Black businesses looking to optimize their enterprises can use artificial intelligence (AI) to achieve that. However, it’s worth doing a bit of homework before taking the plunge.
The fast-growing technology can help small businesses boost productivity, increase revenue, and enhance efficiency. For instance, those methods could range from improving customer service experiences through such means as Chatbots. And AI can help personalize marketing efforts by collecting data tied to spending behavior, service, or product preferences.
To boot, businesses are using AI to save time and cut costs. To gauge how various businesses are tapping into AI, Forbes quizzed 600 business owners using or planning to add AI to their operations. Among the findings, some 97% of entrepreneurs are convinced ChatGPT will assist their business. Around 64% of business owners believe AI will improve customer relationships. Over 50% of the proprietors use AI for cybersecurity and fraud management.
An American Express report showed 41% of owners across multiple businesses report they are now prioritizing AI to help make business decisions. Some 550 U.S. small businesses with fewer than 10 to 500 employees were surveyed. Customer service (19%) and marketing (14%), respectively, were cited as the main reasons why small businesses use AI.
Still, like any fresh technology, AI brings some opportunities and possible risks. Experts contend it is vital to have in-house mechanisms to protect your company and customers and yourself. More precisely, you should have a policy that explains how AI should be used in your business. Be sure it states who or what platforms are approved to use it as well as who is sanctioned to apply it.
Though small businesses don’t have the financial resources of rival larger companies, AI can help them endure more efficiently and flourish. Based on research by BLACK ENTERPRISE, here are some benefits the technology can deliver for entrepreneurs to consider:
1.) Use Chatbot To Automate And Improve Customer Communications
Selling a service or product, small businesses are using chatbots online for such things as communicating with customers and answering questions. A bonus function can reportedly be used while you sleep. And it allows owners to spend more time focusing on other important tasks. Another perk: AI can improve customer communications via automated messages and digital services.
2.) Advance Content Creation
Another area where AI can be useful is content creation. It can offer tools that analyze data on which kind of content works best with specific audiences and propose topics based on that information. AI can even automatically produce content, including photo and video content as well as product descriptions. Yet, businesses should make sure the content aligns with their voice and other branding efforts.
3.) Use AI To Ramp Up Marketing Efforts
Improving marketing actions has been a hit pertaining to AI. For instance, blog posts written by a human can be condensed into social media posts, making it a marketing tool on a larger scale.
4.) See What Your Competitors Are Doing
Many entrepreneurs like to know what their competitors are up to, including how they are using digital information, video content, and social media. AI can help with that by providing tools to see what rivals do online. Some tools even allow entrepreneurs to follow rivals on their websites and social media to collect data tied to their marketing and pricing.
5.) Make Operations Cyber-Secure
Some cybersecurity tools leverage AI to better identify and protect data from threats. Uniting cybersecurity with AI can improve data collection and make incident management response more dynamic and efficient. Automating cybersecurity helps organizations better identify and fix possible defects. That could help businesses have more secure IT environments.
Simultaneously, entrepreneurs should be mindful that AI is not error-free and could come with some hiccups. Insight For Professionals offers some insight into that perspective.
BLACK BUSINESS MONTH: Celebrating National Black Business Month 2023
