Compete with AI: Startups & SMEs’ Advantage
Artificial Intelligence or AI is a revolutionary tech innovation that is changing the way businesses are being run and optimized all over the globe. With a potential market size of $195 billion by 2025, AI and AI-related technologies are expanding at a break-neck speed of 33% annually.
No other technology platform has delivered such a stunning growth rate and adaptability in our entire history.
Now, the big question: Can startups leverage the power of AI to trigger unstoppable growth? Can startups use AI to compete with bigger organizations and enterprises?
When we mention AI, generally, an image of robots working in large factories comes up, and this is not entirely wrong. But just a part of it.
Artificial Intelligence is a technology that enables machines to think and learn and evolve, and thereby, solve human problems.
Yes, it can be a robot working as a human in a factory, but it also can be small but sharp algorithms that are powering billions of searches on Google or a computer program that informs Uber about the shortest possible route to a destination and more.
So yes, AI and digital technologies can empower startups and small businesses, SMEs to leverage the power of innovation to unleash unstoppable growth, and compete with bigger organizations.
In a way, AI is that great leveler, that platform that doesn’t see the size and might of the organization for which it’s working: It can be IBM, and it can be that small startup with 4 members who are trying to solve a critical problem via technology.
Here are three examples that prove that AI can empower startups and SMEs to fight bigger organizations and create a unique niche for themselves:
AI Powered Customer Support
As per an American Express survey, more than 40% of customers demand quicker customer support, and Artificial Intelligence can be that tool that can enable small businesses to fulfill this demand.
Using AI-powered chatbots, startups and SMEs with less human resources can offer world-class customer service and support to their existing and new users, and delight them at every point of interaction.
Chatbots can have powerful algorithms that can quickly fetch customer data, understand the problem, and swiftly provide resolution, without any human interaction.
This proves that you don’t need an army of humans to provide customer support to your users, and instead leverage the power of AI to offer quick resolutions.
Smart Business Decisions In Real-Time
Traditionally, large organizations hire and deploy market analysts, researchers, and marketers to understand their market, target audience, competitors, and based on them, they make the big, bold business decisions.
But AI changes everything.
By deploying smart AI-powered algorithms and data mining tools, startups can now extract and mine millions of data points, and then use the same AI to derive solid, practical conclusions to make smart business decisions.
And this is no more a fantasy: In 2017, Coca-Cola launched a new drink named Cherry Sprite, based on the user behavior, user inputs, and user experiences collected from thousands of touchpoints by deploying smart AI solutions.
A startup selling shoes online, for example, can utilize the power of AI and digital technologies to understand their market in a better way, understand their customer’s pain points, forecast the trends, and accordingly twist and tweak their marketing strategies to generate more sales.
Even compete with Amazon in their local market, if done right.
Scaling Marketing Strategies With AI
Marketing is the fuel that drives growth and new customer acquisition, but the fact is, marketing needs money and resources that only large organizations can afford to.
But not anymore.
By using AI, startups can automate their marketing, scale their marketing efforts, and produce marketing content that can trigger more growth and more business.
AI-powered tools can not only generate content but also help in marketing that content, generating leads, and then helping to convert those leads.
AI-powered email campaigns are now becoming the norm, wherein the algorithm selects the best possible funnel for the target audience and empowers the small business to generate more business.
Digital ad spends, for example, can be now completely managed by AI, and the results are fascinating indeed: Cost per click becomes less, advertisements are more target, laser-focussed, and ROI is exponentially higher.
We at TechAhead have been a pioneer in adopting newer, cutting-edge technologies such as AI and machine learning to serve our clients in a better way. We have developed AI-powered mobile app , IoT-powered platforms, and next-gen digital platforms to enable more growth and more business for brands like American Express, Disney, AXA, Audi, ICC, and more.
Collaborate with TechAhead, a leading digital product engineering company, and launch your next AI-powered mobile and digital platform, and witness how your startup can make a dent in the Universe, right now, right away!
Schedule an appointment with our AI Engineers for a no-obligation consulting session right here.