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6 Ways How Start-ups Can Utilize AI and ML To Boost Their Revenue
6 Ways How Start-ups Can Utilize AI and ML To Boost Their Revenue

June 29, 2021

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Artificial Intelligence (AI) and Machine Learning (ML) are influencing nearly every aspect of our lives in order to improve efficiency and augment human capabilities. They are now being adopted across various sectors, including manufacturing, healthcare, fashion, agriculture, real estate, and other core sectors of operations and innovations.

Today, one out of every ten businesses employ more than ten AI applications ranging from a chatbot to a fraud detector, security and more. The increased adoption of ML across industries has demonstrated how its algorithms and techniques efficiently solve complex real-world problems instantly and efficiently; to benefit both customers and businesses. The emerging technologies are being used across application categories including prediction and classification, recommender systems, recognition, computer vision, clustering and anomaly detection, among others.

Hence, AI and ML have become integral part of strategies for start-ups, where they are proving to be game-changers with their predictive decision-making capabilities. The new-age technologies are helping start-ups scale their enterprise, detect operational issues and enable quick actions to mitigate and control them. Further, they are assisting start-ups to develop exciting, new, and innovative products and services, gain actionable insights and drive critical decisions that are crucial for revenue generation.

AI and ML can benefit revenue generation for start-ups in several ways:

  1. Implementation of AI and ML for better customer experience - Many start-ups now have access to AI and ML thanks to cloud computing, which has become even more apparent in the prevailing pandemic. Cloud computing has enabled businesses to create virtual contact centres that can be easily scaled. In addition, AI powered applications also enable start-ups to provide quick and convenient customer service or even upsell.
  2. Integrating AI and ML to enable data-driven decisions – Fast and sound decisions provide a competitive edge to any organisation. In case of start-ups, swift data integration and analysis enabled with AI and ML can deliver actionable insights which can be leveraged to make quicker decisions. Generating correct insights from advanced data analysis can help boost the new-age business-intelligence tools and improve the bottomline.
  3. AI and ML powered business forecasting: Entrepreneurs looking ahead to scale their start-ups rely on accurate business forecasting and financial projections. Predictive analytics backed by AI and ML can optimize supply chain costs, improve financial planning, sales and marketing operations and help teams focus on strategic issues.
  4. Accurate and targeted marketing with AI and ML: The availability of affordable advanced data analytics reflects the popularity of AI and ML in selling products and services to customers; gain better understanding about them and offer them intelligent solutions. Now, marketers can rely on algorithms to improve their customer outreach, target the right audience and trigger a reaction, all while providing customised user experience.
  5. Mitigating fraud and securing finances through AI and ML: Frauds can create a substantial impact on business and over the years, entrepreneurial companies have become vulnerable as potential targets of bad actors. AI and ML can learn from historical patterns and conduct fraud detections quickly and efficiently. In addition to recognizing fraud patterns in future transactions, the technology can be scaled for better performance.
  6. Enhance data security: Data is the new oil and under constant threats from cyber- attacks including several sophisticated ones. It is therefore pertinent for start-ups to safeguard and secure company data to prevent financial loss, reputation damage and loss of consumer confidence. AI and ML are reliable alternatives to traditional data security solutions and can predict and identify actors with bad intentions, thereby protecting the privacy of business and its customers.

AI and ML are changing the technological paradigm of the country. Apart from capturing the mind of the business community, there has been exponential investments and aligned funding for further research and development of the field. Few years ago, NITI Aayog launched #AI for All to position India as the ‘AI Garage of the World’; and paved the path for the nation to emerge with a robust technological ecosystem. Going forward, AI and ML will continue to accelerate innovation and drive financial benefits for small, micro, medium and high-revenue firms. 


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Dr. Vikram Kumar

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