Artificial intelligence, or AI, has been a trending topic in developed countries for decades. With the COVID-19 pandemic propelling the need for an alternative to human-to-human interactions, AI has become a crucial policy in many countries, including the Philippines. This new trajectory is set to modernize and streamline various sectors in the industry, improving areas such as business communications and productivity. Ultimately, this will open new opportunities for many small and medium-sized enterprises all over the country.
Advantages of artificial intelligence in business management
With global consumer expectations on the rise, improving the customer experience has become one of the most important aspects for every enterprise. By integrating AI, businesses can automate or remove menial tasks from their plate and channel their efforts into boosting customer satisfaction rates. When it comes to business management, AI can also provide the following advantages:
Reduces human error
Human error can significantly impact the profits of companies, especially small businesses. With the help of AI, such risks can be eliminated through automated data processing and algorithms. For example, accounting softwares with artificial intelligence can help in areas like payroll and other business matters.
Increases availability
Another vital advantage is availability. An employee will work from 4 to 8 hours a day on average, which means they are not available 24/7. With the implementation of AI, business operations such as customer service support can be offered to consumers at all times. Therefore, the use of AI can make businesses more responsive – and therefore, competitive.
Quicken tasks
One of the most common reasons for using AI in business is the possibility of automating tasks. With this, artificial intelligence becomes a valuable assistant for businesses which typically are required to go through time-consuming tasks every day. Whether sending emails or checking documents for errors, AI can significantly reduce the execution times for various activities.
Companies spend a huge amount of money on hiring talents, and a bulk of it goes into building ineffective candidate requirements and outsourcing. Engaging artificial intelligence in business management will eliminate the need for arranging meetings and reviewing candidate applications manually.
AI can significantly streamline many manual processes, especially in cases where small businesses are looking to outsource their work. In fact, it can even help you have real-time interactions with your customers.
Low cost
Nowadays, the increased accessibility to online services has created the need for a more personalized experience. While over 60% of the customers wish to see customized ads and content, revealed in the Twilio Segment report, SMEs often struggle with time, effort and funds.
Thankfully, the increasing need for digital assistance has found an entirely new niche for artificial intelligence. Businesses can take up bulks of product inquiries and filter out customer queries without delays and an extra workforce. As a result, segmenting and personalizing customer communications using AI will significantly benefit a business' marketing strategy.
How to improve customer experience with AI
One of the critical properties of AI lie in its multifaceted nature. While businesses can find use in it for simple day-to-day tasks, this technology can also significantly improve many different aspects – from business operations to planning. Some of the uses of artificial intelligence include machine learning, sentiment analytics, training, and smart assistants. When it comes to improving customer experience, AI also plays a big role:
AI-driven chatbots
They allow 24/7 customer support by automating customer communications and personalizing the experience. As a result, customer satisfaction can be increased while reducing the need to hire more employees.
Knowledge hubs
This type of AI technology is commonly seen in omnichannel contact centers. The AI automatically interprets questions, searches and presents knowledge articles to the customers while customers are on the line decreasing the average handle time for both parties and effectively reducing time and operation cost.
Customer self-service
Self-service AI services help customers identify and find the support without relying on a service agent. Such software allows users to solve issues independently with specific tools and information.
Robotic process automation
Robotic process automation (RPA) is another way of automating tasks for small and medium-sized enterprises. Typically, they focus on updating records, managing events, or outreach to customers, reducing the clicks between systems.
