A decade ago, artificial intelligence and machine learning were fascinating concepts seen in movie robots or agents like Jarvis.
Now, we already use these technologies in our day-to-day lives. Think of Alexa, Google Home, and Siri. All these personal assistants are developed using the concepts of artificial intelligence and machine learning. While these are still extreme examples of months of hard work, we have simpler implementations of AI and ML too. Amazon’s recommendation bar, for instance. Based on your buying patterns and recent searches, Amazon creates a recommended list for you to find what you are looking for sooner than later.
Don’t you think that a technology like this can be easily utilized in startups?
A study released by Harvard Business Review revealed that AI allows humans to improve social skills, creativity, leadership, and teamwork.
Let’s see how machine learning can empower entrepreneurs to improve their productivity.
Reduced Work Load
Entrepreneurship is not a cake-walk. It requires a lot of efforts and you are required to wear several hats through the day. One day, you are required to handle payroll, the next day, finances, and the day after that, client queries. When you have so much on your plate, it won’t hurt to let technology reduce your burden. You can have machine learning-enabled software to reduce work such as managing finances or providing intelligent support to clients when you are not available.
For example, AI and ML-powered chatbots that can talk to your customers and draw upon previous experience. When the situation seems to go out of hand, these bots hand over the conversation to a human employee. Great, right?
Personalize Ad Spend
Whenever you step foot in marketing, you are required to utilize ad marketing to improve your outreach. However, how can you minimize the overheads and utilize targeted ads?
It is through Google’s and Facebook’s AI-enabled engine that offers highly targeted ads. How can you possible to say no to an offer like this?
Wouldn’t you want to target specific potential users of your product in as less money as possible?
AI and ML make it easier.
Whether you go out yourself to acquire clients or hire a sales representative, you require technical support. We are way past the era of door-to-door marketing. You have to really know your customer even before you meet them. And once you meet them, you should be able to customize their experience according to their requirements.
This is only possible through data that we already collect on a daily basis. By analyzing huge amounts of datasets, ML can help you understand user patterns, feasible markets, sales feasibility, and customer satisfaction levels. Having all these insights right in front of you, helps your sales representatives make data-driven, calculative decisions.
High Customer Experience
When you streamline all these tasks with ML, you have time to play strategic roles such as talking to the customer and understanding the issue. You can come up with creative solutions. However, this is only possible when you reduce the time spent on all the other above mentioned activities. Once you achieve that, you can improve customer experience and increase user satisfaction levels.
It is not possible to remove ML and AI from our functioning now. Hence, why not utilize it to the fullest? Entrepreneurs can use this technology to their advantage, provide impeccable services to customers, and move towards success.