Several reasons SMEs can benefit from Artificial Intelligence

March 13, 2018

 

Technology is constantly evolving and becoming more advanced in modern businesses, companies need to keep up with trends.

 

Artificial Intelligence is revolutionising numerous sectors, and conventional industries are getting swept up in the wave. The dynamic of most industries are changing rapidly, through the incorporation of AI. Various functions within businesses are using the technology in a variety of ways.

 

From aviation to marine, to marketing and finance, AI brings many characteristic traits that make it unique. AI produces more efficient results across business functions and offers greater insights to help entrepreneurs and corporations to run their business more accurately, with better predictions and focused results. 

 

For new businesses, there are numerous challenges, which become crucial to their survival. Start-ups are a usually an idea, and things are structured around it at different intervals. They need to get to market quickly and with success, as a vast majority of start-ups don’t have the resources or technology to grow and succeed.

 

AI technology can help new businesses reach their targets. Here a few ways in which an SME can utilise the power of the technology to make their venture thrive.

 

Simplistic Branding

 

An integral part of a business is the image and brand. There is no option to leave it. Every new business should have an identity to reach their target customers and to have their own uniqueness. All aspects including; brand name, logo, website design, social media presence and its consistency help to influence customers decision. 

 

Branding is often an expensive and time heavy task, and with limited budgets, SMEs often ignore it. However, AI has changed the way branding works and it's increasingly more affordable for companies. 

 

Better engagement with customers

 

Customer engagement and experience are two focuses that are regularly discussed in businesses across the world. Studies have shown that this is going to be the biggest differentiator in deciding who to buy from in the future. In combination with customer service, it produces greater engagement with customers. Better engagement increases the opportunity to gain more revenue per customer and increases retention. 

 

An AI-based system helps businesses improve engagement. It helps to decipher customer needs, helps marketers develop personalised campaigns, identifies purchasing patterns and enhance the levels of service to provide relevant offers and rewards.
 

Improved digital marketing campaigns

 

Marketing has progressed over the last few years, traditional marketing techniques are replaced by online campaigns. These will involve; search engine marketing, email marketing, social media. AI-based tools simplify campaigns, efficient an highly affordable. It has been identified that AI will make changes in digital marketing for the foreseeable future. 

 

AI gives personalised user experience, predictive marketing with better performance, optimised pay-per-click advertising with the technology, content production powered by AI, smart content curation for email marketing. In addition, the AI-based analytical tools enhance the effectiveness of various campaigns with better insights and data-driven results. 

 

Efficient decisions through AI-driven insight

 

Businesses can utilise AI as a way of using data to help make decisions and strategies. AI offers important insights that can help a business make productive and cost-effective decisions. This helps with intelligent CRMs by combining information from a variety of sources. Users can use the characteristics of current customers as well as future customers, making lead generation much easier with individual straegies. 

 

There are several areas AI can combine and be effective as well as utilise to determine outcomes including market data and composition, insights from surveys and other sources of information. Insights through AI-driven data will govern businesses in the future.

 

Smart customer service

 

Customer service plays a pivotal role in the longevity of building a rapport and relationship with customers. Artificial Intelligence has revolutionised the way customer service teams work.

 

A vast number of companies have started deploy AI, virtual assistants, to take care of answering customers questions. Considering the acceptance of AI-based chat-bots by customers and their preference to go for self-service gives a big opportunity for AI-based solutions in the future.
 

 

 

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