AI Isn’t Just for Large Businesses Anymore: 3 Ways Smaller Companies are Benefiting from Artificial Intelligence

Artificial Intelligence (AI) has become more accessible for small and mid-sized businesses (SMBs) looking to utilize the latest technology to better automate their processes and reach their growth goals.

The cost of AI tech has dropped significantly over the past few years, opening doors for SMBs by encouraging them to benefit from AI solutions that were once only affordable for large corporations.

Learn more about the top three ways SMBs are benefitting from using AI in the article below.

Top Three Ways SMBs are Using AI:

#1 Virtual Office Assistants

The adoption of chatbots by SMBs was made possible by three factors: lower costs, improved technology and growing demand. Many SMBs cannot afford to employ a full-time receptionist or admin to manage communications and calendars, forcing business owners to manage these tasks in addition to their normal duties. The development of lower cost bot technology has made it possible for SMBs to use AI to improve daily operations, connect with clients, boost customer service, and increase sales. By employing AI to handle menial tasks that can be time consuming, office staff and business owners can focus their efforts on developing their core business and on building better relations with their clients.

>> More and more small business owners are using AI executive assistants (EAs) to help with their scheduling.

#2 Data Analytics

SMBs are ditching traditional statistical data analytics, which can be time consuming and complex, in favor of using AI to monitor customer behaviors and improve customer retention. A recent article published on aibusiness.com revealed that companies can now predict with 75 times more accuracy whether customers are about to bolt by using machine learning in their processes. This analytical feat is only made possible through automated processes enabling businesses to reach out to customers quickly and understand their preferences by using more standardized analytical techniques.

#3 Advertising

Using tenets of AI enables small businesses to find the right potential customers for their goods or services and personalize each experience for the customer by employing algorithms that take into account the success of previous advertising campaigns and combine them with statistical data retrieved on customer behavioral factors. This info is used to develop future marketing campaigns directed at delivering the right type of advertising at the right time. Thanks to this technology, SMBs are able to successfully attract new customers and build better relationships with their existing customers.

These Are the Bots You’re Looking For.

The future is most definitely here and, for small business owners, it includes AI.  Take a look at your more menial and repetitive tasks and ask yourself: Is there a bot than can handle this for us?  The answer to that question is increasingly ‘yes.’