AI in Business | May 10, 2024

Welcome to our latest edition of our AI in Business newsletter! This week, we take a look at the latest developments in AI technology, including OpenAI's approach to data and AI, and a new study from Microsoft and LinkedIn on the rapid adoption of AI tools by knowledge workers. We're also diving into the world of AI-powered chatbots, exploring how they can revolutionize customer service for small and medium-sized businesses. Plus, we'll introduce you to OpusClip, a game-changing tool for businesses looking to streamline their video content creation process.?

Read on for insights, tips, and resources to help you stay ahead of the curve in the ever-evolving world of AI and business!

Top AI in Business News Stories

OpenAI: Our Approach to Data and AI

OpenAI's approach to data and AI is centered around building a vast, diverse database of information to train AI models. They believe that AI systems should be able to learn from a broad range of data sources, just like humans do, to become more intelligent and useful. To achieve this, they're developing technologies that can ingest and process massive amounts of data, and creating AI models that can learn and adapt quickly. This approach has the potential to unlock new possibilities for businesses, such as improved automation, enhanced decision-making, and innovative products and services.

Implications for Average Businesses

While this article may not provide immediate practical use cases, it offers valuable insights for average businesses. Understanding OpenAI's approach to data and AI can help you anticipate potential risks and opportunities in your industry. By grasping the basics of how AI systems learn and adapt, you'll be better equipped to make informed decisions about adopting AI solutions in your own business. This knowledge can also help you stay ahead of the competition and identify areas where AI might enhance your operations or customer experience. By staying informed about the latest developments in AI, you can position your business for success in an increasingly automated and data-driven world.

Microsoft Study: 75% of Knowledge Workers using AI at Work, Nearly Doubling in Six Months

A recent study by Microsoft and LinkedIn found that 75% of knowledge workers are using AI tools, a nearly 50% increase over six months. This growth indicates a substantial shift in how employees work, as they leverage AI to automate tasks, gain insights, and drive innovation.

Implications for Average Businesses

The rapid adoption of AI tools by employees, even without official company endorsement, indicates a paradigm shift where employees lead in innovation. Overwhelmed employees report that AI tools save time, enhance creativity, and enable focus on critical tasks. However, 60% of respondents revealed their companies lack a clear vision or plan for AI integration, leading to a 'Bring Your Own AI' (BYOAI) movement. This trend poses serious risks to company data security and underscores the urgent need for business leaders to devise and implement comprehensive AI strategies that amplify business impact and ensure data protection.

AI in Business 101 - Streamlining Customer Service with AI-Powered Chatbots

As a small or medium-sized business, maintaining high-quality customer service while managing resources efficiently is crucial. AI-powered chatbots are a game-changer, offering substantial cost reductions—up to 30% in customer support operations—while boosting sales and operational efficiency. Notably, a significant portion of customers (74%) prefer using chatbots for straightforward inquiries, appreciating the swift and available responses.

What are AI-Powered Chatbots?

AI-powered chatbots are software applications that use artificial intelligence and machine learning to simulate human-like conversations with users. They can be integrated with various messaging platforms and websites to provide 24/7 customer support.

By automating routine customer inquiries and providing 24/7 support, chatbots can free up your human customer support agents to focus on more complex and high-value tasks, leading to improved efficiency, increased sales, and enhanced customer experience. In this guide, we'll show you how to implement a chatbot using off-the-shelf generative AI technology, without requiring extensive technical expertise.

Here's a streamlined guide to get a chatbot up and running without needing specialized technical skills:

Step 1: Identify Your Needs

Determine Use Cases:

• List the most frequent questions or issues your customers have that can be automated, such as FAQs about products, services, or policies.

Step 2: Choose a Chatbot Platform

Select an Easy-to-Use Platform:

• Opt for user-friendly, no-code chatbot platforms such as ManyChat, Chatfuel, or MobileMonkey. These platforms offer drag-and-drop interfaces to build chatbots without coding. Ensure the platform integrates with your existing customer service tools and systems.

Features to Look For:

• Integration capabilities with popular messaging platforms (e.g., Facebook Messenger, WhatsApp).
• Ability to pull information from your website or knowledge base.
• Options to escalate to human support when necessary.

Step 3: Build Your Chatbot

Use Pre-built Templates:

• Start with templates that most platforms offer, which can be customized to fit your specific needs.
• Edit the responses to align with your business's tone and language, ensuring consistency with your brand's voice and style.

