5 Ways Startups Can Harness AI and Boost Growth

Although technologies such as artificial intelligence (AI) have been around for years, many companies today are still hesitant to adopt AI-based practices.

As a startup owner, adopting AI tips the scales in your favor. By understanding the exceptional capabilities of AI-powered tools, you can gain an edge over the competition and introduce your startup to new avenues of innovation and efficiency.

Artificial intelligence is the science that makes machines intelligent. Using various computing concepts such as machine learning and voice recognition, scientists have created machines that can mimic humans and perform human-like actions. From spam filters and image identification to medical diagnostics and self-driving cars, there are endless successful applications of AI in the real world.

With the power of AI, you can efficiently and creatively solve business problems and take your fledgling startup to new heights of success and growth.

Statista reports that the global market value of AI software will reach $126 billion by 2025. The technology itself is here to stay and is growing in popularity every day.

With an increasing number of AI applications being launched, the demand for AI solutions has also exploded. It is safe to say that companies will continue to invest heavily in smart solutions to facilitate business operations.

The various uses of AI for startups allow you to invest in amazing and incredibly practical products and services powered by the latest algorithms.

AI can help startups achieve incredible levels of growth and:

Compete with large organizations without incurring high costs Streamline and boost marketing and sales efforts Make better, more profitable business decisions Establish a well-respected brand and encourage customer loyalty by providing better support Improve productivity levels in the workplace Monitor and upgrade competing businesses Find the best talent and effectively manage recruiting activities 1. Compete with large organizations profitably

Not so long ago, artificial intelligence was seen as a niche that only big companies could afford. Companies like Meta (formerly Facebook), Google, Microsoft and Amazon were – and still are – busy conducting expensive private research into AI and harnessing its expansive potential. At the time, small and medium-sized businesses could not even imagine having access to this type of technology.

Back to the present. Although AI remains a largely untapped market, it has become much more accessible to startups and small and medium-sized businesses. Today, many boxed AI software products and services are readily available to entrepreneurs who cannot afford to invest millions in AI.

The rise of low-code and no-code platforms is another contributing factor. As these low-cost applications have become accessible to small businesses, some high-level business executives have even expressed concern about the growing accessibility of AI.

With the right initiative and motivation, startups can use AI systems to the best of their abilities, allowing them to compete against corporate giants on a level digital playing field.

Much of competitor analysis revolves around collecting and manipulating large volumes of data. Coincidentally, AI is also very data-intensive, making it an ideal tool that you can use to your advantage.

As a budding entrepreneur, there are hundreds of things you need to keep tabs on, from regularly monitoring competing brands' online activity to getting your hands on their financial reports available at audience. However, analyzing each piece of information can be time-consuming and labor-intensive.

Intelligent AI automation and analytics too...