Artificial intelligence (AI) is no longer the way of the future, it is the present and can be visible in almost every aspect of business.
AI is particularly helpful when starting a business and rapid expansion is not a viable option. Simply put, using various AI tools can cut the workload in half at a fraction of the cost.
It can also help you bring money into the business without you having to be there physically.
Here are instances you may have use AI but not realised it were being used:
Unlocking your phone
Facial recognition technology is a type of biometric technology that recognises a person by their face. It is also known as biometric artificial intelligence and it is used to record a person’s facial recognition and texture, including their nose, eyes, and facial features.
Automatic security check-ups
These days social media platforms like Facebook or email service providers like Gmail or even streaming services like Netflix, have a security check-up to help keep your account secure. They would alert you (the user) if they suspect it’s not you trying to log into their platforms. Some even allow for a two-factor authentication process.
Email messaging and security
Grammar and spell checkers are email tools that use artificial intelligence and natural language processing to draft messages free from errors. Spam filters block suspected spam emails or identify desired emails, while anti-virus software uses machine learning to protect email accounts.
Search engines
AI plays a crucial role in search engines, enabling personalised ads based on the user’s search history. These ads follow users around the internet, aiming to display items that the algorithms believe users will value.
Smart homes
Smart homes are becoming increasingly common, with thermostats learning heating/cooling preferences and habits. Smart refrigerators create lists based on what’s no longer in the fridge and offer wine recommendations. These smart appliances are expected to become more common in the future.
Banking
Artificial intelligence plays a crucial role in the banking system, ensuring transaction security and fraud detection. It helps verify transactions and access online banking accounts. Additionally, AI verifies purchases in stores, determining if they are normal transactions to prevent the unauthorised use of credit cards.
Online bookings
Travel agents and companies can use AI to predict customer behaviours and also provide an efficient service to their customers online. Booking platforms can, for example, use the data from a traveller to offer suggestions and predict offerings to the potential customer.
According to Gartner Inc.’s top strategic tech trends for 2024, more than 80% of businesses will have implemented integrated generative AI (GenAI) applications in production settings or integrated GenAI models and APIs by 2026. An analysis by Stuff.co.za has shown that the above mentioned trend has significant ramifications for businesses in South Africa as it leads to the democratization and accessibility of knowledge and skills.
One way AI is already changing the way businesses work is through marketing. AI has become a common marketing tool, with it popping up in campaigns such as Nike’s ‘By You’ campaign which uses AI-powered personalization to enable customers to design shoes.
Coca-Cola held a competition in early 2023 for digital artists, ad creatives and fans to create original artwork for advertisements using iconic assets from the Coca-Cola archives. The competition was conducted using “a first of its kind” AI platform.
Despite these global success stories, many small businesses are nervous to adapt as they fear losing their voice. However, experts say this does not have to be the case.
According to the Harvard Business Review, there are three types of AI within the business sphere, when looking at AI through the lens of business capabilities rather than technologies.
AI can support three business needs, these are:
Before embarking on an AI initiative companies must understand which technology performs what types of tasks. It is also very important to know the strengths and limitations of the technologies you wish to implement.
Questions you should ask before utilising AI in your business
Be sure that you are not just jumping on the latest technology bandwagon. Set out your goals and how you want to achieve them first.
Are you looking to enhance your customer support, streamline data analysis, optimise campaigns, or increase productivity? Knowing what you need help with will assist you in choosing the right software.
Think of security, deep fakes, or copyright infringements. Are there any possible risks and how can you be alerted and avoid these risks?
Note which roles are most at risk of being eliminated or reduced in your organisation. Also, be aware of the new training and upskilling your team might need when adopting AI.
Start by leveraging AI in marketing
With its unparalleled automation capabilities and insightful insights, artificial intelligence (AI) technology has ushered in a new era of marketing and sales strategies. Businesses can improve internal sales tactics and create tailored marketing campaigns by utilising AI-powered analytics to obtain a deeper understanding of their target audience.
AI technology is becoming a more crucial component of managing a business as it advances. By implementing AI today and learning how to use it most effectively, you can position your company for long-term success.
These are just a few of the most effective ways to incorporate AI into your marketing plan. The more AI you use and experiment with, the more proficient you’ll be able to use it. This can have a significant impact on a small business’s overall productivity and efficiency.
There are ways you can use AI in marketing without losing your brand identity.
Personalized marketing
AI can assist you in developing individualised marketing campaigns by analysing consumer data. AI, for instance, can make personalized product or service recommendations to each customer based on their past purchasing patterns and preferences.
Email marketing
Email is one of the most dependable marketing channel and small business owners can greatly streamline their email marketing process by utilising AI. Small businesses can send targeted emails to particular audience segments with the aid of AI-powered email marketing tools. To increase open and click-through rates, these tools can optimise send timings, subject lines, and content.
Chatbots
AI chatbots can help small businesses by answering frequently asked questions, offering round-the-clock customer service, and assisting website visitors with the sales process. Using an AI chatbot on your website can save a lot of time spent responding to customer inquiries if you’re a small business with a small staff.
Social media management
Social media is a crucial component of any marketing plan for small businesses. To strengthen a business’s social media presence, AI tools can help plan social media posts, evaluate engagement metrics, and make content recommendations. AI can also be used to assist in the creation of social media captions.
Ad campaign optimization
If your company uses paid advertisements, you can maximize your ad spend by utilising AI tools. AI can maximize return on investment (ROI) in online advertising campaigns by instantly modifying bidding tactics, targeting choices, and ad creatives. AI tools can also help you create ad copy and content, making it simpler to manage successful paid campaigns.
One of the benefits of using AI is that it can save you time and increase your productivity.
Use AI for customer service and support
Customer support and service is one of the most popular use cases for artificial intelligence in small enterprises. By answering consumer inquiries and automating customer support, AI systems can significantly reduce the workload for customer service representatives. This can be very helpful for small businesses, as they may not even have a team dedicated to customer service.
Utilise it for marketing and sales campaigns
Sales and marketing are two of the areas where AI is being used in small businesses the most. Many AI tools are available to assist with creating sales and marketing content, automating marketing procedures, making better use of data, customizing customer journeys, and more. AI can be used in a variety of ways by small businesses to improve their marketing campaigns, from AI writers to tools for creating videos. This relieves a great deal of the burden on marketing teams and can help small businesses market more effectively with fewer staff members and specializations.
Use AI for business operations and productivity
As a small business, you have limited time and resources. It thus makes sense to increase productivity with AI-powered tools. Here, automation is essential because software can be used to automate a wide range of manual tasks that would otherwise take a lot of time.
Optimise your business’s financial management with AI
Using AI to simplify financial management in a company makes perfect sense. Numerous tools are available to help small businesses save a tonne of time and effort while increasing the accuracy of their bookkeeping. If you lack extensive expertise in accounting and financial management, employing appropriate artificial intelligence tools can greatly simplify your life.
Embrace AI in Human Resources
AI can be used in HR, whether you’re hiring new employees or looking to streamline your employee management process.
Leverage AI in cybersecurity
In the digital age, protecting your company is crucial. You can do this with the aid of the appropriate AI tools. AI-powered solutions can shift through vast amounts of data to identify abnormal behaviour and detect malicious activity.
Now that you have all the information you need, where in your business do you think you can use AI first?
Read Also: Your SME Guide to Cybersecurity