Discover How Innovative Startups Use Artificial Intelligence to Grow 2020
This is part of our Tech Startups Magazine. If you have a start-up idea that is worth working into then AI with intelligent machines can do the job for you! This article summarize how innovative Startups use artificial intelligence to grow.
Discover How Innovative Startups Use Artificial Intelligence to Grow
The importance of the AI’s role.
We all know the importance of the AI’s role in our lives today as well as its presence in the future. The fact is that artificial intelligence determines our everyday activities. Some of us may find it hard to accept it but the fact is that our lives are dependent on early forms and systems of machine learning and AI. Right from entertainment to banking our lives have been influenced by AI. This book is mainly about what AI can do for you and the power it can harness to grow your business faster.
Lomit Patel, the author of this book knows what it takes to boost growth to make a start-up successful. He has worked with Roku (IPO), TrustedID (acquired by Equifax), Earthlink and Texture (Acquired by Apple). As the VP of Growth at IMVU, he is responsible for user acquisition, retention and monetization. Apart from this he is also an author, advisor and a well-known speaker. He has been recognized as a Mobile Hero by Liftoff.
“Lomit Patel has adopted and championed the power of autonomous marketing from the very earliest of days, and his practical, no-nonsense approach to outperforming against your growth goals will be indispensable reading for anyone looking to make their mark in the world of digital marketing.” Sal Aurora Chief Data Scientist, Nectar9.
One among the best-selling books for business people and innovators, Lean AI is a part of Eric Ries’ “The Lean Startup” series published by O’Reilly. The previous books in this series dealt with how companies can use state-of-the-art methods and make a social impact while structuring a successful business. This book however deals with how start-ups can benefit when they use Artificial Intelligence and machine learning to boost their growth.
“Companies are spending millions of dollars without understanding the true ROI of their marketing investments. With the advent of machine learning and artificial intelligence, marketers will be able to deepen their understanding of the customer journey and serve them in new, exciting ways. The Lean AI provides a solid foundation for the next generation of marketing automation in the age of intelligent machines.” Shamanth Rao CEO and Founder, RocketShip HQ.
The Lean Startup series aims to discover if a proposed business model is viable or not and it is a methodology that reduces product development cycles. The series along with worldwide events and associated online resources enable us to understand how we can achieve this by adopting a mix of business, hypothesis, experimentation, iterative product releases and validated learning. The Lean Startup method educates you into how to drive a startup, how to proceed, when to make a turn and when to endure – all the methods needed to grow a business to its full potential. Lean AI method enables you to achieve results faster than ever before.
How AI can take your business to another level.
The book is divided into six segments. Each of them helping us tackle the powerful and complex feature of AI and how it can take your business to another level.
Part 1: AI + Growth Marketing = Smart Marketing
This is the initial section that concentrates mainly on the current startup landscape, the challenges that new companies often face around customer acquisition. This section also gives you an overview of the main Lean AI components and industry trends that leverage AI for smart marketing.
Part 2: Customer Acquisition 3.0
This section focuses on how to leverage customer data with the help of ‘intelligent machines’ along with Artificial Intelligence. This includes an overview of the ‘intelligent machine’ framework, how tasks to be automated are identified and explores options whether you would like to build it or buy it based on your resource constraints.
Part 3: What Metrics Matters to you?
This section dives you into the world of choosing the right metrics for success and focuses on driving long-term growth. This section also deals with the importance of creative assets and cross-channel attribution that enables in optimizing your ‘intelligent machine’.
Part 4: Picking the Right Approach to User Acquisition
This part deals with the five proven methods to user acquisition strategies and the one you should pick for your business. This section also leaps into ‘growth stack’ – a set of tools that work together to help you get specific results in any given situation.
Part 5: Managing Increased Complexity and Risk
This section concentrates on the world of managing increased complexity and risk with the data that is needed for artificial intelligence. It also explores the likely possibility of how future growth teams that will coexist with humans and machines coming together in ways that will benefit from intelligent machine framework mentioned in this book.
Part 6: The Next Frontier
This chapter aims at mentioning how machines and humans can coexist to bring out the best work. It also concentrates on the successes and challenges that are vital to boost your growth efforts.
The core essence of the book is that modern companies do have a very powerful tool with them as compared to the previous methods that were expensive and slow. To determine product and market alignment is a time consuming process but with running a business to AI you can see immense growth to your business and can acquire customers faster and efficiently.
For those who want to scale up their customer acquisition growth in a smarter and faster way, then this book is a boon. The language of the book slightly technical but the ideas and information is vital for any business capitalist, executive, leader and investor who prefer a competitive edge to scale up their business.
More often than not, it is the startup teams that execute and leverage the right resource for efficiency to get the job done. With startups the probability of success is pretty low as compared to the rate of failure. However, with AI, companies can now take advantage and stay competitive. If you are one among the many who do not understand the significance of AI and how to implement it, then this book is what you must lay your hands on.
“Every now and then there is a new super-hyped technology. Most of the hype ends up in the graveyard, right next to companies that used them as their main line of business. AI isn’t just hype. AI is defining software, processes, work environments and decision-making in every aspect of our lives. I have no doubt that AI will continue to drive tremendous transformation in digital marketing. ‘Lean AI’ enables companies to view these dramatic changes as real opportunities.” Oren Kaniel CEO, Appsflyer
Lean AI is scheduled for publication around mid-March but is available for order at Amazon today.
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