Artificial intelligence as a concept is decades old. But it is only in the past few years that this has seen widespread adoption in various industries and for various purposes. Assumptions that AI solutions are expensive and that these can be complicated to manage are a few reasons why Small and Medium Enterprises (SMEs) hesitate to go for AI-based infrastructure. But the truth is that AI ends up simplifying several things for SMEs. Here are some of the benefits that any small or medium business can obtain upon choosing an AI framework right from the early stages of their business.
AI solutions – perks for SMEs
- Better marketing can be a huge benefit for the small business growth
Marketing for better reach might be the primary focus of most businesses in the early days. AI solutions make it possible to work on better digital marketing strategies that take care of customer acquisition as well as customer retention. To begin with, AI helps in streamlining all your marketing efforts. So, in the limited budget, you have in hand while starting your business you can be sure that you are working with a more targeted approach. Machine learning algorithms can be used to analyze parameters like customer interactions, response to ads, and others. From targeting the right group of audience to understanding the kind of marketing campaigns that perform better, AI comes in handy in various aspects of marketing.
- Chatbots for customer interactions
One of the main perks of using AI as a small business would be to have an efficient chatbot for customer service. Chatbots often act as the first line of communication. For new and potential customers these can gather details like customer name and email ID. For existing customers, these chatbots can answer quick queries like how to place an order or where to find relevant information. So, even a small business with a small customer care team would be able to ensure that every single customer’s question is answered, instantly. By removing the need to have a large customer care team chatbots help in saving costs especially in the early days of the business.
- Integration into the existing CRM for better customer engagement
Customer service comprises interacting with customers and engaging them in such a way that potential customers actually make a purchase and existing customers continue to stick with the business. AI integrated platforms are the future of customer relationship management. To begin with, AI-integrated CRM makes it possible to gather and organize valuable customer data which then can be used to provide a personalized experience. This leads to better customer satisfaction and thus strengthens the long-term rapport with them. You would also be able to fine-tune your sales strategy, address cart abandonment, get back to customers for feedback after a sale happens and thus improve conversion rates in the long run. All this can be automated with the help of AI.
- HR tasks become easy to automate
Managing a growing team as an SME means managing the payroll of the current team and also hunting for the right talent. From hiring to payroll management, several tasks can be automated with the help of an AI platform. AI in HR workflow also means automation of salary payments and thus fewer employee grievances. With AI platforms handling the mundane and time-consuming tasks in the human resources department, the HR team can be involved in other productive tasks. Chatbots similar to the interface used for customer interactions can also be integrated for employee query resolution. This helps in allowing employees to get instant answers to common queries like leave policies and others.
- Enhance security from day one
AI platforms for enterprises can help strengthen cybersecurity. This can be critical for small businesses. From providing restricted access in order to prevent data leaks to strengthen intellectual property protection, AI helps in so many ways. Having a secure infrastructure also gives you a competitive edge when approaching clients. With the strong analytics possible through AI solutions, SMEs can continuously monitor the continuity in the system in order to identify and address any security gaps before they cause a problem.
One common misconception that prevails is that AI solutions are expensive. While relying on an enterprise AI platform might be slightly more expensive than traditional infrastructure. However, the initial investment you make for an enterprise AI platform would be a decision to establish a robust infrastructure for the long term. The best part is that AI-based systems are scalable. So, you can slowly extend the capabilities of your infrastructure as your business grows without having to disturb the existing framework. This makes AI solutions cost-effective for small businesses.
So, what are you waiting for? If you own a small business and if you have been postponing that decision of choosing AI solutions merely because you were worried about the additional costs or the lack of clarity on them, now is the time to make the big move. Working with AI platforms from the early stage gives you a jump start even in the most competitive market.