No matter how hard they try, small businesses can’t ignore artificial intelligence! Artificial intelligence (AI) is everywhere. Believe it or not, businesses of all shapes and sizes do use AI.
No longer is AI considered something only seen in science-fiction movies like 2001: A Space Odyssey. Today, AI plays a vital role in the business operations of a small business or small and medium size enterprise.
AI’s small business possibilities are endless. Improving the overall productivity of a business, as well as boosting its customer service, merely scratch the surface when it comes to the highlighting the advantages of using artificial intelligence. Therefore, if a small business ignores AI, then that business is closing the door on numerous potential positive outcomes.
So, what are some of AI possibilities a small business can take advantage of today?
Improves Customer Service
Outstanding customer service is the lifeblood for any successful small business. Therefore, to capitalize on improving customer service by reducing wait times, every small business can utilize AI with chatbots and virtual assistants for the following functions:
- Around the clock ability to address any customer inquiries.
- Address numerous customer inquiries all at the same time.
- Allows employees to address more intricate duties.
- Keeps track of customer feedback comments across social media platforms.
- Recognizes common areas for improvement.
Reorganizes Procedures
Many small businesses avoid change because “we’ve always done it this way.” In some ways that philosophy becomes a barrier to growth and a bigger bottom line. However, AI can help a business dramatically improve its operations by automating various repetitive functions:
- Automate data entry, appointment scheduling, and inventory management.
- Forecasts customer demand based upon historical sales data and AI algorithms.
- Adjusts inventory levels to avoid overstocking or shortages.
- Enhances organization and diminishes paper clutter.
Sales and Marketing
Many small business owners and/or managers claim they don’t have the time or resources to effectively enhance their sales and marketing initiatives. However, sales and marketing initiatives can experience positive outcomes by utilizing predictive analytics:
- Review customer performance and buying history.
- Specific target advertising based on customer behavior, demographics, and interests.
- Sales predictions based on previous sales data and market tendencies.
- Establish accurate sales goals and budgets.
Financial Supervision
Financial planning or oversight has proven to be the downfall of many a small business. The owner and/or founder may be the best idea person, but lacking in financial skills. Therefore, AI could prove to be a game changer for many a small business as it relates to the financial direction of a business:
- Automates bookkeeping responsibilities such as invoicing and expense tracking.
- Warns management about suspicious activities.
- Develops precise financial forecasts and budgets.
- Decreases the opportunities for human mistakes with financial records.
Utilize the Power of AI
These are not the only areas where any small business can utilize the power of artificial intelligence. Small businesses can’t afford to ignore artificial intelligence. The power of AI can benefit human resources recruiting and hiring, long range decision making, product and service development, enhanced security measures, and business expansion opportunities.
Utilizing the power of AI can help a business improve its overall productivity, make decisions supported by facts, and build a strong brand identity over the competition. Depending upon the specific needs of a business, there are a variety of software programs which can help a business reach its goals.
A small business owner/manager should not be intimidated or overwhelmed by AI. In the beginning, take some small steps with AI. After seeing some success, then start jogging by increasing your use of various AI tools. Before you know it, the business will be sprinting to the finish line by embracing the power and strength of AI. When it’s all said and done, in today’s world small businesses can’t ignore artificial intelligence.
