Artificial Intelligence (AI): Its Scope and Opportunities For Businesses

In order to survive the cut-throat competition in the market, businesses need to automate their processes to ensure they continue to thrive. Things that refuse to go through a transition or don’t mold themselves are often lost in the pages of history. Let’s discuss, how AI can prove itself beneficial in today’s changing business landscape.

AI is more cost-effective

More often small or budding businesses face issues with budgeting and challenges of managing things within the range. AI can ease the trouble. Many manual tasks involving repetitive or menial functions can be taken over by Artificial intelligence automated functions. Accounting, data entry, and other backend logistics operations are made convenient with the help of AI.

It’s really misinformed opinion that employees are threatened with AI. They in fact feel exhausted and frustrated with the monotony of their work. So if the tasks are made expedient that is not only in their favor but also profitable for small businesses. They don’t need to fire employees to take advantage of an automated technology. They already have limited resources so that’s what suited for them.

Customer services is dependent on technology

One can only stay ahead of the curve by making their customers satisfied with their services. Previously there was no direct link between a company and its clients until they stopped using the product. Now it’s transformed. AI-run chatbots are there to collect feedback and queries by customers and then businesses use it to improve their services for customer satisfaction.

For a small and struggling enterprise, it’s highly crucial for validation and recognition of any brand, that they maintain loyal customers.

These digital assistants are even more productive than having an entire customer service center running. Because an emerging business can’t afford to maintain such large set up so that’s an ideal option.

AI in marketing

Small businesses can easily entrust their marketing campaigns to platforms like Acquisio that will manage functions across multiple channels including Facebook, and Adwords, etc. That will analyze the advertising budget and provide informed suggestions to make it run more efficiently. It will provide the best possible budget for PPC (pay per click) as well. Therefore the most feasible marketing solution is provided for businesses that noticeably reduce their cost per click. Besides, you won’t need to hire unnecessary staff to run marketing campaigns.

Competitor analysis is made easier

From data presentation to data analysis, AI has revolutionized the entire process. When you see your competitors are loading and updating a hefty amount of content and you have no clue how to keep track. Then AI comes for your rescue. Without knowing market trends you can’t compete properly ever.

AI-empowered tools can track and analyze your competitors’ progress through various channels like websites and social media. From pricing to their PR strategies, these tools cover it all. Business metrics provided by it can manifest the strengths and weaknesses of competitors and what gaps it has.

CRM systems

Basically what these systems do, is to compile data of your clients across different platforms like social media, email ids, addresses or contact numbers. Sales teams find it far more convenient to stay connected to their present or potential clients, therefore, marketing and lead generation are made effective.

This automated software can help analyze customers’ viewpoints by navigating through their phone calls, emails, reviews or opinions given on social media.

Time tracking apps

These automated time monitoring software is there to save a company’s resources. They are created and run with the help of algorithm or machine learning that can streamline many difficult tasks faced by business setups. Whether it’s a small business with a limited budget that needs to hire remote employees to save the cost. Or its a large setup expanding all over the globe. Management of flex workers has become an ordeal for employers.

However, a reliable time tracking app will provide real-time monitoring that will allow you to watch their online activities live as if they are sitting before you. Likewise, task assignment via voice clips can provide an opportunity to define your goals and expectations with more clarity. Feedback can also be delivered in a similar manner.

Even if you have only full-time employees. You need not micromanage them anymore. You always know which employee was productive and who was wasting time or needs further training. Invoices can be calculated and given in a more precise manner based on that assessment. You get intelligence reports every day that tells which URL took the most time. AI has made time management convenient and eliminates unethical practices of buddy punching. With time tracker you know when they arrived actually.

Conclusion

AI will be the future mode of functionality for businesses if they want to keep their foot firm in the market. More skilled force is needed to make this process faster. States and governments need to create awareness to dispel their doubts regarding emergence of this new technology.