The Future Success of Indian Startups: Artificial Intelligence

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Approximately 75% of the employees at corporates are satisfied with their occupation but 21% are not satisfied with the salaries.

Could this be the reason for a stunning 1300 startups that India has given birth to in 2019 alone? Rest assured, the numbers are going to drastically increase in the coming years, hence the real question is how can Artificial Intelligence support the budding entrepreneurs towards their respective goals? Well, AI has not only advanced in the field of technology but with respect to the overall company functioning aspects as well: 

Chatbots, which are data-fuelled mechanisms that can pass on the queries to the right person, if unanswered successfully by them. They can also help to sell more effectively with respect to conversational marketing by deploying the chatbot at specific touchpoints in the sales funnel. 

When it comes to logo design, AI is disrupting the industry as there are AI-powered applications that can create a logo design, business cards, and social media assets within hours. Search Engine Optimization, for a newborn business in the digital era, is one of the key factors for the rise of the brand. Digital marketing has represented a tremendous transformation due to mobile technology, machine learning and ultimately, AI. Now, as an Entrepreneur, their initial objective will be to pull out meaning insights. SEO software companies use machine learning to analyze large amounts of datasets from multiple sources, at which point the platform makes specific conclusions and recommendations to help improve organic search performance. Google Analytics, for example, provides AI-induced insights through their platform and this is great for one-person marketing departments and business owners alike, resembling a data analyst without having to pay an extra salary. Content intelligent platforms can come up with better headlines, ad copy optimization, personalization and shall be able to predict content performance.

On the other hand, strategic decision making is based on rational decisions that can be made instead of relying on inconsistent and incomplete data. Before the birth of Industrial Revolution 4.0, it was nearly impossible to process large datasets for decision making but with AI we can quickly acknowledge the dynamic changes in the customer demands and tailor our services accordingly without losing out any potential customers. Similarly, AI-driven video software is not exactly a ‘new’ innovation or creation, but it is important to highlight that in the past few years the quality of videos these platforms are able to produce has increased substantially. With major players like ‘Adobe’ stepping up their game, the smaller companies are buckling up to survive. Hence, it is very evident that shooting and producing videos could be costly, but with the help of an AI-induced video maker software, most of them come along with large databases of stock video and imagery which helps to reduce the possible cost incurred in the production. 

AI is the best ally for start-ups aiming to tap into a broader audience. This tool can target marketing activities such as audience segmentation, cross-channel marketing, testing, and analysis. Alongside this, HR departments will be equally benefited by the use of AI with the improvement of Talent Acquisition, Talent Retention, Employee hiring process through ATS (Applicant Tracking System), Employee attrition, and more. 

Overall, AI comes along with its own golden perks increasing efficiency, reducing costs, uncovering the true desires and needs of your target audience, identifying your true competitors or generating meaningful recommendations from the data. Henceforth, the future of business is unthinkable without the influence and constant presence of AI.

 

This article is co-authored by Dr. Raul Villamarin Rodriguez and Mohamed Junaid, Woxsen School of Business.

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