Harnessing the Power of AI for Small Business Efficiency

A recent social media meme laments, “I don’t want AI to do my writing and artwork, so I have more time for laundry and dishes. I want AI that does laundry and dishes, so I have more time for my writing and artwork.” Fair enough. But if you’re a small business owner, you’re juggling so many job-related tasks that you don’t much care which ones get the cyber assist. Any innovation that can boost your company’s efficiency is welcome, especially if it either saves you money or generates greater income in the long run.

Now, if you’re like many small business owners in New Jersey, artificial intelligence might still strike you as a far-off concept. Like self-driving cars, it’s not quite ready for “prime time” or widespread adoption. Yet, it’s estimated that roughly 75 percent of American small businesses are utilizing some form of AI, even if they don’t recognize it as such. So, if you want to remain competitive, you must consider the opportunities that AI offers for your company. In this article, we’ll touch on a few key areas where AI technology is already boosting small business efficiency.

AI services for small businesses that are ready to use now!

Let’s take a look at a few of the practical applications of artificial intelligence being used in this moment to assist small businesses:

• Customer engagement —AI programs use “conversational intelligence” to let small businesses delve into their customers’ needs and preferences. Using chatbots and Interactive Voice Response (IVR) systems, companies not only streamline customer support, which saves time and resources, but also gather valuable insights for immediate up-sales, loyalty-building, and long-term business-development planning.

There are several tools that enable businesses to extract crucial data from customer interactions via the Internet or phone calls. For example, CallRail’s Premium Conversation Intelligence program transcribes phone calls, then analyzes the text, tracking keywords and assessing call agents’ performance. The result is a trove of insights companies can use to improve employee performance as well as product and service offerings.

• Customer relations management — AI also powers a variety of customer relations management (CRM) tools that automate tasks, analyze consumer data, and even predict future customer behavior. Programs, such as Salesforce Einstein, incorporate machine learning, natural language processing, and predictive analytics to enable sales teams to target particular clients or consumers to maximize efficiency. Lead scoring is a particularly useful feature, because it employs sophisticated analytics to predict the likelihood of a sales conversion. Businesses that rely on email contact with customers can also benefit from AI email tracking, which monitors customer engagement to improve messaging.
• Marketing — Back in the Mad Men days of advertising, there was very little accountability for the agency running a creative campaign. If spots were eye-catching and entertaining, they were deemed successful, whether or not they drove sales. But with AI, companies can analyze their marketing efforts to see precisely what is converting and what is not. AI enables businesses to analyze huge volumes of consumer data to personalize consumer interactions and focus sales targeting. One popular tool is Marketo, an AI-powered platform that allows companies to create, manage, and tweak their marketing channels, such as email newsletters, social media ads, and creative website content. The program collects and analyzes data, so a company’s marketing team can make informed decisions on the direction for future campaigns.
• Financial management — Many small business owners would probably agree that accounting practices are the business equivalent of the “laundry and dishes” we referenced earlier. Many AI programs are able to automate tasks like data entry, reconciliation, and financial reporting. This frees you to focus more on the “writing and artwork” side of your business, meaning your strategic planning and value-added activities. There’s a learning curve before mastering programs like QuickBooks, Xero, and FreshBooks, but once you’ve gotten over that initial hump, you’ll be amazed at the time you’re saving on (formerly time-consuming) mundane tasks.
• E-commerce enhancement — For companies that rely on Internet sales—and who doesn’t these days?—there are numerous AI-powered tools that automate tasks and speed fulfillment. Shopify is the leader in this area, providing a user-friendly interface and a wide range of AI-powered features, which include product recommendations and fraud detection.
• Cybersecurity — On this blog, we’ve repeatedly emphasized the importance of staying at least one step ahead of the hackers. AI enables “predictive learning,” which means that your cyber defenses get stronger the more the bad guys test them. AI can screen emails for threats, reducing the risks of a phishing attack. AI can also be a potent tool against fraud from within your own company.

With AI, the future is now, and you can’t afford to put off adapting until tomorrow. Of course, your choice of AI tools depends on your specific business needs, so it’s important to consult a knowledgeable IT pro who will take the time to understand your business. At KMF Technologies, we take pride in the personalized service we give our customers, coaching them up on all the ways emerging technology can drive business success. If you’re ready to ride the wave of AI empowerment, call us today.