5 Reasons Why Small Businesses Must Invest in Artificial Intelligence

If you are still hovering over ‘how and why artificial intelligence’ for your SME then you are already late. 84% of businesses are already aware of the benefit of AI and say that it will lead to greater competitive advantage.

Artificial Intelligence

Every small business aims to become an enterprise one day. And only the right strategy can help them win.

“Don’t worry about being successful but work toward being significant and the success will naturally follow.”

This very famous quote from Oprah Winfrey itself is a motivation for the small businesses why they should constantly experiment upon the things to come out with the best result. And one of such things worth experimenting is Artificial Intelligence.

If you are still hovering over ‘how and why artificial intelligence’ for your SME then you are already late. 84% of businesses are already aware of the benefit of AI and say that it will lead to greater competitive advantage.

A recent report by SalesForce claims that 46% of SMB stated that their business is ready to use AI.

Not only this, 32% have already a plan to implement AI in their business, which collectively will surpass the growth rate of 310% in the coming three years.

So, yes if you have still not thought about it, this is the high time for you to think and invest in this technology for further growth of your small business.

Learn Where Small Businesses Use or Planning to Use AI

artificial intelligence for business
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Automated Service Chatbots

The AI-enabled chatbots helps the business to drive the interest of the visitor who is hovering over the site and could not find what he/she is looking for. It can solve the queries based on the data feed in it and along with this, every new conversation would aid AI to upgrade the data.

Lead Prioritizing

Small businesses are using AI to filter and prioritize the leads based on the thousands of e-mails which they receive every day. AI aids the businesses in identifying the quality business prospect and hence the businesses could directly target them.

Predictive Analysis for Marketing

Based on the customer behavior while visiting the website, the search terms and the moment of the mouse, AI collects data. This could be further processed in making the predictive analysis for marketing campaigning so that the right product could be triggered by the right audience.

Automatic Recommendations for Customers

AI works in several ways in a small business mobile app or website. Customers, while interacting with a business directly (through chatbot) or indirectly (scrolling website), leave a lot of data of their interests and recommendations. AI hence collects them all and further churns the data for business purposes.

Predictive Forecasting for Sales

Based on the thousands of visits on website and customer behavior regarding the products or services, AI can make predictive forecasting for the sales. It lets the businesses know about the pitfalls in marketing, which can be further improved and implemented.

5 Benefits of Using AI for Small Businesses

AI for Small Businesses
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#1 Reducing Time Spent on Tasks

Machines can eradicate the risk of human errors. While AI is used to collect and process data for any business, automatically the time and risk both are reduced. This hence gives businesses the opportunity to progress towards other important things.

#2 Highly Effective Customer Service

Customer support is one of the basic and most important aspects of any business. Whether you are a small business or a big enterprise, it is your responsibility to make your customers happy and satisfied. Through the AI-enabled support services, businesses can retain the interest of customers back to their site and it can also turn into a business sale. The best example of this is AI-enabled chatbots.

#3 Streamline Human Resource Task

What do you need to run a business? Obviously, apart from the other resources, the right employee is what will make your small business rise. With the help of AI-enabled software, HR can find the candidates which closely match with the set criteria. This would save the time which HR would anyways spend on wading through hundreds of application.

#4 Transforms the Marketing Process

When the businesses would know whom to target then obviously the conversions would be high. AI has completely transformed the marketing process. Earlier it was difficult to find one prospect client from thousands of options available. But now, AI would detect the one based on the interest, searches, and needs and further businesses could straight away target the client. This could be understood with the help of this example. For instance, if a person is searching for Bluetooth portable speaker, refining the prices, and also looking for the expected delivery time.

This means he/she intends to buy one. Straight away business can approach the customer. They can also lure the customer with offers and discount. In this way, a prospective client can turn into a customer for the business.

#5 Deep Analysis of Competitors Business

The AI enables programming would help the small businesses in the deep analysis of the competitor. For instance, it would compare the business with a competitor and would tell about the pitfalls. Business can further work on it and improvise the strategy. For example, an AI-enabled competitor analysis tool Crayon can help track your competitor’s activities across different channels like social media, websites, and web applications.

The Last Lines

When we discuss a futuristic technology like Artificial Intelligence, small businesses keep a distance from it thinking it is only meant for the big enterprises. But, the reality is far beyond this. It is not only meant for a billion-dollar project but businesses with a small investment and big dreams can also leverage the technology.

From a small ride-hailing app to an online flower business, AI can be implemented anywhere and could provide its benefits in various forms. Whether it is telling the latest offers to customers through AI-enabled chatbots or scrutinizing the right candidate through data analysis, AI can be beneficial to small businesses in many ways.

A right strategy would definitely help the business to achieve the goals of business marketing and growth. Leveraging the benefits from iPhone or Android app development services company, you can come up with an app that is AI-enabled and hence could solve many business purposes through that.

Author Name: Sagar Sharma

Sagar holds the position of CTO at Credencys Solutions Inc., an Android App Development Services provider. He is responsible for all the technical operations, as well as leading the company’s revolutionary offerings. Sagar has two main areas of focus – Technology and Processes. He has worked in leadership positions in various Fortune 500 companies and has been instrumental in driving success through digital transformation.

Image Credit: @unsplash

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