businesses to deliver outstanding customer support with great accuracy with little human input. This reduces the labor costs, thus beneficial for startups with low operation costs at their disposal.
4. Market Intelligence
The current market is highly competitive, especially for startups looking to grab a share of the market from established business rivals. This makes it important for startups to track competitors and identify unexplored opportunities in the market. Startups can use several solutions to consume and get real-time analytics of their competitors.
With the business world changing drastically, human intelligence cannot keep up with the changes in real-time. With AI, startups can monitor when their competitor reduces product prices, rolls out a marketing campaign, and more.
With advanced AI features integrated into common enterprise software, large companies and established businesses no longer have a competing edge over startups. However, small businesses should learn how to leverage their access to enterprise AI solutions for the good of their businesses to avoid lagging behind. Consult Sisu Data if you need some expert input on AI and data analytics.
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