As Artificial Intelligence (AI) and Automation are becoming increasingly advanced by the day, often quite literally, they are playing a bigger role than ever in small business operations. The purpose is typically to reduce the number of manpower hours necessary to do routine tasks, but this is often most useful in terms of data analytics.
Add to those two technologies the field of machine learning, and you can expect big strides in AI for use in businesses of any size, but most especially for small businesses that never had the budget to leverage technologies in their infancy. Bear in mind that, as the field of AI advances, there will be more options available and that will often result in less costly platforms. For today, however, three of the ways small businesses can, and should, leverage AI is as follows.
1. New Account Verification
Do you remember the days when you had to physically go into the nearest branch of a bank to open an account? You had to bring at least two forms of identification, proof of residence, and perhaps even proof of employment to open certain kinds of accounts. Today that is no longer necessary because of bank AI that verifies all your information in mere nanoseconds. You can open a bank account online within just a very few moments because AI and automation gather sources to analyze based on the information you provided.
Today’s small businesses can learn much from the bank AI new account verification process. This is especially important if they are going to authorize credit accounts. Since most people shop online now anyway, it makes sense to harness the speed and power of digital account verification if you want to grow your creditworthy customer base.
2. Greatly Improved Customer Satisfaction
When it comes to customer service, nothing is as frustrating to consumers who need an answer to issues, they might be having, and they need those answers now! In the early days of internet technology, they could send emails to the customer service department and would feel lucky if they got a callback or a reply to their email even within a day or two.
AI and automation have greatly improved online customer service to the point that a live operator might not even be necessary. Artificial intelligence is able to quickly offer key suggestions for help topics or lead the customer forward to a live operator in a chat. This is just one of the ways in which AI can greatly improve customer satisfaction with today’s small businesses.
3. Marketing Trends
Then there is data analytics and staying ahead of today’s marketing trends. Since small businesses understand the need for great marketing strategies, the speed at which AI can gather and analyze pertinent trends is simply amazing. The three technologies are often used together to offer greater options in marketing trends and tools. There is nothing like the combined power of AI, automation, and data analytics to gather and assess marketing trends as they relate to your small business. Add to that machine learning and you have a powerhouse of technology at your disposal!