Lean startups, unlike established companies, are still trying to get a foothold in the business world. They are trying out several things to see what works, and what doesn’t, and need all the help they can get to become a profit-making company. Artificial intelligence has seen several business applications over the years, and a lot of them can be of immense benefit to companies just starting out. Some of these applications are:
Customer/client satisfaction is an important KPI of all companies. This is even more so with a startup company, that’d be dealing with their first set of clients/customers. One of the ways startups can leverage AI to improve customer satisfaction is through the use of chatbots. Chatbots can be used in place of human customer support agents, especially in dealing with common queries. Besides using them to respond to customer complaints or inquiries, they can be used to obtain more information about a customer for further analysis, as well as recommend offers and discounts to customers.
Startups have to monitor some KPIs to ensure potential problems are identified on time. These KPIs, which include active users(or customers), average sales cycle length, customer churn rate, customer lifetime value, and so on, can be forecasted using data science and AI techniques. The forecasted metrics can then be used by startups to make adjustments in their various operations to improve the metrics.
As a startup grows, it becomes a larger target for cybercriminals. Artificial intelligence can be used to detect and flag unusual financial activity in a startup for further examination by a human. This helps prevent fraudulent transactions that might otherwise slip through if the data is examined manually.
These are just some of the many ways AI can be leveraged in a lean startup. All of these use cases require the expertise of a data scientist or machine learning engineer. Unfortunately, hiring these professionals can be difficult and expensive because of the dearth of data scientists.
These concerns cease to exist with Tektorch's affordable services. Some of these AI services are:
Running a startup can be difficult as there are a lot of uncertainties and risks to deal with. These risks are significantly reduced by leveraging AI in the decision-making and overall operations of a startup. TektorchAI makes these even easier by providing some of the necessary tools to achieve this in one place.
How Startups Can Use AI-Powered Tools to Scale Up (entrepreneur.com)
16 Smart Ways You Can Leverage AI To Boost Your Business (forbes.com)
How leveraging AI and machine learning can give startups a competitive edge (techinasia.com)
The A-Z guide to startup metrics: 16 KPIs to help your business succeed | Geckoboard blog
Artificial Intelligence - https://www.Tektorch.ai