AI Leveraged by SMBs to Reshape Their Businesses
As many companies seek efficient ways to improve productivity, AI has emerged as the obvious answer. "We're seeing an explosion of interest in artificial intelligence,"
Companies are looking into AI because it can eliminate routine and repetitive tasks in their business. Many of the tasks artificial intelligence replaces are the tasks employees like least. With AI removing mundane tasks, employees are more likely to become productive and creative in their work, making them happier, more driven, and more productive. Removing lower-level employees can concentrate on more important goals and contribute more to the business's bottom line.
Another reason artificial intelligence is growing in popularity is that it provides teams better access to data. This means those using AI can make better decisions than those without it. A popular application of AI is intelligently collecting information about customers and their experience with a company's products and services. With AI providing data collection, businesses can answer larger questions like "What customer data is telling us about how to adapt our products and services?" An outdated business will struggle to keep up with SMBs equipped with better data.
Another significant use of artificial intelligence is in the field of marketing. Businesses have begun to integrate AI to personalize marketing materials to customers' and prospects' preferences, behavior, and mindsets. When sales reps are equipped with highly personalized marketing, prospects are more highly qualified, conversations are deeper, closing rates are higher, sales cycles are faster, and growth is accelerated. SMBs are shifting towards AI-driven marketing to avoid sales reps spending time with unqualified prospects or those less likely to buy.
AI helps to streamline collaboration by enabling employees to share information more effectively. If team members are separated within their departments, innovation is limited because ideas aren't cross-pollinated. AI-based software applications, such as Microsoft Azure, have made cloud-based information available to the entire organization, which means spontaneous innovation can happen faster. When a company can work more effectively, the speed of innovation increases, resulting in quicker deployment of new products and services, ultimately resulting in higher profits.
Another reason companies are using AI is that it drastically reduces the risk of "human error." A recent IBM study reveals that 85% of cybersecurity breaches result from human error. AI-powered tools can be used to filter harmful messages, emails, and alerts which reduce employee mistakes. For instance, if an untrustworthy email is received from an email address that is not secure or from someone you've had no contact with previously, it could immediately be flagged for deletion before an employee can open it. This can prevent risky messages from being delivered to your employee's email. This is just one example that falls under "Human Error Elimination."
"CIT is educating businesses on AI applications because of their profound scale and impact and because this is an ideal opportunity to secure a huge competitive advantage," said Mr. Meldrum. "SMBs embracing AI early and learning to quickly incorporate its power into their organizations will soon outpace competitors."
Page Updated Last on: May 10, 2022