Set Up Basic Flows:

• Design simple conversation flows using the platform’s visual editor. These might include greetings, responses to common questions, and how to hand over to a human agent.

Step 4: Integrate and Test

Integrate on Your Channels:

• Implement the chatbot on your business website or social media channels where customers frequently ask questions.
• Follow the platform’s guidelines to connect the chatbot to your digital properties.

Test Before Going Live:

• Run several tests to make sure the chatbot responds correctly. Consider asking a few trusted customers or friends to try it out and give feedback.

Step 5: Launch and Monitor

Launch Your Chatbot:

• Once tested, go live with your chatbot. Make an announcement via email or social media to let your customers know about this new support channel.

Monitor and Gather Feedback:

• Keep an eye on the types of inquiries the chatbot handles and how it performs.
• Collect feedback from users to understand their experience and areas for improvement.
• Analyze the data to refine the chatbot's responses and add new functionalities.

Step 6: Update and Improve

Regular Updates:

• Use feedback to refine the chatbot’s responses and add new functionalities.
• Platforms often roll out new features, so stay updated and incorporate relevant ones to enhance your chatbot’s capabilities.

Use Cases for Different SMBs

1. E-commerce SMBs:
2. Service-based SMBs (e.g., salons, repair services):
3. Food and Beverage SMBs (e.g., restaurants, cafes):
4. Healthcare SMBs (e.g., medical offices, dental clinics):
5. Travel and Hospitality SMBs (e.g., hotels, travel agencies):

Best Practices for Chatbot Maintenance

• Regularly review and update the chatbot's knowledge base to ensure accuracy and relevance.
• Monitor user feedback and analytics to identify areas for improvement.
• Continuously test and refine the chatbot's conversation flows to ensure a seamless user experience

Featured AI Tool of the Week - Opus Clip

OMG - this is a game-changing tool for businesses! You probably hear it ALL THE TIME - videos perform well on social media. But as a business with a small (or no?) marketing team, creating videos consistently is time-consuming and tedious at best.

Enter OpusClip. OpusClip is a generative AI video tool that repurposes long videos into shorts in one click. Do you have a long form video of you and your business? Maybe you have a Zoom webinar or a video podcast recording, just link it to OpusClip, and it’ll do the rest.,?

Key Functionality

• Auto Reframe: Opus AI detects speakers and moving objects to auto-adjust clips for different aspect ratios.
• AI Curation: Identifies compelling video hooks and reassembles them into engaging viral shorts.
• Animated Captions: Adds animated captions with over 97% accuracy, offering a range of templates.
• Customization: Offers AI B-roll, brand templates, and a suite of editing tools to customize videos with brand-specific elements.
• Social Post Scheduler: Facilitates 1-click posting and scheduling across platforms like YouTube, TikTok, and Instagram.
• Virality Score: Calculates a clip's potential virality based on AI analysis of viral content trends.

… and so much more!

Benefits

• Save MAJOR time with all the incredible features, including auto-reframing and captioning features.
• Improve video engagement through AI-powered features that create more engaging and shareable content.
• Enhance brand consistency through customization options and brand templates.
• Effectively plan and organize content through content calendar and collaboration tools.
• Data-driven decision making through analytics integration to track video performance and make informed decisions.

Drawbacks

• Limited free plan features
• Video processing time limitations in the free plan
• Limited advanced features in the free plan

Cost

OpusClip is free to use. If you are a new user, you will enjoy a 7-days free trial on Pro Plan, which gives you 90 minutes of video processing time (~30 downloadable clips). Once your free trial ends, you can either upgrade to paid subscription, or use our free-forever plan with 60 minutes of video processing time refreshed monthly. OpusClip offers paid subscription plans with flexible upload credits, available on both a monthly and yearly basis.

Conclusion

OpusClip is a revolutionary tool for businesses looking to streamline their video content creation process. With its AI-powered features and user-friendly interface, it's perfect for any sized business or marketing team. Try it out today and take your video content strategy to the next level!

Stay Tuned and in Touch

Thanks for joining us for this edition of GCM's AI in Business weekly newsletter. We hope you found this issue informative and inspiring.

Stay tuned for more updates and insights in our upcoming issues as we continue to explore the latest developments and innovative applications of AI in the business world.

In the meantime, don't hesitate to reach out with your questions, feedback, or stories about how AI is making a difference in your operations.