How does AI/ML Influence a Start-up Economy?
The technological advancements of today shadow the brilliance of yesteryears as people seek further innovation in a race to achieve the best, and at the earliest to beat off the competition. Artificial intelligence has gradually found its way into the technological industry. It has established itself as an integral component in problem-solving, learning, perception and reasoning.
Machine learning is a core part of artificial intelligence that allows machines to interpret sets of data and make logical decisions. Large sets of data are difficult to arrange and draw meaningful conclusions from. Artificial intelligence plays a great hand in solving this problem. Machines can be programmed to analyze this data and draw appropriate conclusions.
The Applications of Artificial Intelligence and Machine Learning
Artificial intelligence is not an industry in itself but a technology implemented by industries and start-ups for their betterment. The potential in artificial intelligence is immense. Start-ups look to bring a certain product or convenience to the market and venture capital investments in artificial intelligence-based products have crossed 2 billion USD since 2011. The potential is immense and so is its application.
Start-ups are essentially companies built from scratch and the use of artificial intelligence is handy. Although the installation of such machines is expensive, it contributes to minimizing the workload on employees and getting useful work done rapidly. Large amounts of data cannot be analyzed by humans and artificial intelligence is key to solving this problem.
Well, it’s nothing wonderful about that from tech to the media outlet that is producing approx 30,000 local news using AI.it explain the way that computer software minimize human efforts with the goal of solving problem accurately and fastly.
AI has hovered to impact any area of our lives from healthcare, manufacturing, entertainment, shopping to designing to anything you one can imagine.
In this article, I am going to discuss 5 ways In Which AI/ML influences a start-up Economy:
AI can be both a replacement tool or a supporting tool for jobs, tasks and even for the entire industry. It will all depend on how your company amplifies for the future. A startup that is turning into the AI technology for industry verticle, are bound to success.
#1) Takes up the process Of Marketing & Sales:
Al promises to mark up marketing and sales and in fact, it is doing right now. AI is qualifying prospect leads and allowing sales reps to close deals way faster and more effectively than humans.
If you are still using marketing qualifying reps you can see how much time it is taking to updating and cleaning up the company’s CRM ( customer relationship management ) system.on the other hand, AI can make the CRM system into an Autocorrect system that simply does magic and works for you.
Machine learning can evaluate and analyse your client’s data and predict who will gonna be buying. This is what called Predictive Marketing In the term of AI. Not only that AI can also create targeted content, cross-sell and upsell suggestions,hyper-personalized email/chat messages without much human intervention . all you have to set up a chatbox on your website.
Case studies have stated that more than 40% of the people prefer chat conversation option over the other contact method.
#2) Amplify Customer Base and Behaviour:
Before you broadcast your services, you have to get to know who you are trying to reach because you got to know your audience, their behaviour or we can say their demographics. So far it becomes quite confusing when a startup starts evaluating the customer behaviour and their interest across the world manually and most of the time end up with an unclear result.
In this case, the customer support reps system can partner with Artificial intelligence to simplify big modules into the simple segment to analyse customer call data and classify their interaction based on positive/negative outcomes.
AI supports the customer assist through the Emotion A.I. aka Sentiment analyse classify the action of the customer as ‘neutral’, “frustrated”, “excited”. With this information in hand businesses can priorities queries more effectively.
#3) Recruitment Automating:
It is quite a chances that you as a startup already using AI for sending e-mails, creating an invoice for a repetitive boring task.
However, AI can do more than you think.
As you know that AI is a Machine learning algorithm that can analyse a very large amount of data, identify customer pattern and most importantly can predict outcomes. ML automation now helping the HR department with the recruitment process like screening of resume, tracking applicants, scheduling interviews.
52% of talent acquisition leaders across the stated that the hardest part of the recruitment is finding the right person from a large pool of candidates who can match skills to the job’s requirement.
So, in this case, AI will make the hiring process effective by saving a lot of time, using a large amount of data to match an applicant’s experience, skills according to the job requirement.
Furthermore, chatboxes will interview the candidate as another part of the required automation.
#4) Reduction Of Operational Cost:
It must be clear that AI has all potential of saving cost, by eliminating day to day tasks from your to-do list by making your staff more productive, so implementing AI in your business will free-up time for other productive activity, reduce human error which cost money.
In Manufacturing, AI can make the production process more efficient by enabling things like predictive Maintainance and upgrades which lower downtime and result in lower expenses.
Regardless, the Initial implementing costs which are quite high, but in the long term, they’re Worth of money. AI application has Different cost Module, Some involving in hardware purchases than cloud Architecture but as time goes by AI will become more affordable for smaller enterprises too.
#5) Improving Hi-tech Security:
AI has current and future security applications besides guarding against hackers, such as crime prevention and privacy protection. As personal data threats become more common, businesses will gain more trust by adopting AI into cybersecurity.
The fact is that more cybersecurity errors due to humans, so in this case AI can make our security network safer, filtering out malware.
One of the main problems plaguing the health industry is the fact that a majority of records are hand-written and cannot be analyzed until copied into a computer-readable form.
There are several start-ups who realize the potential of artificial intelligence in the health industry and over 400 million USD has been invested in the search for technological advancements in this industry. Patient records can be analyzed in different ways to predict future health problems and solutions can be drafted beforehand.
Uber has invested a lot of money on the concept of self-driven cars and plans to have a fleet of such vehicles ready for use by 2021. Financial institutions are making use of artificial intelligence to detect fraud and in a quest to make transactions between parties more secure. Start-ups realize the need for artificial intelligence in these industries and are working towards creating products to satisfy these needs.
The goal is to create machinery which can interact with human beings and provide customizations to suit individual wishes. Artificial intelligence has a huge hand in the future of e-commerce. Customers may be able to request custom made products which will be processed by AI and created without the interference of any human being.
According to the brief report published by BRIEFING, it is stated that “Current AI adoption levels across the world vary, making it possible that the gap between advanced and lagging countries will widen. AI front-runners, located mostly in developed countries, are likely to increase their lead over their counterparts in developing countries.
This potential effect is likely to be compounded by the fact that high wages in developed economies create a stronger incentive to substitute labour with AI than in lower-wage economies. Moreover, AI may make it economical for some manufacturers to bring back production from poorer countries.”
The need for artificial intelligence is ever-growing and is no longer a hyped-up subject. Start-ups influenced by artificial intelligence need to move in the right direction and the potential for growth is massive. A start-up needs to figure out the best use of AI in its product and maintain a network of trusted investors. Huge amounts of money are being invested in AI-based start-ups and now is the time to take the plunge!