Artificial Intelligence (AI) has fundamentally changed the way we live and work. Today, this technology is infused into almost everything we do, influencing how we search for and process information, as well as how we interact with others.
However, in the past, the complexity of implementing and managing AI solutions has prompted many business leaders to assume the technology is reserved only for larger companies. Now, as AI systems, particularly in the communications landscape, become more accessible, this is no longer the case.
AI can empower small businesses just as effectively as their larger counterparts. In fact, some studies show up to 91% of small business leaders believe AI has made their company more successful. Here’s why it makes sense for SMBs to embrace the power of AI.
“As AI reshapes the business landscape, Intermedia recognizes that its impact extends far beyond larger enterprises. Our commitment lies in making the transformative power of AI accessible to SMBs,” said Mark Sher, SVP of Product Marketing at Intermedia.
“Intermedia empowers SMBs with AI solutions that enhance productivity, upgrade business insights, improve customer care, update security and compliance, reduce errors, and unlock opportunities for innovation and profitability. The era of AI exclusivity for big budgets is over; Intermedia is ushering in an era where intelligent innovation benefits businesses of all sizes.”
The Advantages of AI for SMBs
87% of organizational leaders believe AI and machine learning will help them improve customer experiences, enhance efficiency, and grow revenue. Just like larger enterprises, SMBs can use AI systems like generative AI, large language models, and natural language processing to access incredible growth. With the right solution provider, companies can:
1. Enhance Productivity and Efficiency
The success of any business relies on the productivity and performance of its team members. As businesses evolve, and workflows grow increasingly complex, greater productivity and efficiency are a must for any organization. AI has the power to drive these positive changes.
For instance, AI technology can minimize repetitive tasks, while ensuring employees have access to the data, they need to make intelligent decisions. A system powered by NLP can automatically transcribe audio and video calls, as well as voicemails and customer interactions. Some solutions can even automatically identify topics and action items, to guide today’s employees.
With AI solutions, team members can spend less time on tasks like analyzing recordings, and more time putting the information they gather to good use.
2. Upgrade Business Insights
Data isn’t just the world’s most valuable resource; it’s also one of the most important tools companies have. Data is the key to making intelligent decisions in any company, whether it’s figuring out how to schedule team members, or choosing which CX initiatives to deploy.
However, transforming raw data into actionable insights can be complex. This is particularly true now that companies are producing larger volumes of information on a daily basis. AI is excellent at processing large amounts of data, and converting it into useful insights.
AI solutions can help companies to understand the customer journey, and the preferences of their target audience when it comes to accessing contact center support. Intelligent tools can also rapidly identify areas for improvements in business processes. For instance, a tool capable of sentiment analysis can determine which actions drive customer loyalty, and which lead to churn.
3. Improve Customer Care (and Loyalty)
One of the biggest benefits of AI in the modern business world connects to its ability to transform the way companies support their customers. 73% of customers now say customer experience is the main thing they consider when determining which businesses to work with.
However, as consumers evolve, adapting to ever-changing expectations can be complex without the right tools. AI offers a host of ways to improve customer interactions. Sentiment analysis tools can help companies understand how customers feel about certain types of conversations and services.
AI interaction summaries can provide agents with insights into unique ways to enhance the customer experience, through personalization and data. Tools can even make employees in the contact center more efficient, offering access to intelligent workflow automation, and AI agents capable of offering creative levels of self-service. This all leads to faster, more efficient customer service.
4. Update Security and Compliance
To deliver excellent experiences, protect a brand’s reputation, and remain compliant with evolving regulations, companies need to take an upgraded approach to security and data protection. Even the slightly mistake or human error can lead to massive fines and lost customers.
AI can automate and enhance some of the processes companies use to maintain compliance. For instance, intelligent tools can automatically detect sensitive data in a customer conversation, and redact that data from recordings and transcriptions.
AI tools can also comprehensively monitor the conversations agents have with consumers, alerting supervisors, and business leaders to issues of non-compliance. This paves the way to a more secure business environment, where companies can protect their IP, consumers, and employees.
5. Fewer Errors and Inconsistencies
While human experts are still essential to the flow of work in any business, human error is a common problem for many business leaders. When dealing with the same repetitive tasks on a consistent basis, staff members can often make mistakes.
AI helps to minimize this problem. For instance, when AI and machine learning algorithms are integrated with technologies like contact center tools and robotic process automation, they help speed up processes, while reducing the risk of mistakes.
AI systems can be trained to follow standardized workflows, based on the needs of the business in any industry. For instance, retailers can use AI to enhance marketing strategies, predicting customer requirements and automating staffing strategies. Financial companies can use AI to automate and improve the accuracy of processes like creating customer quotes and invoices.
6. Opportunities for Innovation and Profitability
As companies in all industries become more comfortable and confident working with AI solutions, they’ll begin to use them in more innovative and creative ways. For instance, generative AI solutions can provide companies with the inspiration and guidance they need to produce more advanced marketing campaigns, personalized service offerings, and unique products.
Companies can even use AI to offer new levels of service and support to their customers, providing access to intuitive self-help tools that can do everything from processing payments securely, to offering personalized product recommendations to customers.
This opportunity for innovation also unlocks chances for companies to increase their profitability, and even increase customer retention. All the while, AI technology also helps to minimize operational costs, boosting the overall financial health of any business.
AI: A Powerful Solution for SMBs
The days of AI being reserved for larger companies with huge budgets and development teams are over. As innovators continue to embed easy-to-access and customizable AI tools into their solutions for customer service and communication, everyone can now benefit from intelligent innovation.
For SMBs, AI has the power to transform productivity, efficiency, and profitability, while unlocking deeper insights, reducing errors, and even enhancing customer service.
