How small and midsize businesses can maximise AI for growth

Artificial intelligence is here to stay. The good news is that it’s neither good nor bad; it all depends on how it’s used. Artificial intelligence, also known as machine learning or deep learning, has been revolutionizing the playing field for businesses all over the world. For small and midsize businesses, there might be a fear of missing out now that several artificial intelligence software are used as tools in human resources, accounting, marketing, and many more.

But there’s no need to worry. Small and midsize businesses can take advantage of artificial intelligence in their daily production and integrate them in their processes for growth. Although it seems like artificial intelligence is only accessible for big companies such as Apple or Google, it’s also becoming more affordable for small and midsize businesses to use artificial intelligence in their operations.

According to Rick Stanbridge, the chief information officer of Marco’s Pizza, the companies that understand the value of artificial intelligence with the value of human resources, connections, and interactions will be the ones to succeed.

“Artificial intelligence is the future,” Stanbridge said.

What are ways in which small and midsize businesses can use artificial intelligence to drive growth and increase production?

• Using chatbots for customer experience and engagement. The most well-known chatbot that companies have been using lately is ChatGPT, which has become an invaluable asset for all businesses, big or small. ChatGPT, an artificial intelligence chatbot developed by OpenAI and is a language model that has impressed millions, is providing seamless and customisable customer experience for businesses. Using chatbots such as ChatGPT is an affordable way to save costs while opening online pathways to reach out to customers. Artificial intelligence tools such as ChatGPT can exist on a website 24/7, which will allow opportunities for customer engagement. The more ChatGPT is used, the better it becomes over time. The great thing about chatbots such as ChatGPT is that they can troubleshoot simple issues while also starting important conversations with customers. If the customer’s needs are too complicated, however, ChatGPT can refer them to a human counterpart. Small and midsize businesses can reduce wait times and cut staff costs while using ChatGPT.
• Maximising artificial intelligence for recruitment. Meanwhile, artificial intelligence tools can also be used for recruitment. Artificial intelligence tools such as ChatGPT can reduce the time needed to screen resumes, which allows more time for candidates who closely match the qualifications. Although artificial intelligence such as ChatGPT has an “unbiased” collection of data, how information is used still depends on what businesses provide. If certain people or credentials are underrepresented in a company, data about successful past hires may not be enough to help artificial intelligence learn all the best connections between company goals and candidates. Artificial intelligence continues to improve with more feedback on its outcomes.
• Customising the power of artificial intelligence for personalised marketing email campaigns. Small and midsize businesses can harness the power of artificial intelligence by creating customised and personalised marketing email campaigns, where software can collect and analyse data as customer behaviour, preferences, and demographics to create marketing messages that resonate with consumers. If you have a physical store, the best way to collect email addresses is at the point of purchase using a POS system. If you are an exclusive online retailer, you can capture email addresses when customers land on your website or during checkout. Modern ecommerce platforms and POS systems will have integration with email marketing platforms such as MailChimp. Small and midsize businesses can sync physical and online customer lists with MailChimp to create segmented email lists by dividing it up into smaller groups – for example, by frequency or by location.
• Analysing data to create content that works best for specific audiences. Small and midsize businesses can also leverage artificial intelligence in optimising content creation. Artificial intelligence tools can analyse data about which types of content match specific audiences and then suggest topics based on this data. Artificial intelligence can also generate content such as news articles, product descriptions, and even video and photo content. By embracing artificial intelligence, small and midsize businesses can unlock a new level of “marketing personalisation” and connect with customers in more meaningful ways.
• Improving cybersecurity. Lastly, cybersecurity artificial intelligence is crucial in protecting small and midsize businesses from digital harm. Artificial intelligence reviews behaviour patterns on a business’s software, apps, and stored information. If there is something suspicious in links, email messages, or others, artificial intelligence reacts to quickly solve or remove the threat.

Artificial intelligence is a crucial tool for small and midsize businesses. These can be used in different aspects such as customer experience, recruitment, email marketing, content, and cybersecurity. The most important thing is to remember that small and midsize businesses can maximize these tools for growth and development.