How artificial intelligence is driving the growth of startups
We are sailing through the year 2021, and technology is the default way of operations for businesses of all sizes. New-age technologies such as Artificial Intelligence (AI) have disrupted the business environment of both big and small organisations, enabling them to operate intelligently and efficiently in the hyper-competitive era.
Interestingly, the use of AI is no longer only limited to large, established enterprises. In fact, it is the small mushrooming startups that are harnessing its potential more to scale up, innovate, and remain competitive in the current times.
As per a recent report from PwC, the use of AI will lead to 14 percent increase in global GDP by 2030, with startups contributing significantly towards this growth.
Let’s delve deep into how AI is driving value and advantage for new-age startups and making them more agile.
Scaling up operations is deemed critically important for early-stage companies. However, too many manual processes along with an unclear view of the evolving customer needs and industry behaviour keeps the team tied up in the day-to-day mundane operations and limits the company’s future growth prospects.
With AI taking the centre stage, the road to advancement for these emerging companies becomes bright and less lofty.
Implementation of highly competent business intelligence tools such as machine learning algorithms, predictive analysis, advanced computing, etc, showers valuable data-driven insights, empowering startups to act and operate intelligently. Small businesses are able to well optimise their resources, improve productivity and impart quick and effective customer experiences in the most timely and cost-effective manner.
AI-powered chatbots are increasingly being employed to offer personised experiences to customers and even mine data to generate leads and increase sales. This makes them an ideal tool to ensure business growth and scaling up.
Innovate & Differentiate
With too many new companies emerging every now and then, constant innovation and differentiation becomes a key to their survival. Unless there is something unique to offer to the ever-demanding consumers, startups face a constant risk of losing the battle and becoming extinct.
AI-powered innovative solutions provide accurate, real-time insights into customer needs and wants, and helps these burgeoning small businesses to quickly make changes in their existing portfolio of products and services or perhaps, develop new ones which are in line with customer expectations.
Thus, these next-gen intelligent solutions are a key requisite for start-ups to innovate at scale and remain competitive at all times.
Needless to say, AI’s adoption is increasing tremendously for all enterprises, big or small, alike. Of course, technology is not a magical wand which can avert the difficult situations that start-ups might face in their growth journey.
However, it can certainly and surely equip these organisations to overcome such situations with greater power, by putting the necessary control measures in place. Also, the pandemic has driven companies to a point, where integrating with new-age technologies is no longer a choice but a key necessity.
Clearly, the smarter startups that are able to embrace AI-led innovation will be able to respond to future events in a timely and efficient manner without hindering their growth process. So, are you one of them?
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)