AI for Small Businesses

Rise and Grind by Garhet Sampson

• Customer Management

AI can be helpful in multiple ways for customer management. AI-backed CRM softwares give invaluable insights from patterns derived. For example, they can learn that a certain customer orders services regularly, and then use that knowledge to inspire further customer loyalty. So on the customer’s next order, the company can decide to offer a voucher. And businesses can deploy AI chatbots to automatically converse with customers.

• Process Optimization

Small businesses need to account for many things, from accounting to management, hiring, and marketing. Often, these areas are manned by one or two people, rather than fully-fleshed out departments. Similarly, these business requirements are often outsourced to third parties, which can be a security concern. AI can easily address concerns like accounting information and automation of manual processes. Therefore, business owners are able to save time, effort, and money.

• Data Insights

One of the most powerful things AI can do for small businesses is derive insights from data. Analytics tools powered by AI can provide analysis of your website and marketing efforts. And even build conversion models for you to better attract new customers. Moreover, having a comprehensive and responsive view of your overall data can alert you to threats and irregularities.

• Marketing

AI can be useful across the entire chain. From product optimization and pricing, to customer acquisition and retention, and social media analytics. For example, AI can deploy dynamic pricing, where the price automatically adjusts based on competitors. Another example is personalised digital and social media marketing, where the AI can leverage the feedback from different channels to provide adjustment recommendations.