Artificial Intelligence: Growth hack for business
The Artificial Intelligence has created hype in the recent years and flabbergasted the world with its ever-changing inventions. The big companies such as Google, Facebook, and Microsoft are making strides and racing to invest in AI. The products such as Amazon’s Echo, Apple’s Siri, Microsoft’s Cortana, and Facebook’s M are the instances of how hastily companies are adopting this trending technology.
In this new era of humanoids, Artificial Intelligence is set to become less artificial and more intelligent. The techniques in AI such as predictive analytics, natural language generation, voice or image recognition or machine language is fuelling innovation day by day and transforming the way companies do business.
Recently, an analysis of artificial intelligence showed that in the next five years, AI will be taking 50 percent of the scientific business decisions. Furthermore, a new report from Narrative Science talked about the increasing chances of machines taking over skilled manual work in future. The report based on a survey of 235 business leaders conducted by the National Business Research Institute (NBRI) stated that 38 percent of enterprises are already using AI technologies and 62 percent will use AI technologies by 2018.
This powerful concoction of man and machine has not even taken the big companies by storm but has created a huge impact on the SME and start-up community. According to CB Insights report, over 550 AI- driven start-ups raised $5 billion last year. Moreover, the funding in AI start-ups has escalated which was $589 million in 2012.
The role of AI in building start-ups, and SMEs
There are several AI-based applications that facilitate a company to reinforce their workflow – enables proprietor to focus less on tedious work and more on the expansion of the business.
- Generate new solutions: The artificial intelligence helps a company in exploring new and exciting opportunities to generate novel solutions for business growth and development as AI platform of IBM Watson enable companies to uncover insights, and making major business decisions.
- Optimize marketing strategy: The AI-enabled products allow the businesses to optimize marketing strategies and reduce costs by eliminating implausible clients and focusing on potential customers.
- Identify influencers: The data mining techniques in artificial intelligence can be used to analyze various kinds of networks built on a daily basis. It helps a marketer to find influencer or nodes within the network which assist them in taking societal marketing approach.
- Enhance sales: The conversational bots by merely installing a mobile application can directly communicate with the customers with the help of notifications and chat boxes. For example, Salesforce CRM offerings help a marketer in enhancing sales by better customer interaction.
- User feedback: The AI-driven language decoder helps in providing feedback from the users in a better way. This technique is more feasible than getting a feedback manually.
The Artificial Intelligence is helping companies in gaining a competitive edge in the market by providing them with different services and solutions. This allows them to not only reduce the work hours but spend more time on productive and intellectual aspects, and, eventually, to take the business to another level.