What is Startup?
In general, as per Wikipedia’s common definition “The Startup is the process or action of setting something in motion.” Yes, the startup is the process in which new ideas new innovations set in motion. It is just like imagination get turned into reality. Did you hear about AI in Startups ?
The all greatest innovations and creations always come from Startups. Nowadays Science plays a very important role in being successful in startups. AI is one of the best parts from new technology which influences the startups.
Did you know what is AI or ML? Let’s see what these terms are and how they are getting the most important part in Startups.
What is AI? Is it similar to ML?
AI is nothing but the competition to human. Rather it will be the brain created by humans itself. In short “AI is the concept while ML is the application of AI.” Using these both technologies, many logical machines are created. Lots of startups already using this technology in a different way. Let’s have look these ways which will increase their conversion rate.
Marketing Cost Prediction:
Lots of startups fail due to lack of knowledge about marketing costs. Products cost always changes day by day so it is complex to predict actual market cost. There are different solutions for this situation in Artificial Intelligent world. There are automation tools that predict actual marketing cost. Artificial intelligence is at such place where the accuracy of prediction is up to 99.99% which is too much greater than human ability.
Ex. In daily share market, there are so many ups and down, to predict actual marketing value according to last few years available data is only done by AI.
Lots of the cases, there is too much complexity in paperwork. Contract management is not always easy. There are different contract management tools in AI. These tools try to ease the pain of managing paperwork. In this tool, the customers can draft and sign contracts, send automated reminders and receive payments. This really plays important role in the startup.
Immediate response to the customer:
There are many situations where customers can’t get more attachments due to lack of response. If customers get an immediate response then conversion rate will definitely increase. Ai gives the best solution for this situation i.e. Chatbots. Sometimes Human can ignore the customer but chatbots don’t. According to study, there will be 30% of chances to increase the conversion rate by using chatbots.
So next time if you get a response from any company then think once that was bot or human.
Basket Value Recommendation:
Having a startup is a just first step. If you want to stand in the world, you have to engage your customer. The recommendation is one of the best ways to engage customers. AI and ML is the only way to make this recommendation system. This recommendation system will give suggestions to the customer according to their search and need. This will be more useful for any startup.
Ex. Amazon has Basket Value Recommendation system, in which everyone will get recommended products as per their search history. Or according to products in their cart.
And everyone knows how much Amazon is successful!
Data Research and dataset training:
Fields like medical diagnostics need more data research and training. It requires processing lots of data to get a relevant result. ML helps here to train that big amount data and give an accurate result.
Ex. While thinking about medicine available in the market, that has a huge data set which is not possible to remember manually. For these big data set, we need to use ML to train the machine.
There are lots of such things where startups can use AI or ML. In next few years, AI will be like electricity, which is compulsory and needy for all startups. So better start to use them from today. It is not easy to implement AI directly but also it is not impossible.
Let’s share your experiences in startups. Comment below if you tried anyone of this AI in Startups.