Entrepreneurs who have just started their business or startup can use the power of how can AI help my Business. Business is a new world for entrepreneurs as they do not have any past business experience.
Artificial Intelligence proves to be very helpful to the entrepreneurs as it helps them with analysis of data, market conditions, deciding the most effective marketing campaign & forecasting the future trends. AI-powered tools make the journey of entrepreneurship comfortable as it provides an analysis of complex data in the form of easy to understand reports.
This helps entrepreneurs to plan business strategies & take calculated risks with very fewer chances of losses. Effective use of Artificial Intelligence can definitely help the entrepreneur to grow their business in a highly competitive market.
Artificial Intelligence has the most significant on the sales & marketing functions of the functions. For entrepreneurs, the selection of a correct marketing campaign can drive the growth of the business’s sales. AI-powered tools not only helps in formulating future sales & marketing policies but also provides meaningful data reports to choose the most appropriate sales & marketing channel.
AI-powered tools can be used to train the sales team. Tools like Gong, Jog, etc. can be used to record & analyze every sales call. These tools help to analyze customer interaction with the sales executive. All the calls are analyzed to frame effective sales policies & recommend improvements. Such sales policies can be shared with the entire sales team.
Artificial Intelligence is used to selecting an effective marketing channel. Artificial Intelligence is used to analyze the market conditions & their target customers. This will enable the entrepreneur to select the marketing channel that is most suitable for their business.
The selection of the correct marketing channel is very crucial. If the time, efforts & money are invested in the wrong marketing channel, then the whole purpose of marketing gets defeated. Entrepreneurs will not be able to reach their target audience.
The use of Artificial Intelligence-powered tools leads to improved sales close rate. Based on the analysis of sales data, AI-powered tools such as Exceed.ai, Node, Hubspot, etc. can help the sales team to prioritize the leads based on their probability of getting close. This helps the sales team to focus only on the relevant leads, which in turn increases the close rate.
Also, the AI-powered tools help to reduce the workload of the sales team by contacting the leads, which they are not able to contact due to time constraints. In this manner, the entrepreneurs can use Artificial Intelligence to focus & close the relevant leads that will eventually AI help my Business without wasting resources on the irrelevant leads.
Also read: Adoption of Artificial Intelligence in Business: Better Future for Internet Companies
The success of any business depends on its customers irrespective of its size. Maintaining a healthy relationship with customers is highly important. With the advent of various online communication channels, customer relationship management has become a complex function for businesses.
Moreover, the customer’s expectations from the business have also increased considerably.
The satisfaction level of the customers depends on their experience when they communicate with the company. One dissatisfied customer can turn off many prospective customers. Entrepreneurs can use AI help my Business to perform this complex task.
AI-powered tools and applications can be used to collect data on every customer interaction and convert the data into actions that can make the customer’s experience pleasant.
To retain the existing customers & acquire more new customers, entrepreneurs can Artificial Intelligence to provide a personalized experience to each customer. AI-powered tools can analyze data about the customer’s preferences, likes, dislikes, past purchase history to deliver a personalized experience.
AI-powered tools such as chatbots can give 24/7 experience to the customers. Many questions are asked frequently by the customers. All such questions are analyzed, and suitable answers are framed. Whenever any such question is asked, chatbots answer it automatically. The majority of calls that are received are often the same as is this item in stock, what is the opening & closing time, do you deliver to a specific area, etc.
Such questions are simple to answer and repetitive. Answering such questions consumes most of the time, and customers are made to wait until the call connects. These questions can be passed to chatbots so that customers are given instant answers. This makes the customer experience satisfying & drives the growth of the business.
Business is not a single activity. It is a group of activities that needs to be done in a synchronized manner to achieve a common objective. Most of these activities are repetitive & performed daily.
If the entrepreneur is involved in all such activities, he will not be able to do the core activities that will grow the activities. Entrepreneurs can employ a team for all such activities, but this increases their cost.
Entrepreneurs can use Artificial intelligence for automating the daily operations of the business. Automating different business functions in an integrated manner that can perform the daily business operations with zero error can save the time, money & effort of the entrepreneur. The time which is released due to this automation can be utilized by the entrepreneur to focus on major strategic decisions that can take his business to new heights.
For example, in an e-commerce startup, there are numerous items that are sold. It is not possible to keep track of the stock of every item manually. AI-powered keeps a track on the stock of each product.
When the stock of any item reaches the reorder level, the AI-powered tool automatically indicates this to the purchase manager & once he approves, places the order with the vendor.
It also keeps a check on the quantity, rate & delivery time. This will help the entrepreneur and AI help my Business to save lots of resources that can be reinvested in the business for its growth.
Also read: 5 Data Trends in 2020 every Entrepreneurs need to Know
Entrepreneurs can use Artificial Intelligence to hire smart talents to drive the growth of their business. Entrepreneurs can face challenges in hiring new employees because they have no prior recruiting experience.
One job posting can generate hundreds of applications. Scanning through these applications and finding the right talent by using traditional methods is a very complex task. Hiring a wrong employee for the top position can damage the future growth prospects of the business.
AI-powered hiring tools can analyze past hiring practices to find the most effective practice. Secondly, AI-powered chatbots can be used to answer the questions frequently asked by the applicants.
Entrepreneurs can post the job requirements on the AI-powered tool. Then the tool can scan through the resumes and shortlist the relevant resume. This will prevent the entrepreneur from wasting resources on illegal hiring practices. AI-powered hiring tools can transform the complex function of hiring into an easy, quick, unbiased & cost-effective process.
On the other hand, Artificial intelligence also helps entrepreneurs to identify the employees who are no longer required due to the automation of various functions.
Artificial intelligence can be used to analyze the behavior of the employees and indicate the employees who have shown unethical behavior. This will promote a healthy working environment in the organization.
The extent to which entrepreneurs can use Artificial Intelligence in their business is unlimited. The scope of integrating Artificial Intelligence in the various business functions is limitless. Artificial intelligence can help in every aspect of the business.
By using applications powered by Artificial intelligence in the business, entrepreneurs can take advantage of higher & favorable response rates from the customers because they are now able to hit the right spot with more precision and accuracy.
Artificial intelligence helps the entrepreneur to bring down the cost of performing most of the business functions like sales, marketing, customer relation management, hiring, purchase, inventory management, etc. The benefits of using Artificial intelligence will help entrepreneurs to stay ahead in a highly competitive business environment.
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