7 Benefits of AI SMEs Need To Know
Updated on Apr 30th, 2021
The digital era today is changing very rapidly, at least in the case of AI in business. What once started with the idea of machines interpreting human behavior has today become much more than that. As per a report by Statista, the worldwide revenues from the AI development sector is expected to reach $97.9 billion by the year 2023!
Clearly, large-scale enterprises have already identified the benefits of AI in transforming their business. But, what about small and medium scale enterprises? Do SMEs also benefit from AI applications similar to large-scale enterprises? The answer is yes! With the recent advances in AI, robust technology today has become very innovative and useful for small industries as well.
So, if you are searching for the benefits of AI in small and medium scale businesses, then you are in the right place.
How Can AI Help Small Businesses?
Artificial Intelligence is not a new term in the global market, but its benefits have been long used only by large scale enterprises. However, the recent AI advancements made it perfect and feasible even for small and medium scale businesses. Whether we talk about enhancing customer services with smart chatbots or even detecting healthcare frauds with machine learning, AI has made significant changes in the global market.
Despite all the major advances, the main aim of AI in businesses has always been to enhance and automate business operations, improve the customer experience, and make interactive solutions that can mimic human behavior. Due to all such amazing benefits of AI, Gartner predicted that smart AI solutions would recover 6.2 billion productivity hours by 2021 and generate $2.9 trillion in the business’s value when combined with human intelligence.
So, like the large enterprises, AI in businesses could now equally benefit the small and medium scale businesses seamlessly. Automatically answering the customer’s queries, automating the repetitive tasks, and improving the marketing efforts are some of the common benefits of AI for SMEs. With all those benefits of AI, it can be surely said that implementing custom AI solutions today has become the much-needed aspect for SMEs to grow.
Benefits of AI for Small and Medium Scale Businesses
Having talked about the need for artificial intelligence in small and medium scale businesses, let us quickly discuss the amazing benefits AI provides to SMEs.
1. Better Decision Making
The first and foremost benefit of AI for small businesses is that it helps in better decision making. We all know that the existing digital solutions generate many data, but there are no such tools that can handle and analyze such a vast amount of information. That’s where artificial intelligence comes to play!
With custom AI solutions, small and medium scale businesses could analyze enormous data and extract some positive information. Not only text but with advancements of AI in business, today, SME could even analyze the images and video to get useful information. All that eventually helps the small businesses to get real-time information that could be used in better decision making. Remember, the more you will train the smart AI systems, the more accurate and useful data you will extract.
2. Improved Customer Experience
Another excellent benefit of AI for small businesses is it enhances your business’s overall customer experience and brand value. Now, it is a known fact that in today’s competitive world, customers are everything. From the marketing perspective and even from the sales perspective, you need to have an excellent customer experience to entice the existing customers and attract new ones. That’s what artificial intelligence does!
With the use of custom chatbot applications and integration of RPA services, today, many small and medium scale businesses can enhance their overall customer experience to a great level. With the help of NLP (Natural Language Processing), the chatbots can understand and analyze the messages from your users and could even answer them most appropriately! Not only that, but the advanced RPA solutions can even automate all your mundane tasks like answering emails, forwarding receipts, placing orders, and so on.
Eventually, with so much automation, your employees could focus on other relevant things. Even your customers would get a completely different user experience, far different from the rest of your competitors.
3. Better Security
Cybersecurity has remained a matter of concern for the global market. Even with the advancements in the digital era, cybersecurity concerns only increased, resulting in a lack of trust and loss of business revenue. However, the benefits of AI has got this one covered too!
Today, many leading large and even small and medium enterprises are actively investing in robust AI tools and solutions to safeguard their critical user information and business data. Not only that, but even the healthcare institutes are leveraging machine learning algorithms to eliminate medical frauds and data thefts.
