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How Artificial Intelligence Is Playing Role In Transforming Small And Medium Businesses?

AI can help entrepreneurs and small business owners create lean and successful operations by applying AI technology to their sales, marketing, customer service

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The pace of change we are witnessing with advancements in AI adoption is incredible. For businesses of all sizes, AI can substantially impact the biggest three areas of any business operation: 

  1. Better Customer Experiences 
  2. Revenue growth, and 
  3. Productivity

Artificial intelligence doesn't have to be a technology understood and utilized only by large organizations. In fact, AI can help entrepreneurs and small business owners create lean and successful operations by applying AI technology to their sales, marketing, customer service, and other day-to-day operations. Depending on the size of business, AI can disrupt, innovate, enhance, and in many cases totally transform a company.

Integrated Marketing and More Sales: Thanks to the power of AI, small business leaders can find product-market fits faster through AI specialties like natural language processing, audience segmentation, and machine learning. If you’re a retailer, you can take advantage of deep learning-powered intelligence as any other enterprise and open new and highly convertible customer interactions and purchase. AI advancements in integrated marketing has also made it possible to create an integrated environment that manage interactions with current and prospective consumers, increase leads and conversions.

Customer Experience and Customer Support: From improvements in loyalty and brand reputation to new revenue streams, the pathway to real-time self-service in customer experience brings huge opportunities to forward-thinking businesses.Systems with AI embedded can monitor your website and in-app activity for distress indicators, identifying customers experiencing issues and what those issues are. The ability to resolve customer service issues before they arise has huge potential. Also, think of an always-on, more reliant customer service that reduces your churn, increases customer loyalty and your customer satisfaction at a much, much lower cost.

Shipping and Mailing: There’s a lot of uncertainty around customer behavior, cancellations, tracking There’s also a lot of uncertainty around the market: Will commodity prices change? Will there be broader changes in shipping or mailing costs? What carrier can offer the best delivery option? Superior machine learning algorithms and AI driven logistics are driving a transformation in the global movement of goods.

Productivity and Day–to-Day Operations: Some of the AI apps in the market today can supercharge operational workflows, think of scheduling meetings, deliveries, marketing campaigns, invoicing, they can  all be done through smart AI apps. Small businesses can look to becoming more lean and agile at the same time becoming more output driven than ever before. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Manish Choudhary

The author is SVP, Global SMB Products & Strategy and Chairman India, Pitney Bowes Inc.

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