The Current Benefits of Artificial Intelligence (AI) for Small Businesses
When most startup business owners and entrepreneurs think of adopting AI technology in their business, they picture large expenses and the use of professional programmers/software developers to develop such AI programs capable of handling business affairs. Employees, on the other hand, feel that the introduction of this new technology to the company is goodbye to their jobs because according to them these machines will be able to handle most of their work, hence making them dispensable.
Both beliefs are wrong and are what’s keeping a large percentage of small businesses from introducing the use of AI in their businesses. AI doesn’t take away jobs; they make them easier and more effective. Here’s how the use of Artificial Intelligence can help your small business to scale.
Here are the most recently found benefits of AI to small businesses:
1. Improves email marketing
In business, email marketing is one of the highest returns on investment (RIO) if you know how to use it. Modern devices such as POS machines have been programmed to collect customer data such as an email address to send more ads and do customer follow up. Most online retail platforms who use AI can extract consumer email and sync with software like MailChimp, which divides them into groups based on shared traits.
This division helps the company to send emails based on customer behavior and location. The AI software can send automated emails based on your customer’s activity making it more effective tailored communication.
2. Saves you time
Various activities, especially clerical duties, can have certain tasks that need to be repeated several times, which results in more time being spent on performing the same action over again. Many business tools make use of AI to perform these tedious activities for you, allowing your employees to spend more time attending to other pressing matters. It saves you time, money, and increases productivity.
3. Increases your customer service efficiency
Thanks to the advent of chatbots, small businesses can now attend to more customer inquiries at the same time and save customer care representatives the stress from having to answer the same questions numerous times.
Chatbots are AI programs that help you analyze customer queries, answer FAQS, and give the best possible response to a complaint. This solves more than half of the consumer’s complaints before the need to be transferred to an actual representative arises.
4. Enhances competitive research
Knowing what your competitors are up to can help you adopt new strategies that will improve your company’s productivity and income by taking advantages of your competitor’s weakness.
Now, there are competitive analysis tools powered by AI that can monitor market changes and competitors via their websites, apps, and social media channels. These tools can monitor price change, new strategies, loopholes, and other activities, which helps you understand your competitors better and stay ahead of them in the game.
5. Provides business solutions
Now, AI-powered tools can be used in any part of your business that involves data – this allows the system to be able to conduct extensive analysis based on the company’s workflow. Such tools use all information gathered to develop standard business reports and predictions that can give useful business insights.
Reports and predictions will help you make vital decisions that will improve the business and generate more income in turn.
Assumptions have stopped numerous small businesses from taking advantage of the benefits entwined with AI. If you haven’t started using them, don’t hesitate so you don’t miss out of the fantastic benefits.