Leveraging AI in your business for Accelerating growth

AI is not a, "BUZZWORD!". Indeed, there are compelling #AI solutions for businesses. Yet, for small businesses, technology implementation can be costlier. But, #sme #msme #businessowners can contact SARATHI.ai - Growth accelerator for MSME to learn about some low-cost data-driven business solutions.

Let's see how AI technology can help MSME businesses grow and accelerate

Leveraging AI in your business can help you accelerate your growth in several ways:

• AI can help you automate tasks and processes that are currently manual and time-consuming. As a result, it can free your employees to focus on more strategic tasks to help grow your business.
• AI can help you make better decisions by providing insights from historical data.
• AI can help you improve your customer service and support, leading to more customers and growth.

Early adopters who applied the first generation of AI tools have already received good returns. AI-powered data analytics and robotic process automation help replace human workers and deliver cost savings and efficiency improvements for the enterprise.

The use cases for #ArtificialIntelligence in enterprise settings have grown considerably. Artificial Intelligence now works under the hood, making existing tech savvy and delivering strategic advantage for the enterprise.

Companies across the spectrum, from biggies such as Microsoft, Google, and Salesforce, to innovative start-ups, integrate AI as an intelligence layer across their entire tech stack.?

Advancement in Machine Learning, Deep Learning, and Natural Language Processing (NLP) makes integrating an AI algorithm layer into the software or platform easier.

Here are ways AI adoption helps the enterprise to grow to the next level.

• Effective decision-making in today's complex business environments depends on access to contextual and connected data. But even with access to rich, real-time data, human brains have inherent limitations.
• Artificial Intelligence helps enterprises overcome the natural boundaries that impair decisions. AI-powered Big Data solutions retrieve and process vast volumes of data in seconds, with high accuracy.?
• In enterprise settings, connected devices capture all customer transactions, gestures, and related indicators. In addition, AI works with nonlinear, exponential relationships and delivers consistent results.
• The latest Artificial Intelligence (AI) services & solutions help business managers access relevant data-based insights. The deep insights help managers make informed, data-driven decisions to address complex challenges. AI takes guesswork, sentiments, and intuitions out of the decision-making process.

Streamlining workflows

Success in today's competitive era depends on hyper-efficiency, for which streamlining workflows is a must. However, in a fiercely competitive environment, businesses that increase price risks losing customers. So instead, improving internal efficiencies help enterprises reduce costs and become more competitive.

The first generation of AI-powered tools automates repetitive processes to speed up processes and free human resources for complex tasks. The latest agile Artificial Intelligence (AI) services & solutions enable more complex use cases. As a result, enterprises now use AI to remove production and value chain inefficiencies, improve accuracy, and optimize resource allocation.

Proactive customer support

The first generation of AI-powered chatbots processed simple queries and escalated complex queries to human agents. Developments in AI technology now enable chatbots to handle complex queries. Enterprises may also deploy Artificial Intelligence to offer proactive support and pre-empt customer complaints.

Intelligent chatbots replicate human-to-human service interactions with advanced features such as multi-lingual support. Enterprises, hard-pressed to deploy human agents, may deploy chatbots to offer round-the-clock support.

Natural Language Processing (NLP) and Machine Learning advances make AI-powered systems understand written and spoken words. The machines extract subtle and hidden meanings in spoken conversations, chats, emails, and other messages.?

Enterprises tap into these Data Science-based technologies to understand customer sentiments. As a result, they may make proactive interventions to eliminate complaints and boost customer satisfaction.

Personalized sales and marketing

Many enterprises apply Artificial Intelligence (AI) services & solutions to improve sales and marketing. For example, machine Learning algorithms automate account and lead management tasks. In addition, AI-powered sales and marketing tools also enable targeted marketing.?

The AI engine identifies prospects with characteristics similar to existing high-value customers. Then, marketers may target them with personalized offers. In addition, AI enables deep personalization through opinion mining.

AI-powered analytics tools gather customer-related data such as search preferences, blog, or social media comments, sales records, CRM records, emails, tweets, and survey responses.?

Such insights identify the sentiments and priorities of the customer. For instance, AI identifies customers' preferred engagement channels and payment choices. Then, the algorithm uses such information to apply the best content or sales action to convert the prospect.

Intelligent pricing

Another extensive area of AI application in enterprise settings is intelligent pricing. For example, most B2B or even high-value B2C transactions involve negotiations.?

Artificial Intelligence tools offer business executives comprehensive real-time insights, including path deals, win-loss rates at different price points, and other insights not easily decipherable using conventional means.?

The AI tool, accessible through the executive's smartphone, suggests the most competitive prices to enable a win-win deal and help to close the deal. Likewise, several real estate companies apply Artificial Intelligence (AI) services & solutions to predict property prices.

Mitigating the skill shortage

There are many reasons for the talent crunch, including the inability to keep pace with constant technological changes, different mindsets between Gen Y and Z and Gen X/Boomers, and changing attitudes toward the work-life balance post-pandemic.

Enterprises overcome the skill shortage by training the workforce, recruiting aggressively, and outsourcing. But such strategies have limited effectiveness. Artificial Intelligence (AI) services & solutions help enterprises ramp up their HR capabilities and grow to the next level.

Hiring for competencies in a particular technology is meaningless in a world where technology has a short shelf life. So instead, forward-looking enterprises hire candidates with the right skills and competencies.?

AI tools help recruiters shortlist candidates who tick all boxes and identify the key performance drivers for specific roles. Then, the tool matches each position's ideal candidates, internal or external.

Artificial Intelligence in action

Several businesses, cutting across sectors, apply Artificial Intelligence (AI) services & solutions to offer new products, improve their quality of service, or provide additional value to customers.

Banks combine genetic algorithms (GA), machine learning, and big data to analyze loan portfolios and weed out unsafe applicants.

Vehicle managers use AI to offer value-added services to customers. For example, Volvo applies AI to monitor vehicle performance in dangerous conditions. Also, there are embedded sensors that collect data on driving variables. Real-time analysis of the collected data enables prompt alerts.

Fleet managers apply AI to plot the best routes to a destination and make faster deliveries. The AI tool considers road conditions, real-time traffic information, tolls, and other factors influencing driving time and driver safety.

Business executives use AI to determine the proper inventory levels and avoid stock-out situations. With adequate training, the algorithms opt for higher inventory levels to overcome supply chain disruptions and other contingencies. The algorithms make better decisions than the limited cognitive capabilities of the human brain.

Overcoming challenges

Using Artificial Intelligence (AI) services & solutions is not always a smooth ride. Enterprises need to overcome data and scale-up challenges before they can enjoy success.

Clean data to avoid “garbage in, garbage out.”

The success of AI deployment for business growth depends on having the correct data. Unfortunately, the potency of machine learning algorithms is only as good as the input data.?

Before AI works in enterprise settings, executives have their tasks cut out in training algorithms. Therefore, successful AI projects depend on accurately curated datasets.

Start small and scale-up

AI projects usually fail when businesses try too much. AI is still a nascent technology with no clear-cut best practices. The mantra for success is to start small and scale up.?

Successful AI projects strive for small, incremental gains per iteration. The project managers apply the model to a small sample of the data, work out the glitches, and scale up in increments.

The best application of Artificial Intelligence (AI) services & solutions depends on specific enterprise needs. Therefore, business executives who align AI with value creation deliver competitive advantages.?

Using the right tools makes the task easy and helps the enterprise avoid the pitfalls of AI-led business transformation.

If you're a small business owner looking for a 1:1 FREE Tech-Consultation, please Contact Me!