People have always signified progress with their relentless endeavours to make life simpler and thanks to the co-operation of technology; the twentieth and twenty-first centuries have seen a number of advancements that revolutionised the functioning of our daily lives. Industries have, time and again, harnessed the advancements the current one to lead the pack is artificial intelligence.

Artificial intelligence is the most trending term in the business domain, with its major benefits catering to the decision-making process, according to Gartner analysts. The analysts further predict that within the next five years, 50% of the analytical decisions will be made through AI: opting it over simple verbal interactions.

Artificial intelligence is the process of transforming human predictions into a mechanical route with the help of parameters and algorithms, through performing tasks of decision-making, problem-solving and learning by encapsulating intelligent behaviour of computational process. One simply requires a set of pre-defined algorithms with which, pre-determined parameters can be set to act as a deciding factor in business procedures.

Applied AI and advanced machine learning cashes in on intelligent implementations, including physical devices (robots, smart cars, consumer electronics etc.) along with apps and services (virtual personal assistants [VPAs], smart advisors).Many complex intelligent processes and repetitive mundane jobs in startups can be automated using AI. By automation of functions, work hours can be reduced and utilised at more thoughtful and creative aspects such as brainstorming, ideating and so on. There are several AI-based apps and conversational bots that are helping startups to bolster their workflow, allowing owners to spend less time on menial functions and more time on business expansion.

Here are a few focal points where AI can augment the operational aspect of a start-up:

Conversational bots are enhancing sales through better customer interaction. A simple mobile application can be installed by the consumers, through which marketers can directly interact with the help of notifications, chat boxes and so on.

It helps in engaging visitors on the organisations landing page automatically that further generates interests from consumers side. Conversations are more impactful than a page with sidebars, leading to better customer engagement.

AI systems using natural language decoders can provide better insights of user feedback. Small reports, generated by these, are more impactful than going through feedback manually. The purpose of saving time and money is aptly served, through theincorporation of AI. Also, a conversational agent with frequently used question bank can be more feasible than providing with a list of FAQs, introducing symmetry into operations and ensuring customer satisfaction.

AI enlists the help of smart CRMs to upgrade usability, helping organisations to operate better. Smart CRMs can automate data entry for sales professionals, allowing them to focus on other important things, apart from sales, such as building relationships with customers.

The inclusion of AI into the industry has emboldened small enterprises to use tried-and-tested platforms in novel ways. While startups are steadily gaining a competitive edge through capturing the AI market, big enterprises are facilitating the infrastructure to start-ups for building innovative services. Whether serving as a research assistant in a large corporation or acting as a voice-activated resource in difficult medical procedures,AIhas become an intrinsic part of reality.

TheAI revolutionwillpromote newplayers to gather leverage in the market to their advantage.AI is set to be a fundamental predictive enabler helping start-upsto solve large-scale problems, poising them to gain acompetitive edge.

[The author of this post isDigvijay Singh Ponia Product Manger, Hallwaze Inc.]

Note from Inc42: The views and opinions expressed are solely those of the author and does not necessarily reflect the views held by Inc42, its creators or employees. Inc42 is not responsible for the accuracy of any of the information supplied by guest bloggers.

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Role Of Artificial Intelligence In Creating Successful Startups - Inc42 Magazine (press release) (blog)