Five Ways Artificial Intelligence Can Benefit Small Businesses

by | Mar 14, 2023 | Business Strategy, Resources, Technology | 0 comments

Is your business already using artificial intelligence (AI) to boost productivity and increase revenues? If not, then you probably need to consider whether AI could help your company.

By now everyone has heard the term artificial intelligence or AI, but you may not know its technical definition. Simply put, AI means that a computer can engage in human-like activities. These activities could include learning, forecasting, and planning, for example. Here are five ways to improve your business operations by integrating artificial intelligence.

1. Boosting cybersecurity

“An increase in digital information — from customers and businesses — necessitates increased digital security. Cybersecurity AI works by reviewing behavior patterns on a business’s software, apps and stored information. Through interpreting what employees and customers do with digital tools and how they do it, AI can recognize things that are relevant and acceptable — links, email messages, information inputs and time ranges for tasks. If something is outside of typical patterns (i.e., an employee clicks an unfamiliar link in an email), AI reacts to quickly remedy or remove the threat.

It’s important to know malicious programs are made using their own AI-guided programs, so investing in robust cybersecurity is a worthwhile way to ensure business longevity and customer trust.”

Source: U.S. Chamber of Commerce

2. Marketing

“You can have the greatest company in the world. However, if you don’t market it correctly, your customers won’t have the right view. Sometimes, they won’t even know you exist.

AI can help with this problem of obscurity by automatically recommending marketing strategies. It can see behavioral patterns that brought people to your page and caused them to buy. Then, all you need to do is repeat the process and scale.

It is not just something reserved for the biggest companies with endless budgets for artificial intelligence. There are actually many applications that everyday businesses can implement into their daily workflow. By doing so, you can eliminate errors, improve efficiency and ultimately turn more profits for your enterprise, and that’s something that every business should be striving for.”

Source: Forbes

3. Customer service

“The chatbot is the most popular AI tool for communicating with existing and potential customers. It is a part of every customer-oriented website, mobile app, and phone call. Nowadays, life is fast, and customer service has to adjust to this tempo. Chatbots can facilitate less time-consuming and more effective communication.

Another way to bring customer care to a higher level is to create a convenient and practical in-store and online shopping experience. AI can help with both of these shopping aspects. For example, in the case of offline stores, AI can provide personalized recommendations, information about the suggested products, direct clients, and streamline decision-making.

In terms of buying things online, AI can perform the same functions via a personal computer or smartphone – show personalized suggestions, discounts, and loyalty points and significantly fasten the process of online shopping. As such, AI helps customers save their precious time.”

Source:  AI Time Journal

4. Streamline time-consuming HR tasks

“Companies can use AI to match candidates to open jobs, onboard new employees, and answer frequently asked questions about benefits and company policy.”

Source: Bernard Marr & Co.

5. Lead generation

“Artificial Intelligence can be used to nurture and capture new leads through social media. The AI algorithms can be used to track prospects through their social networking activity. Personalized content can be targeted at them at a specific time to ensure they do not miss the new offers and discounts. Once their details are captured through simple forms, the new leads can be followed up by providing relevant comparisons with competing offerings, which would eventually convert them into customers. Further opportunities for up-selling and cross-selling can also be created through constant engagement.

AI algorithms can also be used to define the detailed buyer personas with much more accuracy. By taking these personas into account, unique product features can be used to generate targeted content that could encourage leads to respond positively. Analytical tools equipped with machine learning capabilities can be used to identify the right channels to match the content.”

Source: Orchestrate

Helping You Implement AI in Your Small Business

At First Union, our goal is to give the small business owner every possible advantage. If you haven’t integrated the latest AI technology in certain facets of your business, then it’s probably time to do so. And we can help!

Our flexible and fast loan programs can get you the cash you need for any such project in as little as two days. And even if your credit score isn’t quite where it needs to be, we still most likely have a loan program that fits your business needs—call 863-825-5626 today!

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