When you hear the word Artificial Intelligence, what comes to your mind? Some people start thinking about science fiction inspired images of machines ruling the future. Or robots were replacing the human workforce. Artificial Intelligence has a different reality. It is already a part of our lives. We use it every day on our smartphones, laptops, apps, and even cars.
It’s a huge role to play in the business world. A survey from the CEOs of small and medium businesses says that AI is becoming an integral part of the business process. 29.5 per cent of the leaders believe that among new technologies, AI is going to have the most significant impact on businesses.
So, whether you have already started using AI to make your business grow or not, you need to be aware of the benefits it has to offer.
Here are some ways Artificial Intelligence can help your business:
Improved Marketing and More Sales
With the advent of customer relationship management (CRM) systems, you can gather more and more customer data across multiple channels such as social, phone, email, etc. This could improve and even automate the sales process. A great example of AI in CRM systems is Salesforce. It helps small businesses analyze customer feedback through various communication channels. It can automatically adjust the marketing activities based on the information received.
Automate Customer Communication
Product and service-based small businesses have started using chatbots on their websites to make customer communications even better. Chatbots are like sales or customer service reps that is available 24/7 to answer your customer queries.
For small businesses hiring sales teams and customer service reps could be an additional expense. I know this well because I own an organic food startup company. A business has so many overhead costs already. Being an entrepreneur, you look for ways to cut the losses. For instance, instead of settling for expensive Internet service, I went for Optimum business Internet because it was cheaper. And since AI eliminates the need to hire customer service staff, I would wholeheartedly accept this technology.
Smooth Human Resources Tasks
AI has started creeping into human resources as well. There are such AI tools that don’t just let you streamline the hiring and onboarding process but gather feedback from the new employees as well. This would provide you with insights on how to improve the hiring process. It’s something that will have a real impact on your company’s bottom line.
AI can also help the HR team navigate through hundreds of applicants and find the ones that match the criteria. This could save you time as well as resources. One the candidate is on board, AI could help the employees get familiar with the company policy and other questions.
Read, Top 10 Small Scale and Profitable Business Ideas
This can significantly reduce the time spent on hiring employees. It can also increase the number of quality applicants. The HR will be able to save time since they won’t have to answer questions generally new employees. The AI software will take care of that.
Handling Business Processes
Artificial Intelligence can increase the efficiency of a company by taking charge of its business processes (supply chains and workflows). AI does all the heavy-lifting through analysis and identifies areas that need improvement. The companies that integrate AI into their business processes have the potential to reduce the use of materials in their manufacturing process by 4 percent and increase their productivity by 20 percent.
AI Helps You Make Good Decisions
A successful business thrives on the right decisions. Most of all, accurate business decisions are based on the proper use of data. When the data has errors, it is only a matter of time when things go crashing down. Since humans are collecting data, it cannot be completely accurate. This problem can be everted by using AI for data collection and business insights.
AI Helps Minimize Errors
Human errors can ruin the finances as well as the reputation of an organization. It’s easy for employees to get distracted by a variety of physical and emotional situations. This could result in irreparable damage.
Artificial Intelligence creates an enabling environment for executing daily tasks to ensure quality management. It can close the gaps of inaccuracies caused by human errors. It can help synchronize the process chain and prevent the clogs as a result of manual processes.
One thing is sure, and bosses will have fewer things to worry about when they start incorporating Artificial Intelligence in their business process. Now that I have one of the affordable Optimum Internet plans, I shall take advantage of AI for streamlining a few business processes and strive towards maximum productivity.