By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: The Growing Importance of AI for Small Businesses
Share
Notification Show More
Latest News
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence
How Big Data Is Transforming the Maritime Industry
How Big Data Is Transforming the Maritime Industry
Big Data
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Artificial Intelligence > The Growing Importance of AI for Small Businesses
Artificial Intelligence

The Growing Importance of AI for Small Businesses

AI has become enormously important for small businesses in recent years.

Gaurav Sharma
Last updated: 2021/04/15 at 12:00 PM
Gaurav Sharma
7 Min Read
Why Is Artificial Intelligence Critical for Your Small Business
SHARE

Artificial intelligence (AI) is no more confined to big businesses. As the technology matures and becomes more affordable, it has found a place in startups and small businesses as well.

Contents
AI for Small Businesses: 4 Ways to Use It Smartly1. Boost Sales and Marketing with AI-Powered CRM Systems2. Optimize Customer Communication with an AI Chatbot3. Streamline Your Human Resources4. Acquire Competitive IntelligenceConclusion

Do you need some evidence to support this position?

A survey of 1,467 CEOs of small and mid-sized businesses (SMBs) found that out of all the current technologies, AI has had the maximum impact on their business. 

1,467 CEOs of small and mid-sized businesses (SMBs) found that out of all the current technologies, AI has had the maximum impact on their business
Image via Vistage

And, why wouldn?t it?

More Read

ai software development

Key Strategies to Develop AI Software Cost-Effectively

Maximize Tax Deductions as a Business Owner with AI
Embedded BI Tools Bring Huge Benefits to Business Applications
Small Businesses Use Big Data to Offset Risk During Economic Uncertainty
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows

After all, AI tools outperform humans in many ways. They can:

  • Handle larger volumes of data
  • Identify data patterns that are opaque to the human eye
  • Work tirelessly around the clock (without errors or prejudice)

Not only that, AI tools are becoming easier to use and lighter on the pocket. That?s why AI is permeating the small business ecosystem in a big way. 

If you?re yet to embrace AI, you?ve found the right post. I?m going to discuss how to grow a small business using AI. 

Read on.

AI for Small Businesses: 4 Ways to Use It Smartly

The insights and efficiency that AI brings to SMBs can be a game changer for them. Though AI can streamline almost all business processes, here are four main application areas where it has had demonstrable success:

1. Boost Sales and Marketing with AI-Powered CRM Systems

Customer relationship management (CRM) systems are used to gather customer information across communication channels such as telephone, email, and social media. From the gathered customer data, AI-infused CRM tools can decipher behavior patterns and analyze each customer?s position in the sales/marketing funnel. 

Then what?

They automatically adjust or trigger appropriate sales and marketing-related activities so that sales cycles are completed faster. This way, AI-driven CRM software can boost lead generation and improve conversion rates. You can generate more lead volume with the same marketing budget and multiply your marketing ROI multi-fold.

2. Optimize Customer Communication with an AI Chatbot

Customer engagement is one area where AI application has been explored to the hilt. Many small businesses don?t have the budget for a full-fledged customer support service. If that sounds familiar, you can attain great customer satisfaction rates by diverting a part of your limited marketing budget to chatbot development. 

AI-based chatbots can initiate customer communications and answer simple questions. They keep users engaged and offer contextual shopping suggestions – all without the help of live customer care agents. Think of it as a sales rep that works 24×7 for a one-time payment!

The best part?

Modern consumers love bots. In fact, 61% of people prefer to ?converse? with bots rather than with human agents.

With bots, you can lower labor overhead, streamline customer communication, and improve your website dwell time considerably, and get results as per your marketing plan.  What more can a marketer ask for?

3. Streamline Your Human Resources

Recently, AI has displayed immense potential in the human resources area as well.

How, you ask?

AI tools can scan thousands of job applications to find the ones that most closely match your hiring criteria. When you reduce your hiring time, you can invest more time into training new recruits.

Additionally, when the candidate is brought on board, your AI-based HR tool can serve as a knowledge resource for new employees on topics such as benefits and leaves. This way, you can save valuable time in individual counseling sessions and resolve employee questions promptly.

But that?s not all…

AI-based robots have found a fan in employees. According to Oracle?s ?Robots at Work? report, 64% of workers would trust a robot over their manager for advice. That?s because robots, unlike most humans, offer data-driven, prejudice-free advice.

In addition to the above, AI is also being used in HR to:

  • Verify candidate backgrounds, work experience, and interests.
  • Analyze the performance data of workers.
  • Track employee sentiment and design engagement activities.
  • Create agile, adaptive L&D programs for better learning outcomes.

In short, robots and chatbots can replace pricey human resources managers to a large extent.

4. Acquire Competitive Intelligence

To stay relevant and competitive, your small business needs to keep tabs on your competitors? strategies. Though you might be following your competitors closely on social media, can you forecast their advertising strategy or their influencers?

That?s the kind of competitive intelligence AI can acquire for you.

But how?

AI-driven analytics tools like Crayon can track your competitors across channels – online and offline – and catch the slightest change in their ad-copy language or pricing. You can respond faster and modulate your own strategies before your competitors can claim market share.

When you are competing against a billion odd small businesses, competitive intelligence alone is not enough to keep you ahead of the pack. You need consumer insights as well. 

Here is an example to illustrate the point.

If you leverage social media advertising, you know how unpredictable the audience is. Day-to-day changes in user sentiment govern the fate of advertisers. 

That?s where AI-based social listening tools can come in handy. They analyze how your target audience feels and talks about your brand (and your competitors). They can predict the colors that catch their attention and the action words that trigger them to take action. 

With those kinds of consumer insights, you can optimize your ad elements and multiply your advertising ROI. 

Conclusion

There was a time when only large enterprises had the budget to invest in AI. But as the technology goes more mainstream, small companies have joined the fray. If you don?t want to lag behind in this race, consider investing in one or all of the business areas explained above. 

Do you have any questions about AI for businesses or its applications? Share them in the comments section. I?ll be back with the answers soon.

TAGGED: AI, AI for Small Businesses, AI Technology, artificial intelligence, business intelligence, small businesses
Gaurav Sharma April 14, 2021
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Gaurav Sharma CEO & Founder
Follow:
Gaurav Sharma is the founder and CEO of Attrock, a results-driven digital marketing company, and a Google Analytics and Google Ads certified professional.He has scaled an agency from 5-figure to 7-figure income in just two years. He has increased leads by 10X, conversion rate by 2.8X, and traffic to 300K per month using content marketing, SEO, influencer marketing, landing page optimization, sales funnel, and LinkedIn.He contributes to reputable publications like HubSpot, Adweek, Business 2 Community, HuffPost, TechCrunch, and many more. He leverages his experience to help SaaS businesses, influencers, local businesses, and ecommerce brands grow their traffic, leads, sales, and authority.

Follow us on Facebook

Latest News

ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

ai software development
Artificial Intelligence

Key Strategies to Develop AI Software Cost-Effectively

10 Min Read
ai for small business tax planning
Artificial Intelligence

Maximize Tax Deductions as a Business Owner with AI

9 Min Read
embedded bi tools
Business Intelligence

Embedded BI Tools Bring Huge Benefits to Business Applications

5 Min Read
big data use in small businesses
Big Data

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?