When you hear about artificial intelligence (AI), you might think of things like The Terminator, top research universities, or big tech companies like Google, Amazon, and Microsoft. For small businesses, the topic may seem too complicated and/or too expensive to deal with, and the natural reaction may be to ignore it. But you can't afford to be indifferent to AI. AI can be faster and more transformative than other technologies. Computers and the internet have made it possible to adopt innovative and faster ways of working, disrupting many businesses and jobs.
Big companies like Amazon, Apple, Google, Microsoft, and many more are investing billions of dollars in AI startups. Small businesses can start using it to their advantage by leveraging the products that all of these businesses are publishing.
So, here are some benefits of AI to power your small business and stay ahead of the competition:
In the relationship with the client, AI facilitates communication, anticipates demands, and solves problems. This is because its application results in a more efficient screening of requests, reducing the operational load of attendants who start to dedicate themselves only to issues that need human intervention.
The advantage of using technology in this process is that it can shorten the service time for customers. An example of how this happens is from a retail company that implemented a solution to speed up the evaluation of consumers who requested a credit card from the company. With artificial intelligence, the turnaround time dropped from 25 to less than 3 minutes. Customer satisfaction opens doors for generating new business.
AI is helping companies make better, faster decisions by automating the role of a data scientist. When using customer data, this technology can find fast and accurate correlations that your teams may have missed. Then, you can use this strategic view to predict customer preferences and create a personalized experience.
For instance, based on the data analysis, you can find a customer who has a problem with a product and suggest a way to resolve it. With this information, you can immediately take steps to resolve the issue before damaging the customer relationship.
Entrepreneurs need to make a lot of tough decisions. AI can be your unbiased advisor, methodically sorting through the heaps of data your company produces to reveal deep insights. It can also accelerate critical business decisions, such as deciding whether to enter a new market or adopt a new tool or technology. As an example, PwC's DeNovo tool, available for small businesses, assesses the disruptive potential of a given financial technology and evaluates whether and how a company can take advantage of it.
Now, if you actively start following the evolution of artificial intelligence, it will bring results in the future. Even if your business is not yet ready to apply AI, it is still essential to monitor the market. That way, you will be the first to know that there is a technology that can serve your company, and you can track what steps your competitors are taking in this area.
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