Clearly, the recent advancements of AI in business have opened the doors of opportunities while offering a safe and automated environment. However, many businesses are still in a dilemma in choosing the right AI solution provider for their businesses. Are you one of them?
Additional Read: Top 9 factors CEOs must consider before hiring an AI Development Company
4. Simplified HR and Training Processes
Finding and hiring new people, arranging the employees’ training, and managing the payroll are some of the HR tasks that are often tedious and overwhelming for small businesses. Many of them often do not have a dedicated HR department, and those who have, are generally not capable of handling such bulk human resource tasks as the large enterprises do. Thanks to ML and AI in business, today, the SME can efficiently manage all the HR and recruitment tasks seamlessly!
With the use of custom AI solutions and ML algorithms, small businesses could easily automate tasks like finding the right applicant, arranging training sessions, managing the payroll system, and even handling the employees’ assessments. All the benefits of AI eventually result in unbiased, objective, and equal-opportunity based HR department.
5. Increased Sales with CRM
Another crucial benefit of AI for small and medium enterprises is better sales and CRM integration capabilities. Whether you have just started or have reached great heights, sales and marketing are vital aspects that concern businesses of every size. However, having inadequate data or information about customers can often lead to a drop in sales and a poor customer relationship.
Hence, to eliminate such issues, the digital era offered a brilliant solution to CRM. Customer Relationship Management (CRM) is an excellent digital solution that helps small, and large enterprises extract all the meaningful customer data with one click. From emails, social networking platforms, and even calls, a CRM can extract the relevant customer data from any source provided; it has AI’s smart capabilities.
Besides offering valuable customer insights, AI-driven CRM software even helps small businesses to automate many tasks like sending proposals, follow-up emails, and even personalized quotes to interested clients. All that eventually helps you to convert better and make more sales for your business.
6. Optimized Inventory Management
Inventory management has today become a tedious task, especially for retailers that do not have dedicated systems. That’s where AI to play! With a custom inventory management solution backed by artificial intelligence, you can seamlessly track and manage your inventories efficiently.
Not only that, but AI-powered Inventory Management Systems could even help you place orders, generate receipts, and send them to the user without any human assistance. All that eventually increases your employees’ productivity and helps you save your name by eliminating the stock-out conditions. Here are a few more benefits of AI in enhancing inventory management.
7. Mobile Interactions
Last but not least, the benefit of AI in business is that it facilitates mobile interactions. The recent advancements in AI have brought many innovations in the global market, and smart chips are among them. AI-enabled chips or smart chips are smart microchips directly deployed in the existing digital solutions to make them smart and effective for businesses.
Once installed, they enhance the system’s overall working and add several capabilities like facial detection, voice recognition, object detection, and so on. All that helps your small business become globally accessible and popular but even helps you generate revenue sources from your existing applications.
Hence, if you wish to accelerate your digital transformation, then be ready to invest in custom AI solutions that can help you grow your brand quickly and efficiently.
Don’t forget to choose a reliable AI service provider that can easily satisfy your business needs with smart AI solutions.
That’s Where Matellio Comes In!
Today, we can say that AI has not remained a pricey technology suitable only for large enterprises. Instead, it has become the most admired and accessible technology for small businesses. Whether we talk about customer services or managing the inventories, or even keeping up with the rest of the market trends, AI has surely become the most valuable tools SMEs need.
Hence, the only thing you need to figure out is to find a reliable and experienced AI solution provider that can satisfy all your business needs. That’s where Matellio comes in!
With an experience of more than 15 years, we, at Matellio, are a leading name for providing AI services. Whether you are a startup or you are a Fortune 500 company, our certified engineering team always strives to deliver an efficient and result-oriented solution that has the capabilities to make your brand successful in the market. Our portfolio has been filled with all trending AI projects for different industries, from custom chatbot applications to ML-based recommendation systems!
So, reach us today, and transform your big business idea into a reality. Plus, get a free expert consultation by filling our form today!
Till then, Happy Reading!
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