Small businesses have been disadvantaged regarding the use of the latest technologies. Cost, employees’ low technical skills, and adaptability to newly implemented systems are major reasons inhibiting them. Many ended up lagging behind & shunning riding the wave. However, over the last decade, an increasing number of small businesses have bet on the latest technologies to be their winning cards. AI is one of these technological fields that will reshape almost every industry market we know. It has already announced itself as the next mainstream. Small businesses are no exception to the rule. They need to optimize their operations and get AI integrated at different levels. From automating tasks to customer service & accounting, AI can do so much for this category of businesses.
Here are six ways artificial intelligence (AI) levels up your business to allow it to thrive in a highly competitive economic environment.
1 Time Saving
One of the main advantages of AI is that it helps free up time and resources, so you can focus on other aspects of your business. Just think of it this way, when more gets done in less time, that’s productivity levels hitting the roof. It gets even more useful for solopreneurs. In case your business is run just by you, there is nothing you would need more than “ some extra time” to finish all you have on your hands. The proper delivery of goods or services is generally the outcome of enough time being allowed for tasks to be completed. Let’s say you spend hours every week manually inputting data into your accounting software, you could use an AI-powered assistant to take care of that for you. It can even help you skip hiring for the position. The employee in charge of doing this task, will not have to be qualified in accounting. They just need to have enough technical skills to run the software. This valuable time once saved could go to working on revenue-generating activities, such as marketing or sales. Moreover, saving time affects directly the daily workload. It eventually impacts positively your health & that of your employees. Think of stress-ridden tasks, won’t it be fantastic to keep them at least under control?
2 Cutting on expenses:
AI can also help you save money. In this modern era of digitalization, advertising has become a major necessity for every business. Billions of dollars are spent yearly on it (very often with little success). Cutting this category of expenditure would be great for small businesses. AI can be the alternative through different forms, depending on the industry you are in. let’s say you run a small e-commerce business. You might use AI to automatically send personalized discount offers to customers who haven’t purchased from you in a while. This could entice them to come back and make a purchase, without you having to spend extra time and money on ads or other marketing campaigns. Gradually, your business will expand without breaking the bank. It can be applied to any other business for products or services.
Cutting on extra payroll is one of the advantages of using AI. You’ll notice that freeing up time for employees means they can take in other tasks to fill in their hourly workload. It eventually makes your business in need of less workforce while still performing great.
Less stress at work saves you money too. We all know that modern workplaces are plagued by health issues that are stress-related. When your employees work in a healthy environment, sick leaves get fewer, and absences are effectively reduced. This well-being gets reflected in the revenues your business makes.
3 Decision Making
AI can also help you improve your decision-making by providing data-driven insights. As the old saying goes” when you know better, you do better”. one of the best things about AI is its ability to analyze data and make recommendations based on that. Having more knowledge based on collected data places you in the best position to make decisions and future plans. Detecting new market niches and gaining more customers is the thing AI can do for your small business. You could be trying to decide whether to open a new location, expand your online presence, broaden the scope of your brand, etc….. Using AI to analyze data on traffic in potential locations, potential demand over certain products, the rise of new buying tendencies and shopping behavior, will make all the difference. AI can easily provide answers since it possesses the right data. decisions that are taken in a fast & confident way, allow small businesses to expand and keep ahead of the competition.
4 Better customer service
Nowadays customers are very much spoilt & annoyingly demanding. This attitude is the result of modern markets offering an incredible range of choices. This context has put businesses between the hammer & the nail. Unprecedented competition on the one hand & fighting to gain loyal customers on the other. But when AI is used in customer services it allows for two things that will make your business retain more loyal customers & stand ahead of the competition. First, automating tasks means more accuracy and less time spent on repetitive tasks. Clients appreciate businesses that respond fast to their requests. If you have ready answers by chatbots for instance) in your messaging systems, your clients will have quick responses and ultimately feel valued. Nothing brings clients closer to any business better than making them feel important & deserving of care. Maintaining great customer relationships thanks to using AI will prove decisive in broadening your customer base over time. Second, AI is able to give you insights into your customers’ moods during conversations. It allows for significant control over how to deal with each depending on the feedback AI extracts for you. Your employees’ mood and sentiments while conducting conversations are analyzed by AI. A huge improvement can start from there. Employees who need training or guidance will receive it adequately. A happy customer is a returning customer. AI makes sure this is the case wherever it’s used.
AI can provide security for small businesses on different layers. Your small business can have AI to monitor employee behavior and flag discrepancies. It plays a major role in preventing cyber-attacks. You could think that all you have online is your website and the payment systems your business implemented. Well, these are enough to make your business a potential target for malware & hackers. AI keeps a vigilant eye on your network and infrastructure for vulnerabilities. As a result, you can help ensure the safety of your data and your customer’s data. Your reputation as a trustworthy business depends on the levels of security you provide for your customers. Surveys have constantly reported that a large section of potential customers would turn away from a product or service at the least security menace. Prospects will express their concerns about security very early in their journey through the funnel of conversion. A massive majority decline a product or service early on just because they found out about some reviews denouncing security breaches. And with today’s customers.
6 Better Hiring
As a startup or a small business, you know that finding the right employees is vital to your business‘s survival before its success. AI-based hiring tools are now empowered by automation to improve the process of sorting through resumes and identifying the most qualified applicants. It may look unorthodox, but it has been proven to be highly accurate & efficient. This leaves you with more time to focus on how to plan the probation period or schedule the necessary steps to guarantee the best onboarding for newly hired members. Plus, using AI while sorting out who’s best suited for z position puts aside a heap of human prejudices& bias that by all means unavoidable
AI is no longer just a futuristic concept—it’s here and it’s ready to help your small business grow. Get over any obstacles inhibiting your business right now from adopting it. By automating tasks, providing data-driven insights, and saving time and money, AI gives you the power to level the playing field with larger businesses and compete in today’s marketplace. Do your homework and check out what’s available out there. AI could be integrated within a So if you’re not already using AI in your business, now is the time to start!