By Joey Ricard - February 15, 2022
Do you know both small businesses and startups can use AI to their advantage?
Gone are the days when only big companies had the budget or means to access AI solutions. Today, the scenario is different from that of a few years back. AI has become much more mainstream now!
Technological advancements have assisted businesses worldwide to step up their game and give an edge to the competition. One such technology is Artificial Intelligence. Witnessing commendable growth in the past few years, AI is now a technology that businesses from all over the world are leveraging.
Multinational companies like Amazon and Netflix would not be where they are today without the help of AI. Their recommendation engines are AI-based, and that is how you get exclusive and relevant recommendations. Other than this, companies use Artificial Intelligence to improve everything from their digital marketing to customer service operations.
And if small businesses and startups can use AI by implementing it into their operations, it will surely take their businesses up by a notch. Are you a startup? Or, an SMB (small and midsize business)? Then here is how you can make use of AI!
People commonly mistake technological advancements like AI as a replacement for jobs. They often think that these technologies will reduce job opportunities for them. However, the motive of AI is to make jobs more efficient and convenient by helping to automate tasks, update processes, enable workers to focus on core areas, etc.
AI helps automate monotonous tasks and improve one’s ability to perform complicated tasks. It boosts the productivity of a business. So, startups and small businesses can leverage AI to reduce the burden of heavy operations.
Startups and small businesses can use artificial intelligence to deliver an exceptional experience to their customers. But, they need to have the right resources for it. Offering high-quality support is not that easy. Thankfully, AI solutions nowadays are more cost-effective and can provide immense support through multiple customer-facing services like chatbots.
It can help small companies to make big bucks with less investment. Reports state that customers are more accepting and open to such solutions and like to communicate with chatbots while engaging with a company.
Today, maintaining a healthy relationship with clients has become crucial more than ever. A recent survey showed that over 87% of participants implement AI in different areas to improve customer service.
Small businesses or startups do not have the assets to align their operations with multimillion-dollar companies. But, they have something that can be equally powerful. And that is customer relations. If you know your customer well, it becomes beneficial for you in the long run. For those wondering, “how can I use AI in my business”, know that AI can help you provide customized and exclusive services to your customers and create a strong bond with your brand.
In a communication scenario that is constantly evolving, the only way to identify and reach out to potential customers is through data. For instance, the IBM Watson Personality Insights platform scans your social media profile along with that of your competitors. It helps you get every detail about your target audience.
Furthermore, these details can help your business interact with potential customers in the right ways and get more responses. When it comes to using AI for small business marketing, it aids you in identifying effective messaging partners for a marketing campaign to boost your business. Many companies use AI to reach out to only their target audience that is most likely to be their potential customers.
Startups and small businesses do not have the same privileges and luxury as multinational giants have. However, they can leverage what they have and work with them efficiently with the help of AI. AI for small businesses and startups is an asset that can help deliver the best and function at peak capacity.
Yes, you can use predictive modeling tools to evaluate CRM or customer relationship management data, which help to discover things that human eyes might have missed. As a result, you can significantly improve your strategies and boost customer retention.
AI developers today offer tools-as-a-service to companies for ingraining into their own products. Hence, small companies can now ensure new innovative experiences for their customers with their products and services.
AI also lets companies develop AI-based solutions and offer interactive forms and utilities to users. Utilizing the latest AI tools, you can derive more insights from your data. Thus, you can provide the same experience as big companies do to your customers, that too, in a cost-efficient way.
Although large companies are all over the news, small businesses and startups are the backbones of the American economy. There are approximately a 30.7million small businesses in the US, as per the Small Business Administration, which accounts for almost 47.3% of the entire American workforce.
With more and more companies embracing machine learning and AI into their strategies, AI has become the go-to tech for automating processes and boosting revenue generation. One recent study claims that when you combine your business strategies with AI, your leads can go up to 50%. Plus, AI can also increase the average revenue generation by 38%. As per recent statistics, an economic increase worth $14 trillion can be expected by 2035.
Startups need to keep track of their competition to fight them for their market share. Hence, you must keep an eye on your competition and grab the opportunities as soon as you spot them. Now, some AI tools can provide you with real-time insights into the movement of your competition.
Given the constantly changing business environment, human analysis cannot always keep up with what your rivals are up to. And in this particular area of tracking down the competition, business leaders agree that Artificial Intelligence helps small companies and startups and is a sheer necessity!
Any good market leader will tell you that a strong team is what drives a startup. That is why you should do your best while hiring your team members. But alas! Not every startup company can have a different HR department at the very beginning to aid you in acquiring the finest talent.
However, you can make use of the tons of AI-based recruiting and HR platforms that can help you identify potential candidates for your team. AI tools can even help detect employee engagement, productivity, etc. All the more reason to integrate into your business right away!
Whether you are a startup or a small-sized enterprise, incorporating AI into your operations can bring great returns for your company. It can simplify, automate and improve your work process. The early you adopt it, the better competitive advantage you will get.
While many startups and small businesses have already started to embrace this technology quickly, others still hesitate to make the first move.
To all those who are yet to embrace AI for small businesses and startups, all we can say is, DO NOT HESITATE! Given the supersonic speed at which things are changing and growing, you cannot afford to lose time you see. Remember, the future belongs to cognitive techs and those businesses that can adopt them.
Klizo Solutions was founded by Joseph Ricard, a serial entrepreneur from America who has spent over ten years working in India, developing innovative tech solutions, building good teams, and admirable processes. And today, he has a team of over 50 super-talented people with him and various high-level technologies developed in multiple frameworks to his credit.