Artificial Intelligence for Small Businesses
Artificial Intelligence (AI) has become a part of our daily lives whether we are aware of it or not. Media-services providers such as Netflix, for example, use a machine learning algorithm to analyze your content preferences and make recommendations accordingly. Banks offer an ability to deposit a check using your smartphone device, ride-sharing services use AI to calculate the best route and reduce the number of detours, and social media platforms such as Facebook and Instagram, use face-recognition technology to identify and tag you in photos. We’ve been using AI daily for some time now and its presence in our lives will only increase in the future.
Small businesses are the first ones to benefit from AI as this advanced technology allows them to automate various manual (and often tedious) processes and let them entirely focus on what’s important –business growth. Let’s have a look at what AI can do for your business.
Use AI to power your marketing efforts
There are many ways to use AI in marketing, especially when it comes to audience targeting and segmentation. AI allows you to reach any, even very specific, group of audience by identifying common properties and behaviours. Facebook and other social media platforms interpret your customer’s behaviour and can make tailored recommendations in real time. When it comes to ads, AI can determine the best time of the day and the best place for your ad to show and invest more into high valued customers.
Use AI to improve your operational processes
Having important information about your business at your fingertips can provide a huge advantage when it comes to making decisions. Let’s take inventory management as an example. Predictive algorithms can forecast your inventory needs and make a suggestion on similar items your customers might be interested in. From analyzing historical delivery data to forecasting when the orders will arrive to your warehouse, AI can be exceptionally useful. AI can predict cash flow and analyze profitability of each product line sold at your business. With a simple inventory dashboard, you can know exactly how your business is doing on inventory at any given moment.
Use AI to keep an eye on your customer base
Being preoccupied with day-to-day operations, it’s not easy to find time to analyze what your customers are doing. Good news is that Business Coach can do it for you! Business Coach is a powerful business tool designed to help grow your business by increasing sales and fostering long-term brand loyalty.
Business Coach is a part of your Merchant Dashboard reporting portal, where your monthly merchant statements are found. You can access it by simply logging into your Merchant Dashboard account using your usual credentials. With today’s advanced technology, every purchase paid for by card leaves an electronic trace. Card brands like Visa and MasterCard know when and where their cardholders shop.
Having access to this valuable data can give you a notable competitive advantage because understanding your customers’ shopping habits is essential to your business’ success.
Business Coach provides this information to you in an easy and user-friendly format along with great recommendations and actionable items, so you can make better business decisions.
Use AI for customer service solutions
Pro-active problem solving can take your customer service to the next level. AI-powered solutions can analyze previous interactions with the account and give your employees valuable information on the context of the situation and your customers’ preferences. With AI, your customers will not have to explain the whole history on the account and your employees would be able to offer a highly relevant solution.
As AI becomes more affordable, it will start playing a bigger role in the coming years and give those who invest in it an evident and competitive advantage. Start with a simple online research to understand the availability of AI powered solutions that already exist in your industry and how it can help to boost your business.