“Technological evolution in business is the result of our desire to lead a better life.”
The world keeps evolving with new advancements in technology and research, making individuals and businesses come to terms with leveraging. Technology doesn’t wait for anyone or companies; that’s why it’s essential to keep moving closer to technology as it progresses. So many businesses have been caught unawares in that web of old practices, which has caused them a lot, especially on their sales ledger. Meanwhile, with the quest for making things easy to access, new technologies are now surfacing, developing rapidly, and thus becoming applicable in all day-to-day human activities.
Varun Sayal, an Indian author, described technology as a double-edged sword of our time, and whoever can control it rules the world. The use of technology can never be underrated in the business world and industry, given the ease and high productivity it offers. That is why improving sales and generating more leads has become easy for businesses to take advantage of the advancements in technologies over the years.
The exponential growth recorded by brands applying technology innovations has increased over the years; every brand or business owner intending to succeed must walk with this wave’s ever progressive and revolving tide. One of the prominent applications of technology innovation in business is Artificial Intelligence.
What is AI?
In a layman’s definition, Artificial intelligence is the ability of a computer, robot, or device to carry out tasks and activities performed by humans via simulation of human intelligence and discernment.
It is a broad branch of computer science that deals with building, innovation, and developing intelligent machines, robots, or devices capable of performing duties, tasks, projects that typically involve or demand human intelligence.
Research shows that 80 percent of modern businesses, large, small, medium, and startups, now optimize their mode of operation with artificial intelligence tools.
See image below
Thus, only brands that can balance Artificial Intelligence with their business activities, human communication, and resources will have an advantage in the modern world.
Advantage Of Artificial Intelligence In Business
- Efficiency and productivity
The application of artificial intelligence in the operational mode of business organizations brings about efficiency and high productivity.
This technology executes tasks at a fast pace and time that humans cannot handle. It helps to reduce human responsibilities and maximize their talent in the best easier ways.
- Better Customer Service
Artificial intelligence has so many wide applications in the business world; a prominent application is the customer service chatbot, discussed later.
It is an all-day-round (24/7) customized and personalized technological innovation that communicates, interacts, and replies to customers’ needs, states its solutions, helps to generate customers’ loyalty. Research shows it is faster and more reliable than humans, increases engagement, generates leads, and improves sales.
- Improves Business Speed and Pace
AI innovations enable different transactions and tasks to be carried out at a relatively high pace and speed. It delivers better results in a short period when compared with humans.
- Improved Monitoring
It has an overall capacity of processing a large amount of data in and out of an organization. It also monitors these data, recommends action, and also alerts any breach of this information immediately.
- Data Security
Artificial Intelligence is also applied in the financial sectors of any organization. AI protect data privacy, detect fraud attempts, unauthorized access, or breach of personal data.
The Applications of Artificial Intelligence To Grow Your Small Business
• Use of 24/7 Chatbot to Answer customer
A prominent application of Artificial Intelligence in the business world is the use of an all-day-round (24/7) chatbot, which directly helps you to chat, communicate and interact with your small business, customers.
It requires combining, considering, and researching Frequently-Asked-Questions from your customers and then developing a comprehensive script that will automatically assist, matches up to their queries, and replies them.
It can be applied on many social media platforms; Facebook Messenger, Telegram, Websites, Whatsapp, with minimal programming skills.
These chatbots save a lot of time, and stress especially frequently asked questions, questions like; What time are you open? Do you do home delivery? What item do you have in stock?
Answering these questions from over 200 customers can be frustrating, but it gets better with an automated 24/7 programmed customer chatbot, which develops a great customer relationship.
Chatbots can be programmed to direct any questions that need your company representative to interact or communicate with the customer.
• Automation Repetitive Tasks
Artificial intelligence can be automated to perform routine or repetitive tasks and processes in any business.
There are a lot of AI automation tools for business applications. This is why it’s necessary doing a thorough research and apply the most relevant tools to your business.
Automation saves a lot of time that your employees or team will spend during operation or finishing a task. A vivid example is the marketing automation tools, which can help your small business to automate all sales and marketing tasks.
- Bookkeeping tasks
- Inventory e.t.c.
AI can be applied to secure valuable assets, information and data and prevent the possibility of security threats in an organization.
However, it involves machine learning (branch of Artificial intelligence) which has a wide variety of applications and possesses features like; malware detection, email filtering, speech recognition, and others.
These features are used to prevent any security breach, identity theft, blackmailing, malware, account takeovers, and loss of funds in your business.
“Artificial Intelligence is the future,” and every business or brand intending to succeed in this century and beyond must apply and follow the ever-moving pace of technological innovations.
AI has different branches with different wide applications in the business world.
It also brings about:
- efficiency and high productivity
- a high speed in executing technical operations
- a better customer service
- better quality
- a strong customer relationship
- securing your confidential data and information
- a reduction in human error, and others.
The application of artificial intelligence has been leveraged by big brands, conglomerates, and companies, which hasn’t only increased the rate at which they execute things but has broadened their prospect. However, these innovations can also help build and generate more leads for your small business if you consider some little practices about AI. An example is the automatic message that pops up as a reply after you message a Whatsapp Business. While the customized response shows how much you care about your business, it also reflects how much you care about your customer’s needs, and that’s what matters to them.