Summit Ghimire is the founder of Outpace, an SEO company. He helps national and enterprise businesses exceed their revenue goals.
The current state of AI technology and its future have the majority of Americans on the fence, with 80% either minimally trusting or undecided on the trustworthiness of generative AI output.
Setting aside whether or not advancements in AI capabilities are great for the human race, there are other, more practical questions we need to ask. How does AI impact SMB businesses? Can it increase the efficiency and accuracy of operations, lower expenses and expand a company’s capabilities?
If the potential applications of AI were harder to define, hesitancy would be understandable—perhaps even recommended. However, many use cases are already proving AI’s many possible applications for businesses of all sizes. Momentum continues to grow exponentially, and from what I have experienced, potential gains from integrating cutting-edge artificial intelligence can revolutionize a small or medium-sized company’s operations.
Benefits Of Business AI
There are various accessible AI tools that can be applied in departments throughout a company, from sales to marketing to accounting and more. These tools can provide time-saving, accuracy-increasing a number of areas.
• Analysis: When an AI system is given the deepest wells of data to mine, its capabilities can grow in direct correlation due to the evolution of machine learning. I have found AI’s ability to provide data-driven and predictive analysis to be particularly effective in sales forecasting and personalized marketing.
• Customer Care: Powered by AI technology, chatbots are becoming a common first line of engagement with customers because they typically require less manual labor while also speeding up initial communication and information delivery.
• Marketing Efforts: Marketing departments have many ways to profit from AI capabilities, particularly content creation. AI software can generate content for blogs, social media, newsletters, etc. It is important, however, to have a human touch involved in the final piece, as purely AI-generated content can still contain factual errors or come across as too mechanical to readers.
• Operational Efficiency: Many tasks can be accomplished entirely by AI software or machines running on the software. This shift can free employees from labor-intensive, time-consuming responsibilities so they can focus on more complex, integral tasks.
• Recommendation Algorithms: With the right data sets and proper machine learning (a cornerstone of modern AI), recommendation algorithms can successfully guide customers to actions they’re likely to respond to positively.
This glimpse at current and imminent applications reflects how AI technology can sharpen and expand upon individual and companywide capabilities. It is important to note, however, that every situation is unique, whether in size, industry, scope or operational nature. Many companies may find it prudent to pass on AI technology, if only in the short term, particularly if they currently lack a robust data collection process, without which many features of AI will be extremely limited due to the nature of data analysis.
Similarly, the integration would be severely hindered without adequate financial resources, personnel and equipment. In this scenario, there might be the need but not the ability, or the ability but no need at the time. Leadership must assess their current operations and future aspirations to determine the right timing.
Integrating AI Technology Into Your Business
As a business leader, you can take certain steps to identify the resources that are most likely to integrate seamlessly and yield optimal results for your company. Take the time to consider the following factors so you can avoid fruitless endeavors and tighten up potential research.
1. Set your team up for success. Define your team and goals before deciding on potential integration. Getting feedback from others in your company is recommended; however, remember that too many voices overwhelming the discussion can hinder rather than help progress.
2. Consider your company’s operations. What responsibilities can shift to AI? Which of those is the most time-intensive and inefficient? Prioritize team feedback to get a hands-on perspective, and review available KPI data to identify pain points to address.
3. Weigh a cost/benefit analysis. What ROI will you need to warrant the investment? Do you need an expert? Depending on the industry and complexity, enlisting a seasoned integration specialist can be beneficial in certain situations.
4. Determine the ideal timing. Will your employees have the time to allocate to the integration process? Can your budget sustain immediate expenses to an eventual ROI? Is your company culture ideally primed for the operation?
5. Press pause if your answer is “no” to a crucial question. Are your company operations proficient and streamlined? If not, the likelihood of failing to maximize your investment in AI technology increases significantly. It is important to have a stable environment to integrate new software or machine capabilities.
The Importance Of Thorough Research And Progress-Tracking
With your primary needs defined and confirmed, you can begin researching confidently. As you do, look specifically for case studies that address your predetermined needs. Google-search your specific needs using search terms such as “AI for (need),” “best reviewed AI for (need),” and so on. I recommend prioritizing software with multiple features for maximum ROI. Consider professional reviews, and prioritize customer support for successful integration.
Once you’ve finalized the ideal choice of AI technology for your company and made the purchase, during integration, be sure to track the initial process and gauge the results. Set a specific review period with deadlines to appraise the progress, ascertain pain points and confirm cost/benefit predictions. Creating a set structure and schedule for the process can go a long way toward ensuring the successful integration and utilization of the chosen AI system or service.
As you gauge the effectiveness of the chosen system, this analysis will help guide your follow-up actions: If it has gone smoothly, with optimal use cases, do you stand with the new setup? Or do you expand, adding additional automation processes? And if you choose to develop, what is the prudent pace for integration for your employees and customers?
The business sector is in the midst of a truly exciting period of development as capabilities grow and boundaries expand. Change is often a challenging experience, but it is also why leaders show up daily, fueled with a passion for running an enterprise worth its salt. AI is not only a feature of the near future but also of the here and now, ready to help us optimize our operations.
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