BW Communities

Startups Are Leaning More And More On AI And Applying Them To Various Aspects Of Professional Tools

Gaurav Tripathi Nov 03, 2020

Global shocks often come as a moment of reckoning for companies. These shocks have the potential to alter the business landscape in significant ways that might not be immediately apparent. But many companies make bold moves during these times and turn these adversities into an opportunity. For instance, the rise of e-commerce can be attributed to the 2003 SARS outbreak, and the development of digital operating models gathered pace after the 2008-09 economic slowdown.

Similarly, the greatest adversity of our times, i.e. the COVID-19 pandemic will most certainly be accelerating multiple trends that were underway before the pandemic such as work from home, eLearning, remote healthcare, mobile commerce and many more. But the watershed moment for which this crisis is going to be credited is the integration of Artificial Intelligence (AI) with business operations which will help the companies adapt to these emerging trends more efficiently.

Startups and AI: A Match Made for Each Other

Even before the COVID-19 crisis, many startups had already started optimizing their operations with the potential of the AI. But it was still in its nascent stages, and the applications of AI were limited. Though, now in the times of the “new normal” the adoption of Artificial Intelligence is set to gather some serious pace, especially with startups. There have been several instances in history where startups and newly established businesses have been able to improve their profit margins and sales levels during the economic crisis.

May startups are already at the forefront of technological developments, but now with even more attractive opportunities available in the post-COVID-19 world, they will thrive even more. While the application of AI has been witnessed at multiple levels, but the most significant applications have been with the various aspects of professional tools. Let us have a look at various facets of this trend.

Startups and AI: Upgrading professional tools

Some of the most interesting applications of AI in startups have been in the form of upgradation of professional tools for better efficiency. Here are some of the most inspiring instances that you should certainly know about: -

Customer Care: - The task of customer care is one of the most mundane tasks for any professional despite its extreme importance. You can not expect an individual to be able to handle customer queries and complaints all day long with the same level of enthusiasm. But now AI-powered chatbots are transforming the customer care operations for startups with their noteworthy features like: -
Round the clock customer support.
Identification of common customer issues.
Understanding customer preferences.
Guiding through the website or blog.
Collecting crucial data

With an AI-powered feature-rich chatbot(s) installed at various customer touchpoints, companies are finally able to address issues that were otherwise inhibiting their growth.

Business communication: - Tele-calls are becoming a redundant concept with the increasing popularity of video calls. Not only are you able to have face to face private conversation with anyone but can also do a lot more with AI-powered business communication tools. Startups, as well as established companies, are now integrating AI with their business communication channels to enrich the communication experience. Automatic recording, note-taking, preparation of the minutes of the meeting, offering reminders are some of the features that are now enriching business communication at a professional level.
Decision Making: - In present times, data is the king. Though, despite having volumes of data available from multiple customer touchpoints, startups always struggle with drawing meaningful insights from the available data. But now no more, as AI-powered computer programs, machine learning tools, and predictive analysis are helping with the creation of new-age business intelligence tools. Companies are now able to access real-time reports on key trends and customer behaviour to make informed data-driven decisions based on meaningful insights.
Marketing campaigns: - Start-ups are now moving away from burning cash to generate leads. They are now using AI-powered tools to develop customized marketing plans, including management of digital marketing campaigns, generating new content, and automating email marketing. Multiple tech tools are available now for companies to lend a distinct edge to their marketing campaigns with the help of real-time reports and customer insights. Moreover, these tools allow for optimization in the marketing strategy within quick time.

Artificial Intelligence is one of the biggest innovations of modern times, and as it is founding applications in multiple industries, it would not be an exaggeration to say that AI holds the key to success for companies in the future.