Artificial intelligence is making a major impact on the future of business. In order to understand the benefits of AI in the world of business, it can be good to look at the historical context of AI technology.
Business Owners Set Aside Skepticism of AI
When the movie “Space Odyssey 2001” was released in 1968, the world got a glimpse of what Artificial Intelligence might look like 30 something years later. Hal, the computer, drove fears about how machines could eventually be the downfall of mankind.
Here in 2019, the world has been living for years among machines that have the ability to learn and think. The challenge for mankind has been to move people beyond their fears that were invoked by Hal. It’s the only way the ordinary Joe is going to be able to embrace Artificial Intelligence (AI) integration into everyday life.
It was difficult for many business owners to consider the benefits of AI when they only had science fiction movies to use as a basis for their opinion. It is easy to understand why many of them used to overlook its promising opportunities. However, that is changing dramatically in the 21st Century.
In fact, AI like CPQ is proving to be far less scary than the world was led to believe back in 1968 and throughout the years since. As a point of reference, AI today offers a great way for small business owners to grow their businesses faster than they could have ever imagined. That doesn’t sound so scary, does it?
AI is the Key to Massive Business Growth
Businesses in every industry are starting to evaluate the benefits of using AI. A report from The State of AI in Business shows that 47% of companies with a decent digital infrastructure have developed a sophisticated AI strategy.
If you are looking to grow your small business, you’ll be happy to learn that AI has practical applications for even the smallest businesses. The following sections will discuss ways you can use AI to grow your business.
Data Mining
Technology has made it easy for people to collect relevant data on almost anything the mind could imagine. In the business world, even the smallest business owners are become more adept at collecting and using data to run their businesses.
Some AI platforms like CPQ will allow your sales team to efficiently collect data and turn the data into information about your business’ performance and things you can do to improve that performance. In a matter of minutes, you and your team can identify strategic changes you could employ to drive more customers to your business or website. It’s actually getting to the point that if you are unwilling to implement AI into the business decision-making process, you could put yourself at a competitive disadvantage.
Automation of Routine Tasks
Some things in the business world never change. As a small business owner, you are likely to be aware that employee and administrative costs are a huge burden on your bottom line. Even the hiring process can create time burdens that serve only to distract you and your employees from dealing with issues that actually involve creating revenues.
The market is full of AI platforms that have been specifically designed to handle administrative tasks. Were you aware there are programs that can conduct online interviews to help identify the best possible candidates for a given position within your organization? Once you list the job skills parameters, a particular AI platform will have the ability to eliminate applicants that don’t meet your criteria. In the end, you only need to spend time interviewing the two or three candidates that will best fill your needs. The time savings has real value to your business.
Other areas where AI could be effective might be in contract bidding, sending emails to customers and prospective customers and answering questions from outside parties. These are tasks that would otherwise place a drain on your human resources. In a profit-driven business, every dollar saved is a dollar earned.
Enhancing Marketing Efforts
The business world has gone digital, and you don’t want to be left out in the cold. If you are to remain competitive, your marketing efforts have to include integration with social media platforms. Without help from an AI platform like CPQ, you might soon find that the competition using AI has more flexibility and the ability to react to market forces in a matter to hours. Can you afford to not be on the cutting edge with so much on the line?
The best AI platforms can help you and your team recognize shopping and spending behaviors among your target customer groups. By then tailoring your company’s shopping experience to the behaviors of those customers, you stand a great chance of increasing capture rates and generating more sales.
Space Odyssey 2001 apparently had it all wrong. If you have any intention of growing your business in a digital environment, you have to go digital. If you decide to go digital, you might be well-served to partner with a good AI platform like CPQ.
Prudent Business Owners are Looking at the Benefits of AI
Artificial intelligence is becoming more important than ever in the 21st Century. Countless business owners are investing in state-of-the-art AI technology to develop a strong competitive edge. AI will help them cut costs and reach a larger market than they ever imagined.
