Is AI Creating Values for Startups?

Only the world’s top businesses could afford to invest in AI a decade ago, but things have changed drastically in the last 5-6 years. AI has become the new normal due to the advanced modernization on various fronts. Today, startups have more opportunities than ever to leverage AI for countless products and services that can bring solutions to their stakeholders on multiple fronts.

Some of the areas that startups are using AI to bring value to their process and stakeholders are:

Creating Efficiencies:

1. Automation of processes (Complex processes have been automated, reducing the cost of the business)
2. Analytics (Huge sets of data can be analyzed and better strategies can be developed)
3. Development efforts (Services for code review, deployments, QA)

Increase Productivity:

1. Manufacturing – (AI can validate whether intricate goods like microchips have been perfectly produced)
2. Predictive & Preventative Maintenance – (AI is used for identifying PM schedules that can be optimized prior to the predicted breakdown, which avoids downtime)
3. Production Optimization – (AI will constantly learn from all production data points to continuously improve process parameters.)

Improving Customer Experience:

1. Better insights using AI – thus creating better product preferences for customers
2. Customer support – Chatbots (A study says, about 65% of the agents working AI-based chatbots were able to spend more time on Complex customer problems and solve them faster.)
3. Consumer Insights – (AI can help create customer personas, match customers’ preferences of products they are more likely to buy, and display the most relevant content to readers)

With the exponential advent of AI and its applications – it is envisaged to eliminate mundane day-to-day business operations and enhance the efficacy in business processes at startups. AI solutions are more cost-effective than other traditional methods as they take a systematic approach for every aspect. AI is a cutting edge of Innovation.

At Deep Camp, we mentor startups on various possible ways that will improvise their processes to yield better outcomes through AI. With a focus on scalability through AI, we mentor them on numerous business functions like Marketing, Sales, Finance, Operations, HR, and Strategy.

Deep Camp is a startup accelerator program that focuses Tech Businesses. Potential entrepreneurs are provided access to Affine’s Centre of Excellence teams (CoEs) across AI, Engineering & Cloud to build bleeding-edge solutions and find swift market access.