Is Artificial Intelligence the Future of Business?

According to the 2019 survey conducted by the Gartner CIO, 37% of companies have used some kind of machine learning or artificial intelligence. The survey represents big companies and has serious budgets. Do not be fooled however, that machine learning and AI is only for major companies.

Today tech companies offer machine learning and AI options that small and mid-size firms can afford. Many small businesses have already started to use leading-edge techs such as machine learning, artificial intelligence, and natural language. Therefore, instead of watching the people adopting, read the following ways that you can use AI for your business.

Technology to Inform Decision Making:

Many businesses continue to invest in AI capabilities. While big brands have enough money to invest and expect great results from their investments, computer algorithms will play a critical role in business in various fields.

This means that Artificial Intelligence grows and advances in handling data and interpreting it, and it will be able to do this much faster. As such, businesses can create better, customized, and lucrative marketing campaigns.

As AI applications record and analyze patterns and insights from videos, images, numbers, and texts, you can spend money based on the data you have from deep learning and AI.

Apart from enhancing decision making, using AI helps in creating automated decision making, thus helping customer service in making some tough decisions. Remember, it is vital to be transparent to customers.

Information Technology and Security:

The major security and IT companies in the world use AI. According to a recent study by Tata Consultancy Services, 45% of 840 companies have already adopted AI to detect and prevent security breaches. 41% are using the technology to solve user technology issues, while 34% use AI to reduce human resource by automating it, yet another 35% use an explainable AI system to assess internal compliance for tech vectors.

Increase Sales and Marketing with an AI-Powered CRM:

CRM stands for Customer Relationship Management. It is a system that is designed to collect data across different channels like social media, email, and phone to help in the automation of the sales process.

Software such as Salesforce has started to integrate AI that assists small business entities to collect and analyze data from customer reviews and feedback from these channels and enhance lead generation and marketing efforts based on the collected data.

AI- integrated CRMs can optimize lead generation results, letting you create more leads for the same amount of marketing dollars. They have started to show how artificial intelligence can be used to gather sales and marketing insights, maximizing customer acquisition process.

Improve Hiring and Retention:

It is not easy to hire and retain talent. It is always a huge responsibility for companies. Smaller organizations, however, have either a small team or a formal HR department or solo practitioner. If you run a small business, the number of human resources can be stressful for one individual.

Fortunately, HR tech has advanced to machine learning and AI to curb on repetitive tasks and fasten functions that required plenty of manual work.

An AI-powered applicant tracking system can help to manage the recruitment process by adding CVs that matches job descriptions, contacting applicants, and manage interview scheduling. This process reduces favoritism during the recruitment process.