5 Unique Ways Small Businesses Can Leverage AI
29 November 2021
Artificial intelligence has transcended the realm of technology to become a focal point for companies of all sizes. Articles on the commercial benefits of AI appear in magazines devoted to every sector on a regular basis. “That’s fantastic for the big people,” small-business owners may think after reading all the AI hype, “but there’s no way I can afford to set up or employ AI.” But they’re almost certainly mistaken.
In today’s market, you don’t need an in-house IT staff or strong tech knowledge to reap the benefits of AI in terms of increased productivity and cost savings. Existing tools and low-code platforms make using AI’s capabilities a realistic aim for enterprises of all sizes and levels of competence.
Here are 5 distinct ways that organizations, regardless of sector, may harness the potential of AI:
Enhancing customer satisfaction
Chatbots are a cost-effective method for firms to reduce human expenditures while increasing customer availability. This AI-powered software or plug-ins may be found on a company’s website or app 24 hours a day, seven days a week, providing limitless opportunities for client engagement. Chatbots are programmed to respond to a human user’s question utilizing pre-existing resources (such as FAQs) and prepared replies. The more people who use chatbots (and give them input), the better and more efficient they will become. Chatbots may perform a variety of functions, ranging from fixing difficulties to initiating interactions with potential consumers, depending on the needs of the organization. However, if a customer’s requirements are too complicated, the chatbot can suggest and schedule a human engagement.
There are a variety of additional ways for organizations to use AI to improve customer service.
Companies that are able to balance the value of AI with the value of “human” resources, relationships, and interactions will be successful.
Choosing the most suitable candidates
Artificial intelligence (AI) solutions may significantly cut the time HR personnel spends scanning resumes, allowing them to devote more time to individuals who closely match job criteria or corporate goals. While AI software’s unbiased collecting of names, schools, and addresses is a plus, how that information is utilized is dependent on the businesses that supply it. Data from previous successful hiring may not be enough to assist AI to discover all of the greatest links between candidates and corporate goals if specific groups or qualifications remain underrepresented in a firm. More input on AI’s outcomes improves its performance, therefore it’s critical to allow it the freedom to grow. AI isn’t just for candidate screening; it can also be used to automate interactions with candidates, collect information from references, and analyze performance duties throughout the interview process.
You can surround yourself with the best people on the planet. Your buyers, on the other hand, will not have the appropriate perspective if you do not advertise it correctly. They may not even be aware that you exist. By automatically proposing marketing techniques, AI can help with the problem of obscurity. It can detect the patterns of conduct that led users to your website and prompted them to make a purchase. Then all you have to do is scale and repeat the process. It isn’t only something for the biggest firms with limitless artificial intelligence spending. There are several apps that may be integrated into the daily operations of small enterprises. By doing so, you may reduce errors, increase efficiency, and eventually increase revenues for your company, which is something that any company should strive towards.
Improve the reliability of product predictions
For cognitive understanding, machine learning is quite useful. Small businesses may use customer data to help influence product roadmaps and make forecasts about what current customers are likely to buy. Machine learning models improve over time, increasing the accuracy of predictions, which may help boost upsells and reduce churn.
Increased digital security is required as the amount of digital data collected from customers and enterprises grows. Cybersecurity AI analyses patterns of activity in a company’s software, applications, and stored data. AI can distinguish important and acceptable items — links, email messages, information inputs, and task time limits — by analyzing what employees and consumers do with digital tools and how they do it. If something is out of the ordinary (for example, an employee clicking an unknown link in an email), AI reacts rapidly to mitigate or eliminate the threat. Knowing that dangerous programs are created using AI-guided programs is crucial, thus investing in strong cybersecurity is a viable method to preserve business survival and consumer confidence.
If you’re a small or medium-sized business owner who has dismissed artificial intelligence as a technology you can’t utilize or afford, I urge you to reconsider your position. Small companies are more important to AI than you would believe, and it’s critical that you approach AI strategically and use it to grow your company. Although there are several AI solutions on the market today, this does not mean that they all connect with your company’s focus, culture, or overall objective. At Bayshore, we provide a tailor-made AI leveraged, cost-effective solution to solve your organization problems effectively and efficiently,