Whether you realize it or not, you encounter some form of AI every day.
Statistics show that only 33% of people know they use AI daily. But in reality, nearly 77% actually use AI technology – not once but multiple times a day.
You and your customers interact with AI in various ways – from relying on Google and Apple Maps to navigate traffic to using Siri or Alexa to set a timer. AI algorithms even work behind the scenes to recommend social media content tailored to your interests. With the popularity of smart devices, AI is quickly becoming an integral part of the business landscape.
What (exactly) is artificial intelligence?
It may seem like relatively new technology, but artificial intelligence dates back to the 1950s. In recent years, it has gained momentum and taken on different forms and uses – AI is also called machine learning, deep learning, or cognitive computing.
AI is a broad term that refers to any computer software that enables computers and machines to answer questions or carry out tasks using humanlike responses.
Artificial intelligence is a supporting tool – not a replacement for human intelligence. AI may have a difficulty completing commonsense tasks in the real world, but it’s proficient in processing and analyzing detailed data faster than a human brain can.
How can AI change your small business?
It may seem like AI tools are only available to giant corporations. But as companies like Google and Apple invest millions of dollars in developing and incorporating AI, it’s becoming more affordable and accessible than ever for small businesses.
So, how can AI help your small business?
Increase efficiency and productivity
AI streamlines your work processes and drastically reduces your time on repetitive and routine tasks – freeing employees to focus on more creative and strategic work.
AI helps automate manual, time-consuming tasks like customer support, data entry, analysis, and other administrative tasks. 91% of customer support reps who use AI say that chatbots can effectively respond to routine customer service questions and requests.
You can also leverage AI for predictive maintenance. It helps businesses predict equipment failures so you can minimize repair costs by scheduling maintenance before a breakdown. AI can also help predict when inventory is running low (or high) so you can prevent shortages or excess storage costs.
It only takes AI minutes to accomplish what would usually take hours! AI already saves the average employee 2.5 hours per day. By automating routine tasks, AI helps your team work more efficiently and provide better customer service.
Improve customer relationships
AI also helps you gain valuable insights into your customers’ behavior, preferences, and demographics – leading to more targeted marketing campaigns and a better business strategy. With AI-powered customer relationship management (CRM) software, you can analyze and organize customer data across various channels, like social media and email newsletters.
AI technology allows you to transform your CRM system into an auto-correcting and self-updating tool. With the system staying on top of relationship management, your team has time to focus on other valuable tasks.
AI-powered chatbots can improve customer service by answering frequently asked questions and providing 24/7 support. It can also analyze customer data to gain insights into their behavior and preferences – giving your business a competitive edge.
Automate data analysis
One of the most time-consuming tasks in any business is analysis. It can take hours to uncover meaningful patterns and insights. And a manual data analysis process is always vulnerable to human error.
Enter predictive analytics – which uses machine learning algorithms, data mining, and statistical techniques to analyze large amounts of data and make insightful predictions about future behaviors or trends.
Three huge benefits to using AI for data analysis:
- AI algorithms can find patterns that may not be obvious to people.
- AI can learn from your data and make better predictions over time.
- You don’t have to do it.
Detect fraud and improve cybersecurity
AI makes fraud detection easier for businesses of all sizes. In 2022, a whopping 65% of businesses were victims of fraud. AI tools can point out anomalies in data, like unusual spending behavior – which helps you identify potentially fraudulent transactions.
AI systems can also recognize cyberattacks and other cyber threats by monitoring patterns from data input. If it detects a threat, it can backtrack through your data to find the source – and help prevent a future threat. An extra set of constant and diligent eyes provides another layer of protection for your business.
Some of the many benefits of using artificial intelligence
- Automate routine tasks – freeing up employees to focus on strategic work
- Improve customer service with 24/7 support and personalized interactions
- Make better decisions faster with accurate data analysis
- Reduce costs by improving efficiency and optimizing processes
- Identify trends and opportunities that could otherwise be missed
- Identify patterns and inconsistencies in data that help prevent and detect fraud
- Enhance cybersecurity measures by quickly detecting and responding to threats
Is this the year for your business to take advantage of artificial intelligence? Embracing the benefits of AI will enable your business to become more efficient, profitable, and successful in our data-driven world. If you need help with recommendations or strategies, contact Impact Group Marketing. We’d love to schedule a free consultation and see how we can help you tackle any marketing challenge.