In 2020, technology is widely regarded as an enabler in business and is fast becoming a necessity for the modern startup. Recent studies show that for every startup that is considered successful today, an astonishing nine others fail. The top reasons include poor strategy, no market need and a failure to properly manage funds, people and change. So, if you want your startup to succeed, you must do your homework.
Today, one of the most relevant technologies is Artificial Intelligence (AI)—the science and engineering of machines that can think, reason and decide like a human being. It’s a very broad field that’s almost perfectly suited to make sense of data—which is recognized as the most valuable asset in the world today.
Let’s dive in and see how AI can support the six pillars of a modern start-up i.e. Finance, Research, Management, Customers, Sales and Security.
- Finance:
One of AI tech’s capabilities is ‘deep learning’. It helps machines to learn from large chunks of random data and reach a smart inference based on the facts. Simple, easy-to-use deep learning programs may be designed to detect frauds and anomalies within your startup.
AI tools are programmable and have many potential uses for the efficient management of money and you can bring about more reliability in your finance department. For instance, you can use AI tools to check the validity of every transaction, personalize payment plans for the management, the employees and the customers, ensure security and monitor every expense.
- Research:
If you carry out thorough research, especially pertaining to your market, your startup has greater chances of survival. In-depth research can uncover hidden challenges well in advance. Critical areas are: creating a detailed profile of your customers (including the pressing needs and complaints), financial viability, latest trends, sustainability metrics and assessing your unbiased value in the market. Research aided by AI can also support your digital marketing initiatives and campaigns as well.
Data analysis is a task perfectly suited for AI technology, and its tools can survey the market and efficiently produce useful insights and leads. Data analysis can also be automated and this can save you time and resources. AI tools can also conduct simulations considering all the essential variables and key performance indicators you select, including the timeline, to explore future situations.
- Management:
Recently, when researchers from Accenture surveyed 1,770 managers and executives from 14 countries, it was found that they all spend the majority of their time in administrative tasks like coordination, orientation, managing employees and so on. AI tech has the power to automate repetitive and menial tasks via lightweight AI programs, freeing up people to pursue higher level tasks.
Applying AI tech in your administration will foster a research and data oriented attitude in all areas of your organization, eliminating the risk of human errors. What’s also very useful is AI tools can test how feasible your strategy is, how valuable your innovation is and can suggest ways to improve or implement it.
- Customers:
AI’s Natural Language Processing (NLP) facilitates people to interact with machines and computers with just our spoken language. NLP can bring about greater convenience to your employees and your customers. Moreover, NLP and intelligent chatbots can easily collect feedback from people, help identify areas of improvement and help create a solution.
If AI is applied to automate marketing and advertizing processes, it’s far more effective compared to the older “spray-and-pray” method of blindly sending emails to many random recipients. It can also realize personalization in your marketing and as a result, your message will resonate more strongly with customers. This will greatly help you strengthen professional relationships, acquire more customers and retain them too.
- Sales:
AI can empower your sales functions. It can be an intelligent assistant to your sales people in three foundational ways: 1) producing the relevant information through research, 2) taking over repetitive tasks and 3) creating a memorable and appealing digital presence for your brand.
Also, AI tools can analyze large amounts of data and identify the underlying data-driven trends, which often prove a burdensome task for a few people. Moreover, AI tools (including chatbots who are always online) and intelligent marketing software can contact every one of your leads to maximize your potential profit.
- Security:
As we move forward in the digital age, cybersecurity is becoming a critical element of conducting business. Data breaches, hacks and thefts can devastate entire businesses and as many forward-thinking organizations invest in technology to shield themselves, your startup must too.
AI, especially machine learning and deep learning algorithms can work through large amounts of data to produce a robust and competent defense. AI cybersecurity tools can be implemented in your organization to monitor user behavior, detect fraudulent activities, scams, phishing, viruses, worms and all sorts of malware. These tools can identify, mitigate and suitably respond to threats in real-time.
Closing Remarks
Determine how AI tech can support your startup initially and take steps to make it a reality. Once your business model is stable and successful, you should modernize your startup’s infrastructure so that other mission-critical functions are helped.