How can you use AI to grow your business?
How can you use AI to grow your business?
While much of the conversation around AI focuses on the benefits for larger organizations, this technology also offers significant opportunities for small- to medium-sized businesses. However, you need to choose tools and technologies that align with your overall business needs and goals to achieve success. Before your business implements an AI solution, it is important to understand:
- What AI is
- How it drives business growth
- The steps to get started with AI
Artificial intelligence (AI) is lauded as a transformative opportunity for businesses — however, most of the conversation focuses on the opportunities it provides for larger organizations. This emerging technology also offers significant potential for small-to medium-sized business owners, and it can be a major driver of growth.
This article unpacks what AI is, discusses the benefits for your business, and shares some tips to help you apply this technology to your organization.
What is AI?
At its core, AI is a technology that enables devices such as computers, smartphones, and tablets to perform tasks that typically require human intelligence. This includes understanding language, recognizing patterns, solving problems, and making decisions.
AI technology has exploded in popularity over recent years. However, today’s AI landscape is built on decades of work — and many businesses already use AI without knowing it.
AI systems typically rely on machine learning algorithms, which allow them to learn from data and improve over time. These algorithms can be trained on large datasets to recognize patterns and make predictions.
How does AI drive business growth?
Time is one of your most precious resources as a business leader. There’s never enough time in the day to give the proper amount of attention to all the items on your to-do list — and that means you’re not growing the business as much as you could.
AI offers the opportunity to save time and even improve the outcome of some of the more time-consuming tasks, without increased labour costs. These are a few examples:
Improve operational efficiency
AI can automate routine tasks such as scheduling, invoicing, and supply chain management. This helps reduce the workload on both you and your employees — and minimizes errors, speeds up processes, and identifies other efficiencies. Improving efficiency can lower your operational costs, empowering your business to reinvest those resources in growth initiatives.
Examples:
- Automated scheduling: AI can automatically schedule employee shifts and appointments based on availability and demand. This reduces manual effort and helps ensure optimal staffing levels.
- Predictive maintenance: AI can predict when to perform critical machinery or infrastructure maintenance before something goes wrong, helping to reduce downtime.
Data-driven decision making
Your business might generate or hold useful data. AI can analyze vast amounts of data to uncover insights and trends that human analysis might miss. This enables you to make informed decisions for your business based on real-time data, which enables you to optimize everything from inventory management to marketing strategies. Better decision-making can lead to more efficient operations — and high profitability.
Examples:
- Inventory management: AI can predict demand, optimize stock levels, and automate restocking processes. This supports improved inventory management and helps ensure the right products are available at the right time.
- Demand forecasting: AI technology can leverage historical trends to anticipate demand and keep product costs low.
Enhanced customer engagement
Providing an excellent customer experience is foundational to growing your business — however, it can be time-consuming. AI-powered tools can provide personalized and immediate responses to customer inquiries instead of answering the same questions via email or social media, which helps improve customer satisfaction and loyalty. By offering 24/7 support, businesses can engage with customers around the clock, leading to increased sales and customer retention.
Examples:
- AI-powered chatbots and virtual assistants: These AI tools can provide always-on support to your customers or help them navigate your website, freeing up valuable time for you and your team.
- Personalized recommendations: Algorithms can analyze purchasing behaviour and make personalized recommendations for products that a customer is likely to be interested in.
Marketing optimization
AI uses advanced analytics to help you understand customer behaviour and preferences. This allows for highly targeted marketing campaigns that are more likely to convert leads into customers. Personalized marketing can help increase engagement rates and drive higher sales.
Examples:
- Customer insights: AI can process customer data to identify purchasing patterns and preferences. This enables your business to tailor its products and marketing strategies to better meet customer needs.
- Segmentation: Different types of customers require different marketing approaches. AI can help identify unique customer audience segments and assist you in developing targeted marketing approaches to maximize the return on your investment.
Steps to get started with AI
Integrating new technology can be intimidating. We’ve broken the process down into three simple steps to help you get started:
Get started with AI
AI presents significant growth opportunities for businesses of all sizes. Your business can enhance operational efficiency, make data-driven decisions, improve customer engagement, and optimize its marketing strategies through leveraging AI. This can lead to considerable growth and provide your business with a competitive edge.
To explore how your business can benefit from AI and get started with the right AI solutions, contact MNP’s Jason J Lee, Partner, Digital Services.
Are you ready to transform?
To turn your vision into reality, you need a well-crafted business case and the support of advisors who can guide you through the process. This is where MNP comes in. We offer guidance and support in building a compelling case for GenAI, and in selecting the right — and right-sized — solution for your business. Reach out to our team to take the next big step towards your AI-powered goals.
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