More and more companies are realising the importance of using AI and discovering how much it can help to achieve their business goals. According to GOV, 15% of all UK businesses are using AI with an additional 10% planning to incorporate AI in the future. However, before understanding how AI can benefit your business and implementing a strategy into your business plan, it is important to understand what AI is?
What is AI?
The purpose of artificial intelligence is to develop machines that can think and act like humans. This is accomplished by researching how human minds work and then replicating these processes in machines. AI can be used for different purposes such as robotics, natural language processing, image recognition, and decision-making. AI also enables computers to learn from their own experiences, adapt to predetermined parameters, and do tasks that were previously done by people. This is made possible by technologies such as deep learning and natural language processing, which allow computers to process large amounts of data and detect patterns.
After understanding what AI is, it is important to recognise why it is important and how AI can benefit your business.
Automation of tedious tasks
AI can be used to automate tedious tasks such as data entry, customer service, document scanning, and scheduling. It can help businesses streamline their processes, reducing the amount of time and effort needed to complete these tasks which allows employees to focus on other, more important tasks. AI can also be used to analyse market data and present it in a way that is easier to understand and identify trends, making the decision process easier. AI can also be used to predict customer behaviour, allowing businesses to tailor their services and marketing strategies to the individual, resulting in greater customer satisfaction. According to The Office of National Statistics, 35% of UK businesses using AI are using it for automation of tedious tasks.
AI can improve customer engagement
AI can enhance customer engagement by providing personalised service. AI can accumulate and assess data to become more familiar with customer requests and decisions. It can also automate customer service tasks, for example, reacting to customer inquiries and giving customised recommendations in real time. Automated chat platforms allow SMEs to improve their customer engagement and experience. This drives higher customer engagement, which increases the chance to achieve more revenue and helps retention. Moreover, AI can be used to predict customer behaviour and suggest items and services that are personalised to their needs. AI programming assists businesses with understanding customer needs, recognising buying habits to offer relevant rewards and offers.
AI can help you with marketing
SMEs can take advantage of AI to create personalised marketing strategies. By gathering and examining customer information such as behavioural trends, preferences, and demographics, SMEs can create marketing techniques that appeal to customers on an individual basis. SMEs can do this by using effective tools that enable the segmentation of customers and the sending of personalised messages through email campaigns, social media promotions and other tailored content which specifically addresses the individual’s needs and interests.
In addition to personalised marketing, SMEs can also use AI to optimise content creation. AI can analyse data about which types of content are most successful with audiences and suggest topics and titles based on that data. Additionally, AI can create content such as product descriptions, blogs, social media posts, photos, and videos. However, businesses must still make sure that the content is original, of high-quality and consistent with their brand’s voice and messaging.
AI can help you keep up with the competition
Tracking competitors can be challenging when they produce a lot of content and updates every day. It is important to stay informed about the competition in order to stay competitive in an ever-changing market. AI can help businesses with this task. These tools can monitor competitors on different platforms such as social media and websites to detect pricing, messaging and PR changes and activities. With this data, SMEs can gain a better understanding of their competitor’s strategies. The software also has powerful analytical capabilities that allow for quick detection of competitor’s weaknesses, strengths, and product gaps. With this information, business owners can modify their strategy accordingly.
AI can predict essential maintenance
AI can help to predict when machines or equipment may need maintenance or repair, reducing downtime and ensuring that production remains at optimal levels.
AI can do this by analysing data from past maintenance records as well as temperature, vibration, performance metrics, operational parameters, and other factors. Based on this analysis, AI can then provide predictive analytics that can be used to anticipate future maintenance needs and optimise maintenance scheduling.
AI can help improve security
AI can help SMEs improve security by providing quick detection and response to potential threats. By analysing large datasets, AI helps SMEs to discover suspicious patterns, which helps to mitigate the impact of security incidents. According to The Office of National Statistics, 35% of UK businesses using AI are using it to improve their business security.
How Newable can help
Here at Newable, we have a team of experienced advisers passionate about helping SMEs by providing fully funded advice. We give a range of external support and can advise you on the best ways to incorporate AI into your business. Find out more about how Newable can help you incorporate AI.
We can also help you in other areas of your business. Whether it be Money, Advice or Workspace, Newable provides the essential resources businesses need to take the next step.
Find out more about how Newable can help you and your business.
Read our other blogs in this series:
Top 4 Challenges Facing SMEs
Top tips for SMEs on Expanding Globally
5 top tips to help make your business reach net zero
What does the rise in interest rate mean for SMEs?
Top 7 Benefits of Shared Workspaces for SMEs