Artificial Intelligence Strategies Startups Should Use to Grow

Consumers have incredibly high expectations for companies to deliver faster and more personalized experiences, which is fueling the demand for Artificial Intelligence (AI) solutions. In turn, the increase in this utilization of AI is driving growth for many startups.

Here are some AI tactics you can use today to scale and grow your business.

Around 90 percent of consumers consider an immediate response important, and they demand a connected experience whenever they interact with a brand. Therefore, more organizations are investing in smarter solutions for better customer support. One of the simplest ways to do this is to embrace AI-powered applications, such as chatbots, voice search, and virtual assistants to improve customer experience. These software applications help you to provide quick responses, offer high efficiency, generate leads, and offer personalization.

A recent study of different customer service software found that many providers have several AI-assisted features to remove manual tasks for customer service reps and boost productivity. In fact, 54 percent of customers have daily AI-enabled interactions with businesses that include interaction with chatbots, digital assistants, facial recognition, and biometric scanners.  

When we use a combination of AI and ML, or machine-learning, for gathering and analyzing social, historical, and behavioral data, we can accurately understand customers. Providing personalized real-time assistance to customers with the use of chatbots can place them in high-traffic areas to answer basic questions, offer advice, or help place orders. We can also send highly-customized emails by analyzing topics of interest and detecting patterns to recommend relevant content.

A survey by Gartner shows that more than 65% of the decisions made today are more complex as compared to two years ago. Therefore, data-driven decisions help businesses to make better marketing decisions and measure KPIs and metrics based on facts and figures. Around 66 percent of decision-makers say that AI-based applications help them to increase profits and reach their goals.

We can use AI to analyze large datasets and help to make instant decisions. We can also implement AI applications such as NLP, or Natural Language Processing, to understand how customers are interacting with a brand. Using AI tools such as chatbots, machine learning, and algorithms can help us to get a deeper understanding of a customers’ pain points, expectations, and satisfaction levels. Thus, AI-based intelligent assistants empower decision-makers with both prescriptive and predictive insights to support faster and better data-driven decision-making.

There has been an increase in the number of cybersecurity cases. According to a study by Aura, 47% of Americans experienced a data breach last year. Many breaches were experienced by employees at businesses and organizations. A survey by McKinsey shows that only 16 percent of organizations are well-prepared to deal with a data breach. This is where AI-based technologies are critical, as they help information security teams reduce breach risk and improve their security posture efficiently.