With smart assistant devices, such as Google Home and Alexa making their way into homes across the nation, we have indeed entered an age powered by artificial intelligence. As digital business practices become more streamlined, artificial intelligence and machine learning are becoming essential to stay competitive.
It’s important to note that AI goes well beyond your at-home assistant and the typical science fiction stigma surrounding the concept. No, AI won’t try to take over your mind. But, what artificial intelligence can do is streamline and automate tedious business tasks and other processes, allowing you to focus on what truly matters on a daily basis.
In today’s blog, let’s take a deeper look at a few AI functionalities, and how those functions can help your small to medium-sized business.
What Is Machine Learning?
First, let’s explore the concept of machine learning and how that concept falls under the umbrella of artificial intelligence for business. While this may seem very technical in definition, it actually has many practical applications that are used every day.
Alongside artificial intelligence, you may often hear the term “machine learning.” Oxford Languages defines machine learning as “the use and development of computer systems that are able to learn and adapt without following explicit instructions, by using algorithms and statistical models to analyze and draw inferences from patterns in data.”
By using complex algorithms, machine learning allows systems to learn from one another, sending and receiving data. The transferred data then helps everything from websites to software to hardware and even high-tech equipment learn and adapt, improving as necessary to further strengthen and streamline processes.
While this may seem very technical in definition, it actually has many practical applications that are used every day.
AI In CRM Software
CRM Software can help your company learn how customers interact with your website, how they make purchase decisions, and to further understand their wants and needs. This can be immensely beneficial when coming up with digital marketing strategies, allowing you to personalize content and outreach towards individual segments of your customer base.
For example, AI can learn that John Dee purchases ketchup in bulk on the third Tuesday of every month. CRM software can track this activity, allowing you to market more effectively to Mr. Dee with personalized emails or messages, such as sending him a coupon for 10% off ketchup bought in bulk. AI can even offer John other related products that he may require based on his purchase activities.
Rapid Customer Service Response Through Chatbots
If you currently spend hours responding to basic customer inquiries, you may want to consider installing an AI-powered chatbot to answer the most common, easy-to-answer questions. While bots can certainly never replace human interaction, these chat assistants often answer basic questions rapidly.
Quick, automated responses to frequently asked questions allow you to deliver information to customers on-demand, without them having to wait for you or your workers to answer. This also allows you and your employees to essentially “hand off” these queries, allowing them to focus on their daily tasks.
And remember, chatbots never get preoccupied or need to rest, allowing your business to respond to customer inquiries and questions 24 hours a day, 7 days a week.
Creative, Responsible AI Usage For Competitive Advantage
Keeping your company competitive and taking advantage of every opportunity to get ahead is essential for running successful businesses, especially small to medium-sized businesses. By utilizing AI capabilities, you’re allowing your company to rapidly process mass amounts of data, interact with customers on a more personal level, and streamline tedious business tasks.
Companies that remain hesitant to artificial intelligence and the many technological advances that come with it may be in danger of falling far behind their biggest competitors.
However, the simple adoption of AI may not be enough to stay competitive. According to Deloitte Insights, “companies can no longer gain an advantage simply by adopting AI technologies. Increasingly, they need to apply AI creatively and responsibly.”
But, as more companies adopt artificial intelligence, how do you differentiate yourself? Deloitte Insights goes on to make three broad recommendations:
- Focusing on growth after achieving efficiency
- Manage business risk proactively
- Building smart relationships with technology partners
It’s not enough to simply adopt new technologies. It would be best if you leveraged them proactively. Make sure that your business focuses on growth after nailing down streamlined efficiency. AI also brings additional cybersecurity risks to the forefront.
By being proactive, you can minimize these risks and prevent them before a problem occurs. You can quickly achieve both of these recommendations if you partner with experienced technology partners to oversee your AI goals and install the best proactive security practices.
AI Also Helps You Gain Competitive Insight
Put on your secret agent hat because artificial intelligence also helps you gain insight into your biggest competitors. Competitive intelligence tools, such as Crayon, can leverage artificial intelligence to gather data on your competitors.
By studying this data, you can view your competitors’ biggest strengths and weaknesses, marketing strategies, and product details. Deep-diving into this intelligently gathered information can help your business form cohesive strategies, leaning into what is working within your industry and avoiding what isn’t.
Not Sure Where To Start? Partner With Experienced IT Professionals
When it comes to artificial intelligence and machine learning, it can be challenging to determine where to start, what software to implement, and how to manage intelligence technologies on a day-to-day basis. However, by consulting with experienced IT professionals, we can effectively set up the proper software, implementing or training your staff in management techniques.
Our services also extend to third-party vendor management. So, if you’re having a hard time deciding which brand or product to go with when implementing AI into your business workflows, we can advise you. In addition, our counsel helps your company spend budget effectively, paying only for the services that help your company grow and compete within the digital business landscape.
Categorised in: AI, Transformation