Understanding Artificial Intelligence (AI)
“Artificial intelligence” is a broad term that refers to any type of computer software that engages in humanlike activities – including learning, planning and problem-solving.
Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees.
How Startups Are Evolving With Artificial Intelligence
Startups that use artificial intelligence (AI) for a variety of businesses and industries have seen significant growth as a result of the rise of this technology. Artificial intelligence is being used increasingly heavily by modern businesses. They are setting the standard by providing a variety of services, such as sophisticated chatbots and automated customer support. Artificial intelligence (AI) is a sophisticated technology that employs algorithms to complete tasks that were previously handled by humans.
Benefits of Artificial Intelligence
- Increased efficiency
- Cost effective
Startups must have a solid grasp of AI technology and how it may help them grow their business before adopting it into their operations. Also, they would have to make investments in AI-focused personnel or look for alliances with AI technology suppliers. Therefore, startups can integrate AI in the following ways:
? Procurement Management: To restructure their operations, cut expenses, and boost efficiency, startups can leverage AI-powered optimization of supply chains solutions. This can aid startups in maintaining their competitiveness in their specific sectors.
? Projection Insights: Algorithms driven by AI can help startups forecast sales, spot patterns, and anticipate customer behavior. Startups can use this information to make informed conclusions and modify their tactics as necessary.
? Virtual assistants: Chatbots with AI capabilities can automate lead generation, sales, and customer service for startups. The workload of human support employees can be lightened by chatbots, allowing them to concentrate on more challenging tasks. Automating repetitive jobs like data input, customer support, and scheduling is possible with AI. Virtual assistants and chatbots driven by AI can offer tailored recommendations and round-the-clock customer service, improving the customer experience which is also time effective.
? Bespoke Promotion: Startups may customize their promotional activities depending on consumer preferences and patterns of behavior with the use of AI-powered marketing solutions. As a result, sales may increase and consumer engagement may be enhanced. In order to better their products and services, startups can analyze user feedback and perception using AI-powered natural language processing (NLP).
As a result of integrating Artificial Intelligence (AI) in business operations, the company can make relevant decisions more swiftly, enabling it to take advantage of opportunities for competitive advantage that may otherwise be forfeited. All of this can result in a sizable reduction in operational costs for businesses utilizing AI technologies.
Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.