How can businesses use AI to grow?

When you think of Artificial Intelligence, what comes to your mind? Most of us end up imagining self-driven cars and robots performing everyday tasks. This might not be entirely wrong but to an extent. The reality is that AI is not just capable of doing such things but it is also capable of changing the landscape of the business world and revolutionizing the globe.

“For many people, artificial intelligence, or AI, is a mere concept, something that will happen in the future. But, in reality, AI has already become a part of mainstream businesses”, says Michael Georgio, CMO of Imagination, a Raleigh, N.C.-based AI development company.

Businesses of all sizes and shapes are now realizing the importance of investing in AI technology but it is proving to be a Godsend for startups. Many startups are using AI tools to obtain a competitive advantage and upgrade their business operations.

If you are a startup founder and you are wondering how AI can upgrade your business, you have come to the right place. In this blog, we will discuss how can businesses use AI to grow?

According to an American Express report, more than 40 percent of consumers demand efficient and quick customer service. There is a famous phrase “Customer is the King” which means that the success of your startup would rely on the treatment of the customers. Companies providing excellent customer service have a relative advantage over other businesses.

Artificial Intelligence provides tools for efficient customer service. According to an Accenture report, 80% of the customer support will be handled by bots in the near future. Currently, many startups are using Artificial Intelligence for example bots that respond to customer queries within seconds.

Before Artificial Intelligence was common, business leaders had to make decisions using incomplete and inconsistent data. Artificial Intelligence has advanced capabilities that support massive amounts of data and is providing insights that help the decision-making process of the company. Coca-Cola uses artificial intelligent tools to conduct an efficient business analysis. It is currently operating in more than 200 countries and owns over 500 soft drink brands.

How can businesses use AI to grow? Artificial Intelligence has advanced capabilities that support massive amounts of data and is providing insights that help the decision-making process of the company.
This means that Coca-Cola is operating at a large scale, generating a huge amount of data. Using AI helps the business use this data to experiment and create new products. For example, Coca-cola, the world’s largest beverage company, launched a new flavor known as Cherry Sprite which was based on the data collected by self-service vending machines that allow people to mix drinks of their choice.

Moreover, Artificial Intelligence allows businesses to understand complex data insights and conduct business analytics that is an added plus point for startups who have little knowledge or experience.

In the past years, there has been a significant rise in online attacks and cybersecurity has become an important issue for organizations. Even with an alarming increase in security concerns, many businesses are still using conventional threat detection methods.

Artificial Intelligence can prove to be a reliable substitute to the old data security solutions. Artificial Intelligence can detect suspicious user behavior on the app or the website. For example, a Google search update that took place in 2016 blacklisted 20,000 malware-infected websites and 50,000 phishing websites every week.

Startups can use similar AI solutions that processes data and identify users with suspicious intentions.

As a startup, innovative and smart AI solutions will help you reach your true potential and scale your startup. Even if there are a few negative claims about AI, in reality, it is revolutionizing businesses around the world.