Remember the time when science fiction movies involving robots and higher intelligence were almost surreal? Well, they are no longer just a sublime fantasy. Today, Artificial Intelligence has very much become part of human lives and is rapidly evolving to make our lives easier and more interesting. Whether you are sending or receiving an email, surfing social media sites, shopping online, playing music on an app, ordering food, or conversing with your smart assistants like Siri or Alexa, everything involves artificial intelligence. And thanks to the advent of technology, AI can now help you grow your business in remarkable ways. Wondering how?
Read on…
13 Ways to Grow Your Business Using AI
As we know, AI allows machines to replicate the human mind and its complex emotions. This can help you automate your business to a great extent without investing in actual human power. Businesses, small and big alike, have already started integrating AI in their business models in order to fuel growth and sustainability. This is very much a necessity in order to remain relevant with the emerging times. So, in case you are still wondering whether to make AI part of your business, this is your hint to do it. Here are 13 ways you can grow your business using AI:
1. Automate manual labor
The biggest and the greatest advantage AI can provide your business is automating it. Can you imagine the amount of time and energy saved? It’s massive and you can use that time effectively elsewhere to generate more revenue in your business. Of course, not every part of your business can be automated but certain monotonous tasks like data entry, documenting, categorizing transactions, handling and maintaining receipts and invoices, evaluating employee expense reports, etc can very well be automated using AI. This not only saves time but effort too. Also, the chances of making an error are much less when it comes to machines with superior technology.
2. Develop creative ideas
No wonder a human mind flows with new ideas and creativity, yet it has its limits when it comes to gathering and recording a vast amount of data. But with AI that is not the case. With a huge background of data stored in its memory, an AI backed system can help you get ideas when you are running out of some. It can help you successfully engage prospects and customers too. This helps you complete your tasks on time and accomplish your goals. Also, when you have an AI backed system, storing, collecting and remembering so much for you, you can take out your creative pad and start creating better business ideas for growth.
3. Predict patterns
Often with any business, knowing the upcoming business trend and how it is going to affect them, is a key struggle. Not anymore! Now AI can not only find patterns in existing data but also make predictions from new data. For example, now charity organisations can predict who will donate to their cause or a hospital can predict health issues and a government organisation can predict a breakdown in their technology even before it happens. Not only that but as a business, you can also predict your sales growth, revenue that will be generated in the future and accordingly work towards your target.
4. Create an easily accessible and navigable knowledge base
As your business grows, so does your knowledge base. Multiple files and data are stored day after day and it can increase friction when a customer is looking for the right information. But combining your software with AI can help you keep a proper track of data, making it easier to access and navigate. This directly impacts your customer satisfaction, which is the biggest pillar of your business.
5. Predict supply and demand
Artificial intelligence can also predict the demand and supply in your business, which is the most important factor for growth. In fact, every business hangs by a delicate thread balancing the demand and supply chain. Your ability to meet customer demands determines your relevance and viability in the marketplace. By integrating AI into your supply chain, it can give you a forecast regarding demands, pricing and promotion. This new level of data connectivity can hugely benefit businesses.
6. Understand customer behaviour
Another challenge for a business was to get into the minds of a customer to understand what each of them likes and dislikes. This was practically a Herculean task until AI came around. Now with AI integrated in platforms such as social media and mails, it has become possible to get a deeper understanding of customer behaviour. Whether your customers are engaging in your platform, liking/disliking certain features or accessing what they were looking for, everything can be governed using AI. Not only that but you can also get post-sales feedback from clients that can help you drive business growth.
7. Improve customer support
The best advantage AI can provide your business is by helping you improve customer experience. While your customer support staff may be restricted, customer queries and complaints can’t be controlled. In case you are wondering how AI can pitch in here, welcome to the world of conversational AI or chatbots. This simple implementation of chatbots can take over the human customer care team and help answer simple questions and queries. For more complex queries, the chatbot can be programmed to pass on the conversation to a human representative. This can save so much time and effort of your customer support team
Many small businesses don’t have the bandwidth to hire external agencies to handle their calls. Using AI, you can have a customer support system that runs 24*7. This can significantly speed up response time and save your sales funnel.
8. Automate follow ups
Managing customers, supplying them with what they want, and checking on them if they are satisfied, all these constitute a complete sales loop that makes your business successful. But sometimes due to work load or shortage of staff, you may skip on taking regular follow ups and send mailers. Fret not as artificial intelligence helps you automate these trivial yet important tasks. You can now customize your mailers and follow up notifications and sit back and relax as AI does all the work.
9. Get constructive feedback from customers
A great way to upgrade and up skill your sales team is by taking in constructive feedback from customers. AI can help do that by recording the calls and texts between your sales rep and customers. It can further analyze the sales performance to understand what is working for your clients and what is not. This will also help you train your sales team better to yield good results.
10. Detect malfunctions
AI is a super advanced technology that can detect threats in the cybersecurity domain. Not just that but AI can help uncover process inefficiencies and anticipate failure. These crucial bits of knowledge can help you prepare for all kinds of situations accordingly and can help your business grow unhindered.
11. Optimize search marketing
Market search is an extremely valuable marketing strategy for businesses trying to make it big in the world. Market search can tell a lot about emerging trends, client interests, demands and behaviour. Businesses can optimize their search efforts by integrating AI into their system.
12. Improve conversions
When AI gives you so much insight into understanding your customers and taking care of their needs, you can automatically see a vast change in conversion rates. AI can also be used in digital marketing to create deals, ads, promotions and strategies that will attract customers to try your business. Using platforms like Facebook, WhatsApp, Twitter and Instagram to integrate AI, you can promote your business and expand your reach. By sending personalized messages and offers, you can convert a prospective client faster. Once they have had a positive experience, you can be sure to have a long, trusted sales funnel.
13. Automate HR tasks
The HR of a company wears many hats. From hiring to managing salaries and company records and much more, there is a lot to cover and AI can help automate a major chunk of it. There are expert AI tools that can scan candidates, schedule interviews, help with the initial onboarding process, manage records and files of employees, act as employee resource for feedback and do much more. This can save so much time and effort.
Even Though there are so many benefits of AI and ways you can use it to scale your business, it is still in its nascent stage. Nevertheless, it shows a huge promise of growth in the upcoming years and there is no reason why your business shouldn’t benefit from it. Whether you are a small business or an established one, there are multiple ways (as mentioned above) in which you can implement AI to bolster growth. Workbots like Botspice can offer a 360 degree solution to your many problems. From operations, marketing, sales and post sales, AI like Botspice, has touched every aspect of a business and is the future of it. Across industries and verticals, AI continues to increase its footprints thereby making human lives easier and more comfortable. So, what are you waiting for? Craft a better business growth with AI today and start your journey towards success!