9 Ways Small Companies Are Using Artificial Intelligence Tools to Grow Their Business
Many remarkable technological advances shown in classic science fiction works have emerged in the 21st century. But among all, Artificial Intelligence (AI) is the most significant. Businesses worldwide are already powerful AI tools in various ways, from determining product and market fit to automating customer communications.
AI is rapidly taking on greater significance in business operations. According to a report published by Forbes, 76% of businesses will prioritize AI over other IT investments in 2021.
With the proper AI tools implementation, you can now end tedious business tasks and concentrate on the more crucial elements of expanding your company overall.
How Artificial Intelligence Helps Businesses Growth
In the past few years, many companies have embraced AI to use better the data they are already collecting. According to Grand View Research, the worldwide AI market was worth USD 62 billion in 2020 and is projected to grow at 40.2% annually between 2021 and 2028.
Many AI tools available on the market can reduce operational costs, boost employee and company productivity, and raise stakeholder satisfaction. Big data and machine learning support these tools.
Here are a few examples of how small businesses utilize AI solutions to expand their operations.
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Streamline Sales and Marketing
Customer-Relationship Management (CRM) systems are created to collect client information from all contact points, including email, phone, and social media, to enhance and automate the sales cycle. CRM platforms have started integrating AI that enables small business owners to monitor customer reviews from communication services and automatically changes lead generation and marketing operations based on that knowledge.
In addition to helping you create more leads for the same amount of marketing budget, AI-infused CRMs can also be used to optimize the whole customer acquisition process by acquiring insights relevant to marketing and sales.
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Provide Product Recommendations
Small businesses can utilize AI tools online to make product recommendations that match their clients’ preferences and keep them interested. You can provide customers with items similar to what they have already viewed by monitoring customer activity on your website. This is a beneficial strategy for businesses involved in e-commerce.
Marketing departments can utilize AI to segment consumers and develop customized ads, similar to how it can promote products. It is vital to reach the correct audience in incredibly competitive industries. Small companies utilize data to determine which user types will see which adverts to increase marketing campaigns’ effectiveness. AI is used to forecast how buyers will react to particular adverts.
Follow Up with Leads
AI solutions can follow up with leads via email, text, and website. Check the Artificial Intelligence tools list to ensure no leads fall through the cracks by engaging in genuine interactions to nurture and qualify them.
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Boost Customer Service
Businesses can utilize chatbots as an affordable method to save on personnel salary costs while maximizing customer availability. These AI-powered programs or plug-ins are constantly found on a company’s website or mobile application, providing limitless opportunities for client engagement.
Chatbots are programmed utilizing pre-existing resources such as FAQs and scripted responses to provide the best relevant answer to a customer’s inquiry. Chatbots will function better and more effectively the more they are utilized and receive customer feedback.
Make Accounting Easier
Accountants spend a lot of time performing repetitive tasks, including recording data, balancing accounts, assessing employee expenditure reports, and monitoring pricing changes. AI tools can help the accounting team to streamline all these processes and tasks. Employees can then concentrate on other current duties without suffering from mental exhaustion.’
Obtain Competitive Intelligence
Several technologies are available that let you monitor what your competitors do online, compile the data, and consolidate it into simple-to-read reports. An AI-powered competition analysis tool tracks competitors across several digital platforms, including their social media and website, and collects a range of information, including subtle alterations in their marketing techniques and price variations.
These AI competitive intelligence technologies enable you to quickly obtain the more precise information and react more rapidly and effectively to changes in your sector that can impact your organization.
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Malicious programs are created with their AI-guided software, so investing in robust cybersecurity is a valuable way to guarantee business continuity and customer confidence.
Grow Your Business with Artificial Intelligence Solutions
Artificial Intelligence tools and platforms have transformed and will continue to alter businesses of any size. Implementing AI in business environments saves time spent on repetitive tasks, increases employee productivity, and improves the overall customer experience. It also aids in the prevention of discrepancies and the detection of potential crises. It’s no surprise that companies are leveraging AI tools across all operations.
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