Last Updated on: November 12, 2022 by Aman Jha | Fact Checked
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In our daily lives, artificial intelligence (AI) has become an integral aspect. A world without artificial intelligence (AI) is hard to envision.
AI has had the greatest impact on the commercial sector. Artificial Intelligence (AI) is increasingly being shown to increase productivity and corporate development.
A large number of companies have yet to take use of AI’s capabilities. According to a recent worldwide study, just half of organisations have used artificial intelligence (AI) in their business operations.
Unfortunately, artificial intelligence is used by fewer small firms. Business owners might lose thousands of dollars as a result of such carelessness.
Contrary to common belief, artificial intelligence (AI) technologies are both inexpensive and simple to use. To build your small company, the sort of AI you require will depend on your specific goals.
Table of Contents
1. Generate Sales and Profits
Profitability and growth are the primary goals of any firm. Businesses of all sizes will go out of business if they don’t generate revenue and profits.
There are several ways in which artificial intelligence (AI) may assist small enterprises in generating revenue and profitability. The employment of artificial intelligence (AI) is up to the company’s management.
In Turkey, Migros is a grocery company that has been able to enhance sales via the application of AI. While many consumers have to go to other shops because they can’t find what they need, Migros employs artificial intelligence to ensure that their shelves are always filled.
Customer satisfaction and repeat purchases are maintained when items are readily accessible. Using artificial intelligence, Migros is able to learn more about its clients’ buying patterns. With this information, they can make certain that clients can get their hands on their preferred items.
2. Automate Customer Interaction
Before a firm offers a product to a consumer, there is some type of communication. It takes a lot of time and effort to convince a prospective consumer to purchase a product or service from salespeople. As a consequence, companies were forced to bear tremendous losses in terms of both money and manpower.
In the modern-day, artificial intelligence (AI) has transformed the way organizations connect with their clients. Automated customer service is now possible thanks to chatbots.
Many firms now include chat boxes as a standard feature. Moreover, as chat boxes get more adept at conversing with humans, they are intruding into formerly human-only domains.
A chatbox technology known as Babylon Health is used by several hospitals in the United Kingdom. A person’s replies may be used by the bot to assess whether or not a trip to the doctor is required. As a patient, you may use Babylon to set objectives for your healthcare, arrange visits, and manage your symptoms.
Small firms are well-positioned to benefit from artificial intelligence (AI). Small companies lack the resources to compete with large organizations when it comes to customer service.
Small companies can keep in touch with their clients 24 hours a day, seven days a week by using IVR systems. No incoming call goes unanswered with the IVR system.
Additionally, you may employ AI to handle your payment and contract processes. The contract and payment procedures at Mckesson have been automated. Their customers may now easily do business with them.
3. Efficient Recruitment
It takes a lot of time and effort to find the proper personnel to fill open jobs in a company. Choosing the best candidate is not always an easy task.
Until the advent of artificial intelligence (AI), human resources personnel made hiring decisions largely on their gut feelings and the impressions they got from the people they met. You pay a high price for relying only on your intuition and impulses. Many businesses have made the incorrect judgments when it comes to their hiring processes.
Employers are already using HireVue, a popular AI recruiting program. Unilever has saved over a million pounds in recruiting expenditures because to this technology. Applicants’ data is analysed by HireVue’s technology, which evaluates whether or not they are a good match for the job.
With the help of artificial intelligence, the recruiting process has never been faster. Investing in AI will pay off in the long run.
4. Get A Competitive Advantage
Some companies seem to be ahead of the others in every sector of the economy. Knowing what you’re doing and how you’re doing it might be the only way to compete in certain situations.
The Ant Financial Services Group attracted more than one billion clients in only five years. With the help of artificial intelligence (AI), they managed to accomplish this remarkable success. Ant employs artificial intelligence to make financial choices based on past experience, such as what interest rates and credit card limitations to establish.
There are a number of AI programs that might offer you an idea of what your rivals are up to. To understand what works and what doesn’t, it’s important to keep an eye on your competitors.
There are a variety of reasons why consumers’ behavior might shift. If you’re unaware of the changes, you’re likely to keep doing things the way they’ve always been done and risk falling behind. When a consumer isn’t happy, they aren’t likely to return to you or refer you to others.
Small companies may now gauge how happy their consumers are thanks to artificial intelligence. Your company will grow if you know what your consumers think about your items.