Artificial intelligence is not the future for any business but it is here and now. Coupled with digitization, AI is transforming the way of doing business, and companies across the globe have already seen transformational and winning strategies driven by Digitization and artificial intelligence.
Unlike large businesses, startups have limited time and resources. The criticality of decision making is very high and many things are working in the exploratory phase. A significant time for start-ups goes into setting up and standardizing operational processes as well. Apart from this, the speed and capability to scale up operations and cope with rapidly increasing demands is a key differentiator for successful startups. With such a scenario, they need to reach out to the right set of customers, hire the right set of employees, and provide a seamless customer engagement experience competing with other large businesses.
AI is playing a major role in responding to these challenges by increasing productivity and allowing people to spend more time in innovation and differentiation. It is helping the startups to establish a robust and lean value chain capable of scaling up at with high velocity. Right from hiring, where AI-driven bots can help conducting adaptive interviews and leveraging micro expression video analysis with deep learning speech recognition algorithms to screen appropriate candidates basis with a prediction of their success in their organization, to sharply identifying the right set of customers through AI-driven digital marketing campaigns with a lead propensity and buying intent prediction models. These AI technology applications are not only helping startups to have a highly productive customer acquisition strategy but also provide a hyper-personalized experience to customers. AI technologies such as Computer vision and Robotic process automation is rapidly helping automate a significant amount of back-office processing and smoothening customer journeys delivering instant and delightful product and service fulfillment. AI-driven customer service chatbots are now capable of delivering human-like conversational experiences and handling simple to complex customer queries, driving self-service, and eliminating 85% of customer service desks.
While AI is enabling the startups to succeed in a highly competitive marketplace, leveraging AI for startups is not a very smooth path. Many times, implementation of AI technologies is a long drawn process that needs many iterations and patience, which may lead to spending disproportionate resources during the implementation. It needs a deep technology understanding and expertise to evaluate AI technologies most suitable for your start-up. It is possible that some AI applications working in larger organizations may see implementation failures for start-ups. Some of these technologies and applications also require significant IT infrastructure and hence should be evaluated from an implementation perspective.
*Note: The content published above was made in collaboration with our members.
The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.