Hello, everyone! In the previous article, I talked about how one can make use of the internet in a highly productive manner (for those who haven’t read the article, can take a look here) which can help increase knowledge and open doors for different opportunities as well. Today, I’ll be discussing how startups are making use of artificial intelligence and how they are turning their products and services smarter in order to serve the consumers in a better way.
The youth and the coming generations are extremely motivated and inclined towards the idea of starting a startup and pursuing the dream of becoming an entrepreneur. Though this dream comes true only with tons of determination and dedication towards the work you do. Many startups have been made in the recent years and each of them offering a unique product or service is making news in the industry. Gone are the days when the product had manual functionalities and no intelligence within them. This manual functionalities lead to lower customer satisfaction in the previous times. Now if your product doesn’t consist intelligence, you are out of the league.
Artificial Intelligence is growing each day and with such a high growth, it is very important that startups and entrepreneur embrace this change of technology and integrate AI technologies with their product and services. AI is not just limited to the technological field, but it can also be integrated with manufacturing, logistic, educational and other sectors as well. The understanding of what you are getting from the consumer and what you are giving to the consumer is very important in AI. Once you understand this, you can easily make use of AI technologies.
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Many startups are already in the league of Artificial Intelligence. Not talking about the big giants (as they have already been into this race and in such big companies, continuous research is ongoing in the field of AI for further development. Example of such corporates include Google, Facebook, Microsoft, Apple and much more), the focus currently is only on how initial startups are making use of this technology. Artificial Intelligence is increasing its presence in India to a great extent and also across the globe. The demand for automated and smart products and services is increasing not only in India but also throughout the world. With such a huge demand, startups can take advantage and start developing products and services which might use automated technologies and AI as their core.
There are plenty of open source tools for AI technologies which can help small companies set up the technology. As AI tools and products are usually costly and expensive, it is important and a smart move, that startups make use of such open source tools and develop cutting-edge products and services for the end user. Open source tools help save a lot of cost and other unwanted resources for startups. But it requires a lot of learning and practice in order to use the tools in a highly efficient and reliable manner. Once you get a hang of what the tool is and how it works, it becomes slightly easier to develop some productive product out of it in order to deliver it to the masses.
Products ranging from chatbots to high-end classification engine, startups can build anything and can help consumers get smart products which will understand their (consumer’s) behavior in order to perform even better in the future. That’s what the goal of AI is, to learn and deliver better each time it is made to run by the end user. Nowadays better you serve the consumer, better your product tends to go viral and famous. This can be possible by integrating some smart functionalities to the products or services that you (startup) provides.
Some features nowadays startup make use of are as follows:
1. Chatbots: Chatbots are agents that help solve customer queries or issues. The queries asked by the customer can be generic or specific. The efficiency of the chatbots depends on how much knowledge it (chatbot) has been embedded with.
2. Recommendation Engine: You have experienced the recommendations given by YouTube, Facebook, Google and other big giants, but today even few startup make use of this. Recommendation engine can be used in an e-commerce portal in order to recommend products based on user likes and dislikes, it can also be used to display services that the user may gain access to, can be used in a travel website to recommend places and trips based on user location and many more other uses of recommendation engine can be done (in terms of providing value to the consumer).
3. Image Processing: Processing of images for better results, and then further classifying it based on its characteristics is one of the applications of AI that startups are nowadays making use of. By classifying images based on its internal features and attributes, it becomes easier for the user to identify certain objects or things associated with that image. Also segregating images based on its features and based on user input can help startups create an organized database at the back end.
4. Predictive Analysis: A predictive application is one of the major application of Artificial Intelligence, which makes use of machine learning techniques in order to identify future outcomes. Today with the help of Machine Learning techniques and algorithms, startups are helping other business organization to predict their value in the market, predicting their future profit, predicting the usage of their resources and many other uses of predictive analysis is made by startups.
5. Smart Report Generation: Every business requires reports regarding their work, employees, resources used and other factors which are listed down in a report, in an organized manner. This report generation has been made much smarter and better by using Artificial Intelligence techniques and algorithms in order to provide better value to businesses and individuals using the product.
Also besides this, there are a number of different applications and fields where the startup community and entrepreneurs are working in order to generate better results and give high value to the consumers and end users.
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Article written and submitted by: Akshay Rakesh Toshniwal