6 Applications of Artificial Intelligence for Small Businesses on a Budget

AI-boosted service is no longer limited to big technology companies and the corporates. Thanks to Datoin, a new generation AI-based automation platform, AI can be utilized for targeting and selling to new customers by companies of all sizes.

A few years ago, the idea that a machine would be capable of thinking and making decisions as humans sounded like dystopian fiction. Today, Artificial Intelligence (AI) has now become a way of life for most of us.

From mundane tasks such as setting alarms, receiving suggestions on our streaming services to guiding us through a city using real-time maps, AI is everywhere. In the business world, AI has become the fuel that drives innovation.

A 2019 report by KPMG claims that companies spend an estimated $75 million on hiring AI talent.

A 2019 report by KPMG claims that companies spend an estimated $75 million on hiring talent capable of doing artificial intelligence..

The same report found companies investing in AI to have a 15% improvement in their projects.

On the other hand, SMEs are struggling to adopt AI because of the common misconception that AI requires a huge investment.

Datoin is an AI-based automation platform for small businesses on a budget, who do not want to break their bank to incorporate AI and Machine Learning (ML) in their operations. Our platform – a ready-made solution helps small and medium businesses harness the capabilities of AI on a plug-and-play scale.

Click here to sign-up for using AI and Ml for free, with Datoin – https://app.datoin.com/signup.

Here are the 6 applications of AI that improve an organization’s performance across various departments.

  1. AI improves efficiency

As an entrepreneur, the goal of your business is to drive greater profits while investing in resources wisely. AI helps automate repetitive tasks, thus saving time and money and increasing operational efficiency.

AI-powered voice assistants find great use in the business workplace because they assist users in taking notes, setting reminders for meetings, and recording presentations – all of which earlier required manual human intervention.

  1. AI augments sales forecasting

A Gartner research report states using AI in sales can increase conversion rates by up to 30%. Sales is the driving force of any business. Because it is impacted by short term trends such as user preferences, promotional offers, and price changes, sales forecasting is often a challenge.

Using artificial intelligence in sales can increase conversion rates by up to 30%.

AI-powered algorithms are capable of predicting highly potential leads by scanning through historical past data and current real-time data. By taking into account all of the factors that could affect a sale, these algorithms identify trends and predict sales forecasts in business.

With these insights, businesses are better prepared and more informed about the necessary steps to take to drive more sales.

In this article, you can learn more about AI-led sales forecasting.

  1. AI increases productivity

Tasks that involve manual intervention are usually time-consuming, expensive, and prone to errors. AI helps automate repetitive manual tasks such as organic lead generation, customer support tasks, and so on.

AI algorithms can complete tasks in a shorter time period without any errors, thereby increasing speed and overall productivity.

American motorcycle manufacturer, Harley Davidson was able to drastically improve the number of leads they were generating by using an AI marketing platform. Within three months of using the platform, the company saw a 2930% increase in leads.

  1. AI enhances the customer experience

Customers today want instant help and do not prefer to read or write long emails to companies. And customer experience is an important factor to consider in business, especially because consumers have more power than before.

A report by Gartner suggests that by 2020, 85% of customer service operations will start using chatbots for business. It is no big surprise that an increasing number of customers prefer chatbots over interacting with customer service representatives because they answer the queries immediately, 24/7.

AI has made it possible for chatbots to understand and answer customer queries, thus significantly improving how organizations do business.

Ecommerce businesses especially use chatbots to collect consumer data, track consumer behavior, and ensure that they have a smooth experience.

Learn ways to improve your customer experience here.

  1. AI improves ROI

As we know, businesses can employ AI platforms and algorithms for acquiring highly qualified leads, designing better sales campaigns, and enhancing the customer experience.

An Accenture research study has found that AI can increase profits by 38%, thereby boosting the US economy to 14$ trillion by 2035.

For example, an energy producer can directly tie their investment in an AI-powered predictive maintenance system to boost their equipment up-time or reduce maintenance costs.

By having streamlined processes and effective business strategies in place, and leveraging AI, you can derive a higher return on your investments.

  1. AI improves customer acquisition rate

For any organization, having a sustainable business is commensurate with customer acquisition and retention. With a multitude of options to choose from, and social media largely influencing customer behavior, customer retention is a challenge most companies are facing today.

Businesses spend a great deal of money and resources to be able to provide customers a seamless, hassle-free experience. If they fail to do so, customers are quick to move on to other options, and even be vocal about a bad buying experience online.

AI-powered algorithms are capable of tracking consumer behavior when it comes to making purchases, declining offers, levels of satisfaction, demographic influences, and so on. These algorithms learn from these data sets and predict whether or not a customer will make a purchase, and when.

In addition, the algorithms continually learn from the data being collected and improve their output.

If you want to know how to boost customer churn for your business, click here.

Wrapping up

Just like any SMB entrepreneur, your goal, too, is to expand your business, attract more customers, and drive more revenues. Interestingly, in the course of the next four years, AI investments will boost revenue by over 30%. And, that shows AI is a must to focus on.

Datoin is an ML-driven AI platform for SMEs. The platform helps you experiment with data with a minimum investment of resources, skills, time, and money. Interested?

To begin using AI/ML with Datoin for free, sign-up here. See for yourself how AI can make a difference to your business.

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