2nd November 2020
Babies take months and heaps of helps to learn how to walk independently and too often they fail and cry, so does the new businesses. The greatest success barrier for new startups is that translating passion into a successful business model is a super challenging task, which demands more than passion. Success requires more than hard work, resilience, and expertise in your specific field, but you need a complete pack of fundamental business skills to start.
Elements of the in-store experience that have been seamlessly integrated into the new norm include:
These elements involve the collaboration with online stores and provide a sense of convenience and efficiency.
Think of this, when you work in a big organisation, there’re so many departments across the company bottom up and thorough interaction between each one must be clearly represented to smash the goals. Therefore, to run a small business requires that you become a jack-of-all trades. While I’m saying this, I’m not holding you back from expressing your entrepreneur spirit and make your own boss. Good news is you don’t need to do it all alone, just like how you have your colleagues in the company. It’s significant to know early on which skills you have and those you’ll have to learn or delegate to others. To fill the gap of skills that you lack of, you can learn over a period of time by yourself, hire employees who are strong in specific areas, or engage help of professional advisor.
Reading until here you might have thought that I would typically list down all the essential soft skills that an entrepreneur must have to be a highly effective startup. YES! These skills are very important BUT thousands of blogs have done excellent job in explaining them, so here I’ll bombard you with some exciting information on how technology could articulate their steps to success to the next level.
What come to your mind when you think of “Artificial intelligence”? Robots performing manual tasks, voice-controlled devices, or self-driving cars would be the first ones to pop-up, but what you might forget is that AI is also capable of revolutionising the business landscape.
“For many people, artificial intelligence, or AI, is a mere concept, something that will happen in the future. But, in reality, AI has already become a part of mainstream businesses”, says Michael Georgio, CMO of Imaginovation, a Raleigh, N.C.-based AI development company.
Big or small, new or mature organisations are now investing in AI technologies regardless of their sizes and shapes or industry they’re in. Above all, AI acts like a godsend for startups, many startups are leveraging AI tools to gain a competitive edge and scale up the business.
A report published by American Express, over 40 percent of customers want quick customer service. Thereby, companies that can provide quick and convenient customer support are poised to have a competitive advantage over others. AI-powered tools let you provide efficient customer service.
According to an Accenture report, 80 percent of customer support communication will be handled by bots by 2020. Most companies are using AI-powered applications like chatbots that are automated to provide quick response to common customer queries. Furthermore, these customer-facing messenger chatbots are able to:
By having chatbot on the front line, your team can effectively address the issues that really matter to your business growth. Because Chatbots are too smart to only answer to FAQs, yet they’re trained to keep learning based on data you feed. Customer query are mapped with every potential reply and reply accordingly, match them to customised deals, suggest products based on customer’s preference, place order and more.
AI in business analytics plays a very crucial role in the overall success of your startup business. Advanced computing tools, machine learning, predictive analysis and AI have fueled the growth of new-age business intelligence tools. Getting insights into customer behavior and real-time information about market trends to make data-driven decisions now are knocking at your computer screen if you know how to do them right.
In this digital era, everything comes in data and you must be able to translate those data into insightful information for your business, which means you need to have an eye for analytics skills to be able to make the best sense out of it. Data can be an invaluable tool to help a business spot area of weaknesses or capitalise on strengths. Through looking at the vast amounts of data that are now available both from customers and clients, as well as internal operations and able to interpret data and formulate useful insights that can then be acted upon will enable you to bring your startup to the next level in no time.
Before AI, business leaders and entrepreneurs had to make decisions based on inconsistent and incomplete data. I might say analysing performance, making a decision or future prediction for a business that doesn’t based on data is a very risky and fortune-teller move to me, which could drag the whole organisation down.
AI can provide a more secure move for you by its ability to process massive amount of data and derive actionable insights to aid decision-making process in your startup. For instance, AI-powered tools can give you insights into ever-changing customer needs so that you can better align your products and services accordingly. Besides, you don’t have to be a data scientist to access the data provided by AI tool.
Coca-Cola, the world’s largest beverage company, uses artificial intelligence for efficient business analysis. Being a company at this worldwide scale, their business operation generates a massive amount of data daily. They use AI and big data technologies to put these data into practice to develop new product. In 2017, Coca-Cola launched a new flavor, Cherry Sprite, based on data collected by the self-service drink machines that let customer’s mix drinks of their choice.
When digital marketing is an extremely important skill to have in any modern marketing department and startup. To firmly ensure meeting your customers across channels without missing a touchpoint, one platform is never enough. However, it’ll be too much and impossible for a person to effectively handle all the digital marketing platforms manually, not to mention that this digital marketing stuff is too far from ‘Easy’ to handle in this competitive market with the always-changing consumer behavior.
AI-powered tool can improve different aspects of marketing including content generation, manage digital campaign and automate email marketing.
Numbers of AI tools available to assist on things like:
26th October 2020
By Michaela Agius