Smart Business: How AI is Revolutionizing Growth Strategies

One scorching summer afternoon, while sitting in a car at a gas station with a friend, I observed customers rushing in and out, completing their business in no time. My thoughts wandered to the ease with which Artificial Intelligence (A.I.) enables businesses to operate. Later, we stopped at a McDonald's, where we once again placed our orders with the help of A.I. This experience further emphasized the impact of A.I. on improving the quality of our lives and inspired me to write this article on leveraging A.I. for small business growth.

Originally developed to assist humans, A.I. has evolved into a sophisticated technology that delivers tangible results. While it was once costly and only accessible to large corporations, A.I. has now become affordable and available to small businesses. Many innovative SMEs have gained a competitive edge by cutting costs and improving customer satisfaction through AI-powered systems. A.I. can enable SME owners to create successful operations in various business functions when used to its full potential.

According to Merriam-Webster, Artificial Intelligence (A.I.) is "the capability of a machine to imitate intelligent human behavior." A.I. may also be called machine learning, deep learning, or cognitive computing, depending on the reference context. It involves programming machines to accomplish tasks and respond to inquiries as a human would, using an algorithm based on human neural networks to model problem-solving. Over time, A.I. has become a well-regulated space that small and medium-sized enterprises (SMEs) are increasingly exploring.

AI-based tools have been developed for virtually every task, and businesses have improved their turnover and overall performance by using these tools. Listed below are seven ways in which artificial intelligence can help your small business:

Reduces time spent on tasks
Lowers costs
Increases efficiency
Improves flexibility and responsiveness
Reduces risks
Bridges the gap in accountancy literacy
Decreases the consequences of human error

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Ways small businesses can implement AI in their business operations.

Fortunately, small businesses on a budget can leverage A.I. without significantly impacting their finances. SMEs can implement A.I. by starting on a smaller scale and utilizing ready-made A.I. tools, allowing them to effectively harness the capabilities of A.I. and improve their business operations. Leveraging the power of A.I. is easier than one might think. Here are a few ideas to help SMEs get started with implementing A.I. in their business operations:

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Use AI-powered chatbots for customer support.

One of the most effective ways small businesses can use A.I. to improve their operations is by implementing chatbots. Chatbots are AI-powered tools that initiate customer communication and respond to customer inquiries. You might have interacted with a chatbot without even realizing it - for example, if you've seen a chat box pop up on a website asking if you have any questions. Chatbots can be particularly helpful for both product and service-based businesses, and they work tirelessly 24/7 to answer customer queries and provide sales support.

Even if your business doesn't have a website, you can still use chatbots through Facebook or WhatsApp. You'll need to develop a comprehensive script of frequently asked questions to assist customers rather than focusing on the technical aspects of programming. By streamlining the most commonly asked questions, you can make it easier for customers to decide to buy from you.

AI-powered Customer Relationship Management (CRM)

Customer Relationship Management (CRM) is a crucial aspect of any business, as it helps keep track of every interaction between customers and businesses. CRM systems are designed to gather customer data across various communication channels, which can be used to improve and automate sales. By utilizing A.I., small business owners can analyze customer feedback from multiple channels and adjust their marketing and lead generation strategies automatically. For example, Salesforce now offers an AI-powered CRM platform that can acquire marketing and sales insights to automate and optimize the customer acquisition process.

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Revolutionize Email Marketing with A.I.

Email marketing is one of the most recognized forms of digital marketing, and A.I. has significantly impacted its effectiveness. A.I. tools can optimize subject lines, accurately track their performance, and personalize email content based on predictive analysis using customer data. By automating the email marketing process, A.I. can boost sales and reduce cart abandonment rates by initiating email retargeting.

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Leverage A.I. to Increase Sales

Small businesses can also boost sales by using A.I. to increase marketing efforts. A.I. tools can automate lead generation within a business's database and even find new leads related to existing leads. A.I. can also use predictive analytics to rank leads based on their conversion likelihood, reducing the time sales reps spend on closing leads and increasing productivity and revenue.

Utilize A.I. to Transform Human Resource Tasks

A.I. is transforming human resource tasks, once considered a minor area in business operations. Small businesses often face challenges in finding and hiring the right talent, but A.I. has simplified the recruitment process by automating tasks ranging from candidate screening and hiring to onboarding and employee communication. This automation naturally affects a company's bottom line, as A.I. tools can quickly sort through hundreds of applicants and initiate the interview process by providing questions based on the job criteria. This saves time and resources and increases the chances of finding the best candidates.

Using A.I. for Data Collection and Competitive Intelligence

Identifying competitors is crucial to the success of any small business. A.I. can help small enterprises to collect data on their competitors' business strategies and conduct a competitive analysis. A.I. tools have been developed to gather data on competitors across various digital channels and then turn this information into easily readable reports. AI-powered competitive intelligence helps small businesses stay current on current market trends and enables them to respond quickly and efficiently to these changes.

A.I. has proven valuable for business growth, saving time and money while improving daily operations and making businesses more efficient and profitable. Whether a business already leverages A.I. or not, it is clear that A.I. is the present and future of business.

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“The thing I preach constantly is ‘do your research; build your knowledge base. Don’t just go into business on a whim or a prayer- and don’t think I’m an entrepreneur so I have to take risks.’ Entrepreneurs don’t take risks. They take calculated risks, only the good ones.”Theo Paphitis

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