Artificial Intelligence – A need for emerging startups

Startup, a well-polished word used for new emerging businesses. Small team, bigger vision and lesser time to get established. This is how a startup works.

Multiple hats are worn by the same person to accommodate skillset and responsibility required on taking huge challenges by small team.

Artificial intelligence is the most trending term right now, in the business domain. It deals with performing the tasks of decision making, problem- solving and learning by emulating intelligent behavior of computational process.

Many complex intelligent processes and repetitive mundane job in startup can be automated using Artificial Intelligence (AI). By automation, man hours can be saved and utilized at more thoughtful and creative aspects of their jobs. There are several AI based apps and conversational bots, helping startups to supercharge their workflow, allowing owners to spend less time on triage and more time on business expansion.

Market and user behavior analysis using AI –

Predictive analysis over data gather from system matrix, web matrix (google analytics) or social media, results in better product and its experience.

By using AI in business intelligence or analysis, startups can reveal opportunities to think differently, generating new solutions for business growth.

Predictive maintenance systems like DataRPM (http://www.datarpm.com/) are helping startups to cut cost on maintenance without losing customer satisfaction and trust by fixing before system goes down.

Systems like The Target machine developed by Churchill system, optimizes marketing strategy and cutd marketing costs by removing unlikely future customers from a list of potential customers. System similar to The Target machine can be utilized by startups to optimize marketing.

Artificial intelligence systems, stemming from social computing technology can be applied to understand social networks on the Web. Data mining techniques can be used to analyze different types of social networks. This analysis helps a marketer to identify influential actors or nodes within networks, this information can then be applied to take a societal marketing approach.

User engagement –

Conversational bots to help user while onboarding. System like intercom (https://www.intercom.com/) are helping in better customer interaction. A simple mobile application can be installed on each one or on marketing guy cellphone and voila, any person on your page can directly interact with you. Even it helps in engaging visitors on your page automatically, who might be your potential customer. Conversations are more impactful than a page with rule. Conversations also help in better customer engagement.

Better customer service –

Intelligent feedback processing using AI (NLP and NLU) – System using natural language processing and natural language understanding can provide better insight of user feedbacks. A small report that is more impactful than going through each feedback manually, saving time and money.

Conversational bot to serve as FAQ bots – Conversational agent with frequently used question bank can be more customer satisfying than providing with a list of FAQs.

Company Productivity –

Use of smart CRM

Smart CRM’s can automate data entry for salesperson, allowing him/her to focus more on building relationships with customers.

Smart CRM like Salesforce Einstein(https://www.salesforce.com/in/products/einstein/overview/) , salesforce for small business SalesforceIQ (https://www.salesforceiq.com/products/crm?d=undefined), agent.ai (https://www.agent.ai/) can be used to optimize process flow in startup, enhancing productivity that to at cost cut.

AI is helping startups solve critical issues like:

Finding a scalable way to acquire customers

Monetize those customers at a significantly higher level than cost of acquisition

Apart from this, it is also helping them with optimized and more targeted sales and marketing, thus saving precious time and money.

Digvijay Singh Ponia
Product Manager, Hallwaze Inc