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Cracking the AI Code: How It Can Help Your Small Business Grow

July 09, 2018

Artificial Intelligence is the key to more customers and bigger profits. Do you know how to use it to overtake competitors?

What was once a futuristic concept confined to sci-fi movies has become a reality for even the smallest startups. Artificial intelligence (AI) is everywhere and for businesses, the adoption of AI--the simulation of human processes by machines--offers a wealth of opportunity.

Take a look at five ways AI technology can get your business more customers, outdistance your competition in the process, and earn you bigger profits.

1. Improve customer service. 

To better serve your customers, use of chatbots and machine learning systems to handle customer support questions. These interactive, real-time experiences are like "live chat," but instead of having a human being on the other end, you deploy an AI app responding to customer inquiries.

Unlike human assistants, chatbots and other virtual assistants can respond to customers any time of the day or night at significantly less cost than staffing a 24/7 call center. This has a positive impact on business operations and the overall perception and momentum of a brand, putting you a step ahead of competitors.

One example is Emirates Airline, which is utilizing chatbots to interact with hundreds of thousands of customers each day to provide vital information about delays, flight schedules, and more.

2. Solve problems and make decisions.

As AI becomes increasingly sophisticated and innovative, it is being used to help businesses overcome problems. For example, intelligent agents are being used by cybersecurity firms to identify malware. Online payment organizations such as PayPal are executing AI technology to prevent money laundering.

In addition to solving problems, businesses are also using AI to help them make decisions faster and better than humans. Even a small web publisher can use an AI-based system like Ezoic to test and optimize ad layouts in real time, based on visitor behavior. Without AI, that simply wouldn't be possible.

3. Automate processes for greater efficiency.

From automated car booking systems to automated checkouts at supermarkets, AI is automating routine processes. Businesses that are implementing these ultra-efficient and fast automaton systems are benefiting from more cost-effective, proficient, and reliable processes.

Customers and clients benefit from convenient and fast systems to make bookings, lodge complaints, make purchases, ask for refunds, and much more. Automation ensures each action is carried out identically, thus resulting in high quality and reliable consistency.

This guarantee of quality coupled with efficiency and time-saving benefits means businesses that employ automated systems are able to deliver consistently high-quality products and services, resulting in more satisfied and loyal customers.

4. Close more sales with AI training.

Sustained business success requires a dynamic sales team to generate revenue and growth and put you a step ahead of competitors. AI is being implemented by savvy businesses to help salespeople sell better. Tools such as Jog.AI transcribe calls that sales reps make. These calls can then be monitored, analyzed, and compared with the calls and strategies a business's most successful sales reps make.

By analyzing the performance of calls, AI can be used to train sales teams to become more successful communicators and sellers.

5. Improve marketing with AI-influenced analytics.

AI technology helps companies gain invaluable insights about data, act upon what they learn to improve marketing techniques and campaigns, and ultimately reach new customers. Businesses that are utilizing such analytic innovation are able to create more refined and targeted marketing strategies to address the personalized needs of their buyers. So they are distancing themselves from competitors and nurturing business success and growth through AI-influenced analytics.

In order to survive, develop, and thrive in today's rapidly-evolving and advanced business climate, it is vital to embrace new AI trends, and quickly--or you may be left behind.

This content originally appeared on Inc.

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