AI empowers enterprises to build comprehensive profiles of customers and realign their business processes around their needs and expectations. AI is one of the excellent ways to help SMEs to achieve their goal shortly.
Do you know the Sci-Fi movies you watch are based on AI? Maybe yes, maybe no right? Yes, almost all of them are based on AI. And you can say they are today’s reality. AI has already changed our ways of thinking and interacting with each other. Whether it’s in healthcare, education, or manufacturing, AI is getting great success in almost all the industry.
Do Chatbot, robots, and digital assistants intrigue you? What about automated vehicles and virtual assistants? They’re all part of the world of artificial intelligence. AI is a field of computer science that focuses on the creation of a machine that can replicate human behavior.
According to the research, AI as an industry is projected to surpass $390 billion globally by 2025, up from $24.9 billion in 2018.
Advantages of AI to SMEs:
Here let’s have a look at how AI is changing today’s world and helping grow the SMEs.
· Increases Productivity:
By cutting down on time employees spend chasing documents in search of the right information, AI can help to get more in-depth insights into a particular process and consequently to reach a better decision. It is commonly perceived as AI might end up taking away jobs from the labor force, but the actual concept and purpose are to create jobs and responsibilities more efficiently.
54% of executives have said that AI has already increased their business productivity. AI can be extremely beneficial in the automation of operational functions, such as financial management, risk mitigation, accounting and even legal work.
· Customer Satisfaction:
What should be the aim to implement any new idea or technology? Generating ROI? Yes, true but what’s the most important aspect of every business? “Customer Satisfaction”, if your customer is not satisfied then whatever new update or ideas you are bringing in won’t make any sense.
A recent MIT Technology Review Insights survey of more than 1,000 business leaders discovered that 87% of respondents have begun deploying AI in their business, with most implementing various programs to improve customer service.
AI allows SMEs to integrate customer service at a lower cost. AI can use its never tiring speed to speed up data processing capacity and fetch all the required information on any particular customer or bunch of customers. The automated answers to this will reduce the burden on employees of manual work and as clients would always be answered on time, they will be more satisfied.
They are robots, they don’t get tired, and they don’t sleep. The bots will reply to your queries at any time in a good manner without getting irritated.
· Data Collection:
Like the bigger corporations, smaller businesses might now have the luxury to gather enough data for their business. But with the help of AI, they can do it as well. Data Robots partner with multiple organizations that can assist in collecting, storing and transforming data to make it ready for predictive modeling.
· Increase in ROI:
AI cannot directly generate or increase the ROI of any small or big organization but with the help of AI, there can be a visible increase in the Revenue.
Major companies have begun to adopt AI and machine-learning as per the requirement and capability of a firm. With the benefits of ranging from allowing for data-driven decision making to creating a highly personalized customer support system with reduced operations cost, AI has helped both the small and bigger organization to establish a workforce which turns out to be a result of an increase in ROI.
Which areas can SMEs use AI?
I guess there is hardly any industry where AI has not been implemented. Let’s see where all AI can give a significant result for SMEs.
With the help of AI, one of the biggest struggles of the manufacturing sector can be resolved, AI helps with easy tracking of supply to ensure smooth and safe functioning using multiple software. AI can forecast the demand as well by observing a pattern of previous orders for a particular product.
With the help of AI, it gets easy for healthcare to assess symptoms and diagnose diseases. It can help with smart screening as well. Regular check-ups and medicine notifications can be set up with AI. A proper health intervention program for patients can be created.
With the help of AI, we can easily process the transaction, detect fraud transactions, customer interaction, etc. AI can understand the credit default patterns of the customers, it recognizes the patterns and comes up with a valuable insight that can be useful for both the banks as well as customers.
To sum it up, AI is one of the excellent ways to help SMEs to achieve their goal shortly. It can help them to be consistent in the market and grow eventually in the competitive market. As AI takes care of multiple tedious and routine tasks, employees are free to explore innovations and creativity and to help the business grow.