In the last five years AI or Artificial Intelligence has achieved massive growth thanks to the endeavors of committed researchers, and combined efforts of government, corporate and influential IT personalities across the globe. Among other benefits, the AI can act as a gamechanger for levelling the field of competition for Start-Ups- which is specially important for countries with positive start-up culture, like India. Appreciated on a global level, the Indian start-ups have time and again proved that given fair opportunities they can disrupt the market in a positive way. AI has made it more accessible and affordable for such start-ups to achieve a distinguished position in the market with the help of sophisticated tools to enhance productivity, simplifying processes, automating daily tasks, and delivering better customer services. There are more ways than you think in which AI helps start-ups to achieve heavy growth.
Better customer experiences with chat-assistants
Customer service is the key differentiator that enables start-ups to gain a distinguished position in the market. It allows them to build a quick rapport with their major client base and turn random buyers into committed clients who are ready to increase the ticket size. The only issue with this approach is that, after a few months, it may turn out to be a resource-intensive endeavor.
The advanced AI technology provides an efficient yet cost-effective way to overcome this challenge through its sophisticated range of client-facing solutions. The benefit of this approach is that AI can accurately combine the power of data and communication strategy to satisfy different queries of a customer. Earlier, customers weren’t comfortable with the idea of talking to a chatbot but of late they have been readily approving these solutions especially during their initial engagement. That said, it is very important to find the right customer-facing solution and carefully map the entire interaction and language to provide the best-personalized experience to the targeted audiences.
A huge chunk of employees’ time is spent on handling mundane queries that sap them out of their energy and subsequently affect their ability to deftly resolve the complex challenges of customers- and sometimes that may even lead to customer-executive conflict. By engaging AI for initial queries, the start-ups can create more breathing space for their human employee which increases their productivity and engagement.
Tailored communication for better impact
Communication has always been an integral part of marketing and in the digital landscape it has become all the more important to use communication that naturally convinces the customers. The key is to create a natural connection with the audiences tailored to suit their personalities and intentions. AI helps start-ups to achieve this with the help of the power of data. For instance, the Watson Personality Insights by IBM allows a start-up to understand and build the detailed personality profiles of its major customers.
This wonderful tool can deeply scan the different social media channels of a startup as well as its nearest peers in the industry. It builds comprehensive personality profiles of the targeted audiences. Based on these insights the start-ups can create a strategic communication strategy to connect better with their targeted audiences by using the language and choosing the words that best align with their personas. It goes a long way in bonding at a deeper level with the targeted audiences by effectively conveying your message to them in a language that they can easily connect to. These insights also make it easier for a start-up to recognize and shortlist the communities and influencers who can act as organic social media ambassadors which play a hugely positive role in determining the impact and outcome of targeted social media marketing campaigns and increase their RoI.
These technologies also help start-ups to better build their market outreach endeavors by scanning through millions of advertising opportunities and bring forward the ones that are most relevant to the start-ups based on their budget, preferences, platforms, and other parameters.
Automated vendor sorting
Starting a start-up isn’t as easy or economical as it might look to outsiders. Even to start the operations they have to go through many formalities and select the most relevant vendors. Right from legal agencies and tax consultants to wholesale suppliers, goods carriers, and even productivity tools, a start-up needs to select different professionals, agencies, and vendors. The challenge is to identify the vendors and partners that charge reasonably, offer reliable services, and ensure a uniform after-sales experience during multiple phases of business growth. AI makes things easier for them by automating the intelligent vendor selection by extracting the unstructured data in the desired format. Trained with the right datasets, the AI can develop and employ logical algorithms to recognize the most relevant vendors that perfectly fit the specific budget and requirements of a Start-up while also promising reliable service quality to support its evolving business needs during its growth journey.
Actionable market intelligence to stay ahead
Spotting opportunities before others are one of the prime concerns of any new start-up and AI can provide them with the reliable market intelligence to make that possible.
Today there are advanced AI solutions that can deliver comprehensive market intelligence insights about competitors’ activities in real-time by churning numerous data streams. Whether the competitors gain a negative review on digital platforms or starts a festive promo- the start-ups will be instantly updated with their latest movements. These actionable insights help them to respond to such activities promptly to gain an edge over their competitors.
With the fast-changing digital world, the relevant market data and insights about competitors can be of extensive value for the start-ups as it improves the speed and relevant accuracy of their decision-making process allowing them to keep up with the momentum of the market.
Improved talent hiring and retention
Manpower is the real capital for any startup. Smart recruiting of bright yet affordable talent, however, is a challenge. AI can make things easier for them with its deep analytical and predictive capabilities.
HR departments can be an expensive investment for start-ups and anyways, even HR department is not without the human limitations.
The sophisticated AI technology has now become easier for start-ups to identify the most relevant talent and pick the selected bright candidates among huge traffic of applications. AI also uses its predictive capabilities to forecast the future potential of a candidate enabling companies to strategically prepare the employees to drive their careers in the right direction- something which is beneficial for organizations, candidates, and the end customers.
AI tools can also assist start-ups to analyze worker engagement, their productivity, and even specific performance gaps or strengths. It also empowers start-ups to identify the employees with low productivity levels so that they can provide the relevant guidance and timely assistance. It will also help in employee retention and increasing the overall RoI of manpower investment.
Conclusion
AI or Artificial Intelligence is equipped with the combined power of accuracy and human-like learning capabilities that allows it to act as a gamechanger for the businesses. In a start-up friendly country like India, AI can act as a reliable friend for Start-ups by helping them to achieve their goals in a more affordable and efficient manner.
Source: indiaai.gov.in
