Artificial Intelligence can do a lot for SMEs. However, most of them are reluctant to embrace it because of the myths that surround it. Let’s see how it can help.
Artificial intelligence is taking the world by storm. However, a lot of companies nowadays are not sure if they really want to get involved with it. They fail to see the benefit of using it in their business.
There are many things that can be good for small and medium enterprises when it comes to using Artificial Intelligence. For example, you could use big data to study the behaviour of your audience and clients. With Artificial Intelligence you can make informed decisions on what to do to make your business more profitable.
Another common area of use is chatbots. Small and medium companies can use chatbots to attend to clients and drive through a funnel or a sales pipeline. You could also use artificial intelligence to automate the processes of the company, making them more efficient and less prone to error.
The Importance of Artificial Intelligence in 2022
Nowadays, artificial intelligence is more important than ever. Especially in these post-pandemic times. According to a dossier of the Observatorio Nacional de Tecnología y Sociedad in Spain, more than 92% of European companies are not using artificial intelligence and only 4% of them are using AI to analyze their data and improve their performance.
Having access to artificial intelligence is a must today. A lot of small and even medium companies believe that artificial intelligence is reserved only for big companies that are present all around the world. That is a huge misconception. Companies that are specialists in Artificial Intelligence have designed solutions for all kinds of company sizes looking to help them grow and effectiveness and of course… revenue.
COVID-19 brought huge changes all around the world. Companies that were not using technology for their processes were impacted greatly. Now that we are moving out of the pandemic, it is time for the companies to start future-proofing themselves, just in case something similar happens in the future.
Benefits of Artificial Intelligence for SMEs
Companies that use artificial intelligence can see benefits in all areas of the company. Artificial Intelligence can learn from human actions and then solve problems using what it learned through the observed patterns. The marketing department, they will be able to make better segmentation of the campaigns, because it will be possible to analyze trends and see client comments. As we mentioned before, chatbots allow us to solve client incidents with minimal human intervention.
Let’s see some benefits that Artificial Intelligence can give to SMEs:
1. Data Analysis
When it comes to processing a huge volume of data, Artificial Intelligence is a godsend. One of the key aspects of an AI is its ability to process huge amounts of data in real-time. Also, AI implementation is usually tied to cloud computing, and this allows company workers to access data and services remotely, something extremely helpful in times when it’s not possible to work in place (Like a pandemic for example.).
2. Study the Behavior of Customers and Prospects
Artificial intelligence software can review all your data, sort them, hierarchize them, cross-reference them with each other and identify patterns and variables, and make predictions. One of the most important objectives is to know our customers in detail. Knowing how they behave, why they click on one part of the web and not on another, at what point an e-commerce purchase process stops, how they interact with the content we send them… the possibilities are endless. This information is used to adapt our campaigns to what we know about them and give them what they want. This increases the profitability of our actions.
3. Making Predictions
Predictive accuracy is another key to AI’s success. When it comes to planning and launching new products/offers, the sales team has much more information about how to approach the audience, what kind of messages work best, through which sales channels, and even in which time slots. This makes it much easier to attract new customers and retain existing ones. Artificial intelligence in sales has a lot to contribute.
4. Virtual Assistance
One of the most important challenges for SMEs is how to address customer service quickly and effectively without having to invest heavily in call centres or in-house staff. Chatbots can be a solution. Thanks to natural language processing, they can have conversations with users and solve their problems. You can create a model that, depending on the complexity of the request, refers to a bot or a person. It’s all about streamlining processes.
5. Process Automation
One of the most useful applications of artificial intelligence in companies for Finance or Human Resources departments. SMEs can reduce the time they spend organizing files, creating forms, or managing their agenda thanks to AI programs. This has an impact on the satisfaction of workers, who stop spending time on monotonous tasks without much value.
After seeing all of this, we can conclude that AI is here to stay. We need to be aware of all the benefits that AI will give every small and medium enterprise. So, if your company is not using it yet… it is time to start looking into ways of doing it!
If you need help for your company to adopt the latest technology, Sanmark is here for you.
Contact us today to get started!