In recent times, AI has become a household thing. Every startup opts for AI to increase the efficiency of all kinds of business processes. Many startups are also achieving the highest number of milestones by using AI technology. AI is so popular that all startups ask their hired technology partner to actualize the AI-enabled mobile app and web application.
So, if you are a startup and planning to build a mobile application and web application, you should know the different ways an AI technology can make your business journey painless. In this blog, I will share the top ways startups are using AI technology to increase sales, user experience, and customer retention rates.
But before discussing that, letâ€™s first understand the difference between AI, Machine learning and Deep learning as almost all of us fail to differentiate these almost the same technologies which depend on each other.
Difference between AI, Machine Learning (ML) and Deep Learning
In the simplest terms, an AI is a technology which gives the ability to machines to work and react like humans. It can be achieved with a set of rules and algorithms.
The machine learning is the subset of the AI. It is the scientific study of algorithms and statistical models that computer systems use to perform a task. It basically finds the patterns out of large data sets. These patterns are later used to define rules and rules are then used to solve a particular problem automatically.
Deep learning is part of the broader family of machine learning method. The major difference between Machine Learning and Deep Learning is the requirements of different attributes to solve the problem. For instance, if you want a machine or program to identify whether the uploaded image is of a cat or dog, you have to define the attributes (skin color, tail length, eye shape, etc) which machine learning algorithm takes into account to solve the problem. But in deep learning, the algorithm itself defines the attributes to solve the problem.
5 ways startups are leveraging the AI technology
With the increasing demand of users and overly intensified markets, startups are opting more and more for futuristic features that purely work on some technologies like AI. Luckily, over the course of time, AI technology has become an affordable technology and so, even small startups can leverage it. Following are the 5 ways startups are leveraging the AI technology.
l To improve customer service
Every startup has to invest a lot to offer the ultimate customer service to users. And if they fail to do so, customers quickly alter their choice!
The major reason why customer service is a tedious and costly process for startups is the direct interaction of humans. A startup accommodates many teams of the customer service executives who solve queries of customers not at the highest ever efficiency.
But an AI-enabled chatbot which is nothing but the program ensures the top-notch customer experience when a customer raises a query. This program understands the query of the customer and gives the most suitable answer to him without the interaction of any human. This way, it helps startups to save a lot of money and provide ultimate customer service at the same time.
l For efficient business forecasting
A startup has to make many game-changing decisions every day and when they make a decision, they want to know the effect of that decision on many factors of the business. For instance, when a startup changes the price of its service/product, they need to know the effect of that change in price on the usage rate.
An AI algorithm named Linear regression is very serviceable when it comes to predicting the effect of change in price on the usage rate. It calculates the dependency on two variables and based on that calculation, it predicts the effect.
AI algorithms are also very useful to make other business predication such as future economic conditions, future app installment rates, future revenue, etc.
l Automate marketing efforts
Running a marketing campaign aggressively is the major strategy of all startups running their business in the overly intensified market. These startups spend a large percentage of their earning on marketing. Even though they spend huge on marketing efforts, they generally end up converting only a few people into users.
Here, AI can transform marketing from the roots. You can use many AI-powered tools that can easily improve the different aspects of marketing. These tools scale up the content generation, manage digital ad campaigns, and optimize email marketing campaigns.
If you want to know the top AI-enabled marketing tools, read this blog.
l Enhance data security
The number of cyberattacks has been increasing since the last couple of years and in 2019, it reached an alarming level. Big companies which become the victim of a cyber attack can easily survive because of their high user base and fund. But when a startup becomes the victim of the cyberattack, it suffers a big financial loss which sometimes leads a startup to the dead end.
But if you employ an AI-enabled data security system, you can prevent attackers from getting access to your system. An AI algorithm named genetic algorithm is used to create a rule-based Intrusion detection system that creates the rules based on historic data, captures every incoming package over the network, scans each package, compares it with the rules and alerts the admin if it finds any infected package. This way, an AI-enabled intrusion detection system can prevent data breaches very effectively.
l Manage resources very precisely
This is an outstanding use of AI technology. As we have discussed, the Uber app calculates the demand for a particular location and if it finds the demand higher than supply, it raises the fare and asks drivers to reach that location to satisfy the demand. Same way, many e-scooter startups which have been trending for the last 2 years, study the heat map and redistribute their e-scooters according to the demand of a particular location. By doing so, startups are increasing the usage rate and earning well. They are also satisfying the higher demand and winning the trust of users.
In the nutshell
Looking at its advantages, AI can be considered as one of the most pioneering technologies of the decade. It has already changed the fate of many startups and moving forward to hit many remaining industries and startups. Its one of the abilities to learn automatically is making it the most affordable and suitable technology for startups. It is one of the reasons why Uber, Airbnb, GoJek like startups are processing millions of requests in the day. You can also employ AI technology and take your startup to the next level.
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/494889
Article Added on Friday, January 31, 2020
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