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Most interesting Artificial Intelligence tricks that entrepreneurs should know about

Posted by Anurag

Jun 26, 2019, 8:25:28 PM

AI with startups

Artificial intelligence is becoming a revolution in itself, these devices integrated with machine learning and automated with software technology is boosting the work efficiency of many industries. When it comes to starting up the benefits of involving artificial intelligence it is proving to be beneficial in every front. For startup when the resources and manpower is limited artificial intelligence can work well to improve as well as simplify the working process by automatic complex process in each and every stage. In this article, we will deal how artificial intelligence can be beneficial to many startups not only for enhancing the business strategy but also easing out the operations within the organization.

As the common notion goes, artificial intelligence is not just an imitation of human intelligence but it allows the system to have an integrated learning procedure that includes learning and reasoning as well. The biggest asses of artificial intelligence and machine learning are the fact that it can auto-correct itself. Let us see some of the facts about artificial intelligence.

1. Reasoning

This particular aspect of artificial intelligence is a bit complicated as the machine has to decide the outcome and procedure and behave accordingly, let us take an example of self-driven cars they can take decisions related to directions and speed all based on the reasoning of how people are behaving on roads. They can detect the path of the direction of other cars and avoid collision with them.

2. Learning

This aspect of artificial intelligence is changing the look and features of applications related to things of the internet. Like using social media platform Facebook, when you upload a picture onto your phone, it will itself recommend on whom to tag and who the recent people you have tagged exactly are based on just one click over the picture of the individual. This is the way a machine is ought to learn and memorize the pattern and behavior.

3. Self-correction

The machine is trained in such a way that they can autocorrect themselves by finding the previous mistakes and solves them by trying the probable solutions.  For example, when playing songs on the probable application it recommends you certain songs but if you keep on skipping it, it will self-correct and not show such songs again.

But how this wonderful feature of artificial intelligence can help the entrepreneur in their business experiences.

These are the ways they help in everyday jobs to detailed applications in the system processes. Even though they can be helpful in multiple ways we will explore some of the important ones which uplift the overall functionality of your new business.

1. Use of voice assistants

We all have a smartphone and use a voice assistant on a daily basis from Siri to Google assistant, they all are accessible on one touch, isn’t it? But the fact is we were never known to the wonderful features it can provide at least more than just weather assistance. An entrepreneur can exploit more out of this voice assistance by sending text messages, managing the calendar and meetings. As a start-up business, you need to meet thousands of people from funding to joining assistants a lot need to be managed. In such a scenario you can manage things even while driving, eating on just a command basis. On average, a person spends 4-5 hours with his phone and if your phone can provide features enhanced with artificial intelligence what else do you need? Voice assistant is that part of artificial intelligence which can manage, create and search the appropriate task for you at the comfort of your voice.

2. Better client relationship management

Client management is crucial for the success of any business and it is already changing the outlook of the customer response toward the brand. The client management system is already changing the working ethics of the companies and with a twist of artificial intelligence, a lot can change for sure. Market players for the client management system are investing to enhance and integrate their system with artificial intelligence and many other technologies updates. Addition of artificial intelligence updates adds up the intelligent predictions study of large data files powered by IOT and providing recommendations. This allows understanding the reflection of consumer demands and taking the appropriate measures to enhance the sales. It can also increase the insight functioning, create better opportunities and solid analysis through chatbots.

Chatbots are creating a buzz in the management system as they direct the customer in the predefined path which has many advantages over human customer services which cannot be possible to present in every situation.

3. Plan better with AI

As a startup, many things need to be maintained and managed. You must be having a large number of doing and don’ts, a long list of projects to be handled in a way which enhances the business opportunities. At times it may become hard to manage things and allocate activities. Things are needed to be finished in a given time frame with no mistakes and mismanagements. Things need to be well organized and automatically working out without much of your attention leading to more convenience. You can plan your projects conveniently and intelligently. From managing the source of the data to create a detailed figure sheet it helps in creating better outcomes and optimizing the efficiency as much as possible. This can track the estimated time to finish the work, money that is required and comparing it with the actual time the team is taking to counter these factors. This allows better tracking of the projection graph.

4. Get the required insight

As we have discussed before artificial intelligence can be beneficial in fields like planning of the system process with better tracking protocols of the business working within a given deadline which is usually less in startup businesses. Artificial intelligence can give the team a better chance of customer response study and understand the behavior pattern of them.

We all know that through machine learning we can automate our system to collect and interpret huge amounts of data, not only this it also allows the experts to draw outcome from these data and strategize the policies accordingly, for example from the given data you can study which product is working fine and only little push will enhance the sale so that you can plan the discounts over them. Your company can use this data to measure the audience response and analyze the situation and opinion of your product in the market. You can also study the latest trend in the market and see what might be the future of your product by looking at these trends.

5. Better manufacturing and quality assurance

More and more companies are installing the system processes and programs which are enabled with machine learning and artificial intelligence, this leads to better output at the manufacturing end hence reducing the financial burden and proving a cost-effective point for the startup, with the lack of funds and being new in the market cost of finishing the product plays a crucial role. Similarly using these technological advancements create the upper hand in maintaining the quality in the product which will gain goodwill building within the market. Quality is one part of the system that can make up or finish up a company especially when you are a startup. This increases the need for a more accurate quality driven projects and product.

 

Many other aspects of the company’s functional operations and product management can be uplifted with the help of artificial intelligence and machine learning leading to better outcomes for the customers as well as the owners. For the young new professional who understands the value of technology and the part it plays in expanding the business in creating a new dimension in the various fields for a better understanding of issues and then rectifying them.

On another hand thing that cannot be ignored is the self-experimentation, this is the only way you can understand what will work for you and what will not. As a startup, one must understand that buying any new program will create an environment of encouragement within the team from personal assistance to CRM system enhancement. These are the points which work toward increasing the work efficiency of the organization with minimal effort. You can easily handle cumbersome manual jobs or at-least reduce their burden. As an owner or a stakeholder, you only want your business to grow with a seamless opportunity available in the market and through the use of artificial intelligence, you can excel in various fields within and outside the market and organization.

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Topics: Artificial Intelligence, Machine Learning, startups, Reduce Startup Overheads

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