Artificial Intelligence has enormous potential for the business world! Many entrepreneurs are not aware of the magnitude this technical revolution has to offer and miss out on a huge chance to boost their startup. But how? Startup Creator got your back and identified the biggest AI opportunities for your startup.
Time is a virtue and a startups biggest enemy. So much to do, so little time. So much to pay for, so little money. Who already worked for a startup, or is an entrepreneur him-/herself, knows what we are talking about. Luckily, there is a technological revolution happening right now and it’s name is: Artificial Intelligence.
AI is changing the world as we know it. Especially for businesses it brings financial benefits and improves the overall efficiency. Startups benefit from AI probably even more.
We already discussed the opportunities and threats of AI in a previous blog post. This time, we will go into detail and talk about 4 ways how your startup can benefit from Artificial Intelligence. Enjoy!
1. Customer Support
Customers have the power to decide over the rise and fall of a company. A good customer service is a must if you want to keep your customers happy. A great one can bind them for a life time. Loyal customers are worth their weight in gold and the best promotion you can get for your company.
For startups, hiring employees to handle customer support is expensive. The strongly budgeted money is needed for more crucial areas. That’s where AI comes into play. Chatbots can answer to several customers at once and detect whether a real person needs to be involved or not. This saves not only costs and time, but also nerves.
The best thing is, due to the deep learning capability of AI, the chatbot continually learns and improves itself. Most chatbots have been simple multiple choice answering machines before. With AI, they evolved to become more complex and capable of giving personalized answers for each individual customer. The more data the program receives, the better and accurate it becomes. Some people don’t even notice whether they are talking with a bot or with a real person.
While chatbots are not yet(!) reliable enough to handle customer support over the phone, AI can be used to assist you during the conversation. It can analyze phone calls and provide you with the necessary information and answers in real-time. It saves you valuable time and the customer is happy about the quick and helpful support he received. A classic win-win situation.
2. Business Management
“Call at 10.15. Lunch with clients at 13.00. No, that is on Wednesday. Wait, on Wednesday I also have an interview with a candidate for the marketing position. And when is my doctors appointment again?” Life as an entrepreneur can be very stressful. Appointment after appointment, call after call, and headache after headache. Especially at early-stage startups, the founder has a full-time schedule and takes care of almost everything him- or herself.
Forgetting an important appointment happens more often than most entrepreneurs would like to admit. Sometimes the consequences are mild, sometimes they are severe. It’s no surprise that this happens. The work load is simply too much for a small startup team, let alone a single person. However, these scenarios should and can be avoided.
This is another chance for your startup to benefit from AI. Let the computer take care of the time-consuming, redundant processes an entrepreneur has to deal with every day. It can help you with recruiting new employees, analyzing competitors, managing your budget, scheduling appointments, dividing tasks, categorizing data & information, and so on and so forth. To make it short: AI improves the overall efficiency of your startup.
A big part of marketing is creative thinking, content creation and communicating with your target audience. An even bigger part is the research behind it. Marketing is based on information, data and analytics. The gathering of those is very time-consuming, but necessary. A perfect opportunity for AI to put its magic into play.
Artificial Intelligence can take over these tedious tasks to save time for the creative part of the job. Especially as a startup you need creative marketing to stand out from the masses. With enough data, AI can even predict analytics and user behavior and find the best fitting marketing approach for different target groups.
But that’s not all. AI recognizes images on social media, categorizes them and then summarizes which kind of content is the most successful with your particular target group. It gets even crazier. AI is able to create content itself! It can autonomously write informative, relevant and SEO-oriented articles. If that is not a reason to implement AI Solutions for your startup, we don’t know what is.
Miscalculating the costs and revenue for startups is one of the main reasons why startups fail. What do you do if you are just plainly bad at math and financing, but have a promising startup idea? Right. You either hire a math genius or you let a machine do the work. The second option is probably the more realistic one, as it saves money and time – two assets many entrepreneurs are crucially missing in their early years.
AI can calculate your expenses and revenues down to the last detail. It can even predict future loss or profit by analyzing collected data. Furthermore, it is able to automatically detect anomalies and financial frauds and helps to improve your overall online security.
“Can my startup benefit from AI?”
Of course it can. However, be aware that, depending on what kind of solution your startup needs, AI is not cheap to implement. It’s actual efficiency depends on your startups size, budget, and resources. We can guarantee you, that AI saves you a lot of money and time on the long run. But the topic is a complex one and needs to be thought through thoroughly.
If you have any questions about AI Solutions you plan to implement for your startup, just contact us and we will gladly consult you – for free!