With the arrival of Artificial Intelligence (AI) to the business ecosystem, corporations can now achieve more in less time, create attractive and personalized experiences for their clients. All this regardless of the size of the organization, which is a great benefit for small and medium-sized enterprises (SMEs).
In fact, companies like UPS and Amazon are using AI to help their collaborators succeed; The first is using machine learning to determine optimal routes for drivers, while the second is using robots to help people organize and retrieve packages at distribution centers.
According to a report published by the technology company, IDC, investment in Artificial Intelligence (AI) is on the rise, as in Europe alone, of the more than 7,000 million dollars invested in AI this year, they plan to spend to almost 21,000 million by 2023, which would mean growth in the period of 200%.
“Artificial Intelligence is not just for organizations on the Fortune 500 or Forbes 400 list with billions of dollars of available capital. In fact, SMEs can take advantage of this technology to help their collaborators and obtain a great competitive advantage, "explains Gustavo Parés, CEO of the Mexican firm specialized in AI and Cognitive Computing, NDS Cognitive Labs.
If employees waste a lot of time with lengthy processes or repetitive tasks, it will be difficult for the company to remain profitable, flexible and / or adapt to market challenges. That is why, instead of fearing the next AI revolution, it is important to recognize that AI can positively transform business.
According to the Mexican firm, NDS Cognitive Labs, this is how AI-based tools are helping SMEs to beat their competition:
Virtual assistants to improve the user experience
As the demand for digital products increases, the user experience when interacting with companies becomes increasingly important. Therefore, virtual assistants are a great ally for them, since they can carry out conversations, promote and even close sales, thanks to the use of AI and natural language processing.
"Virtual assistants are intelligent enough to meet the requests of end users, whether it be to resolve any queries or recommend products," says Parés. "This technology requires minimal training and leads to a very different and simplified user experience, making it highly recommended, as well as being affordable for all types of companies," he explains.
According to a report released by Juniper, with the implementation of chatbots, companies by 2022 will save $ 8 billion in costs globally per year. The same website also shares that, on average, a consultation with a virtual assistant saves more than 5 minutes compared to traditional call centers, so its use represents a great advantage for SMEs in terms of customer service and costs reduction.
Process automation
SMEs can receive different benefits from AI, by automating administrative processes and repetitive tasks such as scheduling meetings, processing forms and organizing files. With this, the need for employees to perform these tasks is eliminated, so they will have more time to carry out more important activities and productivity will increase in the company.
“Automation helps reduce the data needed and errors that exist when completing sales or customer service forms, send them to the right people for approval, send notifications and reminders. And most importantly, these digital processes generate data ”, explains the manager. "All large and small organizations, in any market, must use the data to help tailor their products and the service they offer to customer needs," he says.
Analysis of feelings
Sentiment analysis can take advantage of machine learning and natural language processing to analyze posts, news or reviews on social networks, this in order to assess public opinion about a specific product or service. By tracking how consumers perceive the brand, it is easier for SMEs to identify their weaknesses and begin to correct them.
"With the help of AI, companies can go further and combine data with consumer demographics to segment their database, this will allow them to design a highly personalized strategy for each group," explains Parés.
By improving products and segmenting your target audience, it's much easier for startups to gain a bigger place in the market.
More effective marketing
AI-based analytics tools use large amounts of data to gain valuable insight into customer behavior. This helps SMEs to have the ability to understand current patterns and trends, to create more personalized messages in different user segments.
Giants like Netflix use machine learning to drive their recommendation engine and offer personalized content to their users, the same companies like YouTube or Facebook do to send advertising.
This helps companies increase their sales by positioning better ads with offers focused on different users. According to a study called "Marketing 2027", developed by the technology company Media Math, 46% of marketing professionals consider that the use of AI in advertising campaigns is the big trend that will break the industry the following decade.