You might have heard about Artificial Intelligence (AI). These days it is proving to be quite a bit of a hot topic. But many people are still not fully aware of it or what it stands for. In their minds, they may equate it to Skynet from the Terminator films and fear that it’s going to take over the world.
But, let’s refrain from panicking and coming to hyperbolic conclusions. The technology does not justify the fear of an apocalyptic future like that. At least not yet. What people really need to know right now are the benefits of AI and how it can change our lives for the better. This is especially true for business owners because AI has the potential to revolutionalize entire industries.
What is Artificial Intelligence (AI)?
AI is broadly described as any human-like task performed by a program or a machine.
AI is usually divided into two types: narrow AI and general AI. Narrow AI refers to what we see in our computers today; systems that can only learn or be taught how to do specific tasks. Examples include Google Assistant, Amazon’s Alexa, Apple’s Siri, Self-Driving Cars and even recommendation engines.
General AI is different. It implies the type of adaptable intellect found in humans. This means learning how to carry out vastly different tasks like cooking, cleaning, playing the guitar, or debating on a topic based on personal experience. This is the type of AI portrayed in Terminator. Scientists are still debating about how much more time humans need to perfect general AI.
Top 10+ Artificial Intelligence (AI) Tips For Business Owners
Business owners can benefit from AI in numerous ways. Some of them include:
● Intelligent CRMs
Customer relationship management (CRM) systems are rapidly incorporating AI. CRMs basically compile consumer information from different channels and provide the sales department with an integrated environment to manage interactions with current and prospective consumers, and automate marketing and lead generation.
With AI-supported CRMs, businesses can now automatically get further insights from their consumer data. This way their marketing and sales teams become more efficient and in turn, customer satisfaction rises.
● Bringing More Efficiency to Marketing
Business owners can now take advantage of AI and improve their marketing. With AI, you can now leverage customer data and Artificial intelligence concepts, like machine learning, to predict a consumer’s next move and improve their overall experience.
● Getting an Edge over Your Rivals
Gone are the days when business owners needed to go through various sources to get a clear picture of what their competitors are doing. Now, you can buy AI-powered analysis tools that can track your rivals across different channels, look for price changes, and catch slight deviations in PR activities.
● Spending Fewer Resources on Customer Communication
With the introduction of chatbots, business owners don’t have to pay for a 24/7 human representative. Chatbots on websites can initiate customer interaction and answer a few questions themselves.
● Streamlining Human Resource Tasks
AI has unexpectedly started to affect HR activities as well. Now big businesses can get AI software to wade through thousands of applications. It can find a candidate that closely matches the specified criteria. This way they can get the best candidate available and also save on time and resources.
● Managing Employee and Client Expenses
Business owners can now easily manage their employee and client expenses through the use of AI. Automated solutions allow staff to easily track and record expenses. Everything from travel, food, or buying something from a client - it’s now all automated.
● Creating Email Contact Lists
Now you don’t have to manually look for potential clients in order to form an email contact list. An AI software will go through social media to accumulate a list of contacts. This will cost less time and eliminate potential human errors.
● Self-Driving Cars
As this article by ethical car recycling company Scrap Car Network points out, there are still some issues with self-driving cars. But the self-driving car is the future of corporate fleets and the future needs to be safe. It’s a new technology and market but with every advance, self-driving cars are proving themselves to be safer, easier to drive and better for the environment. Businesses stand to save money and improve efficiencies through self-driving cars.
● Categorizing and Observing Data
For large businesses dealing with big data, a wealth of information can be gained by observing and categorizing data. Doing this constantly can identify unusual trends that could provide critical insights regarding certain markets and industries.
● Intelligent Time Tracking Software
Many business owners are now implementing time tracking software into their companies. But what’s better than a regular time tracking software? An AI-enabled time monitoring software With this, employees can receive advanced intelligence reporting and find out time spent on each task, project, and window.
● Providing Recommendations and Detecting Fraud
AI can provide you with customer recommendations and help detect fraud. For example, a travel insurance company can form an optimal plan for a trip based on data given by the customer. Similarly, the chances of detecting fraudulent claims can also be increased.