AI unlocks hitherto unavailable opportunities to small businesses. It’s high time, small business owners join the AI revolution and race ahead.
For the last few years, industry leaders like Netflix, Amazon, Starbucks, and several others have been using AI and machine to take quantum leaps forward. They are exploring the potentials of these brand-new technologies to elevate customer experience, boost sales, and increase their bottom line.
On the other hand, the vast majority of small businesses are still stuck in the pre-digital era. A large number of small business owners falsely assume that implementing a live chat tool is enough to provide their customers with the best possible brand experience.
AI-driven Businesses will win Big Time
Irrespective of the size and nature of the business, AI is an invaluable tool for all businesses. The biggest benefit of AI is that it can crawl through massive tons of data at speeds that are not humanly possible. AI and machine learning algorithms sift through volumes of customer data to provide businesses with accurate and precise insights that empower smarter decisions.
Small businesses that don’t have a well-planned AI strategy are likely to lose out to their competition. According to a report by Forrester, insights-driven businesses will capture $1.2 trillion in sales from businesses that don’t have such strategies.
AI for All, and Not Just Fortune 500 Companies
Just a couple of years back, only the big companies with massive R&D teams could afford to invest in AI and machine learning tools. The situation has completely reversed now. Today, thanks to lightning-fast advances in AI and machine learning technology, AI tools are available to all at affordable prices. The best part – integrating AI-enabled tools in business operations is easier than ever before.
Here are the top three reasons why small businesses must integrate AI-enabled tools in their business operations:
#1: Provide Customers with an Elevated Brand Experience
Studies predict that by next year, nearly 85% of all customer-brand interactions will happen without human interference. Intelligent chatbots, virtual assistants, visual search, smart mirrors are some of the top ways in which companies are using AI to win the loyalty of their customers.
#2: Reduce Operational Costs
In the long-term, AI helps small businesses cut down their operational expenses. While the initial cost of implementing AI may be steep, the overall long-term benefits far outweigh the initial infrastructural and training expenditures.
To give you an example, AI matches the right offers to the right customers, thereby boosting the efficiency of ad campaigns, reducing the overall cost of ad campaigns, and increasing ROI. This is just one of the many ways that AI will cut down operational costs.
#3: Reduce Time and Effort
This is the biggest benefit of AI. AI-enabled tools can complete tasks at a fraction of the time taken for humans.
In some cases, AI will complete tasks that are impossible for humans. Additionally, when it comes to the accuracy of the results, AI never misses the mark. Thus, small businesses can automate routine and laborious tasks, thereby saving time and effort.
Embrace or Lose Out
In the next couple of years, the speed at which AI will expand will be faster than ever before. From large conglomerates to small independently run businesses, AI will impact all. Early adopters of this technology are likely to be the biggest beneficiaries. If your business has not yet jumped aboard the AI revolution, it’s high time you get started.