How Small Businesses Can Leverage The Power Of AI

Artificial Intelligence (AI) can help streamline the operations of small business owners by solving problems that are too advanced for most people to analyse or automate tasks that take up too much time and money to complete. No longer the domain of large corporations, it is becoming increasingly simple and cost-effective for small businesses to implement AI solutions.

If you are considering implementing AI into your business, list the repetitive tasks or problems in your business that you want to solve, and Google if there are any AI tools that can automate these for you. Business Foundations has compiled a list of areas in your business where you can start considering the implementation of AI tools.

1. Marketing

For content ideas.

Whether you are developing content for your blog or social media, it can be hard to determine what your customers want to read about. A social listening tool such as Answer The Public uses AI to monitor Google searches around a particular keyword so that you can see what people are searching for in your industry. This website does offer a free version, where you are only able to search for one or two keywords every 24 hours.

For writing blog posts

ChatGPT launched in November 2022 as a revolutionary entrant into the AI space. ChatGPT can write code, discuss topics with you, write music, and of course, write copy and blog posts. As ChatGPT is still new, it’s not quite perfect yet, but it can make a good start on your copy so that all you need to do is review and post. Create an account with OpenAI to start using ChatGPT here.

Increase lead generation and conversion rates.

A Customer Relationship Management (CRM) system can use AI to identify patterns in behaviour and a lead’s position in the marketing funnel using data gathered over the phone, email, or via social media. The AI is then able to use this data to trigger a particular marketing action, such as an automatic follow up email, which will bring them closer to conversion.

Conducting competitive analyses.

It is important to stay updated with exactly what your competitors are doing so you can always be one step ahead in the consumer’s mind. An AI platform such as Crayon is able to track your competitors’ activities across their website and social media to identify the slightest change in ad-wording or pricing. Knowing this information straight away will ensure that you are always able to react quickly to any competitor activity that may threaten your business.

Making product predictions.

AI software is able to analyse the data from your e-commerce store and predict what your customers will buy next. This allows you to tailor your marketing and sales strategy accordingly, to ensure that the right messaging is going to the right people at the right time.

2. Financials

Predict and manage cashflow.

The sustainability of your business requires you to keep a close eye on your cashflow. This can be automated through AI, such as through Intuit’s Cash Flow Planner, which predicts cashflow 90 days into the future. If the AI can sense that a negative cashflow situation may occur, it provides an alert to the business owner as well as a recommendation on how to avoid the situation. The program can also advise on strategic decisions in the business, such as whether your cashflow position can manage taking on a new employee or buying a new piece of machinery.

Identify where you are making money.

Your business can use AI tools to review your business’ financials and compare the time and money you spend on delivering a product or service compared to the money you make from it. This is invaluable knowledge, as you will then be able to centre business decisions and focus more of your effort into what is making you the most money.

3. Cyber-security

Strengthen your cybersecurity.

AI can also help protect your business against external cyber threats. An AI platform such as Darktrace can learn your normal business operations and identify any suspicious activity occurs. With this program, your business can stop sophisticated cyber attackers in real time.

4. Customer Service

Customer support.

One of the most obvious implementations of AI, is in the use of chatbots for SME customer support. Chatbots answer simple questions instantaneously, allowing your business to be available to its customers 24/7. If a customer is able to have their questions and support needs answered quickly, they are far more likely to convert to your business. In addition, chatbots can store and analyse data from these conversations to help you make smarter business decisions.

It is becoming increasingly easy for businesses to implement AI technologies to improve their efficiency and refine their business strategies. For more cyber and digital support, check out our Cyber Security workshop series here.