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Technology is advancing and evolving every day every minute and that too at a rapid pace we cannot imagine. And thanks to these evolving technologies, the concept of smart homes, smart cities, IoT-enabled devices, voice assistance, etc. have come true. The use of such technologies makes our day-to-day lives more fun, easy, simple, and faster.
One such technology that is disrupting the tech world is Artificial Intelligence (AI). Most industries of modern-day use AI or its sub-branch Machine Learning (ML). In a way, these technologies are revolutionizing our daily lives by providing easier & quicker ways to automate business operations. And today, we are going to see how evolving AI technology can help grow your business.
How Evolving Artificial Intelligence Can Help Grow Your Business
Most business owners have started to increasingly adopt & incorporate AI into their ecosystem. Doing so has helped grow their business, improve their conversion rate, and boost their revenue figures. Since its inception, AI has been able to penetrate across various industries from customer support to task automation and analyze the varying market demands.
1. Cash Flow Management:
As per a survey of 4500 organizations, 85% reported medium to high financial impact on their operations due to the pandemic. Even the most profitable organizations can feel a crunch of cash at some point or another. How AI can help manage cash flow you wonder? Here’s how:
As per SAP Concur’s Chief product strategy officer A.G. Lambert, AI tools can offer better transparency & understanding of what’s happening with your cash flow & estimate cash flow needs faster & more accurately. Moreover,
- AI-enabled cash-flow prediction software can come in handy when companies want to expand or purchase big-ticket equipment. This software can predict & identify potential crunches and cash-rich periods for the business.
- Accounting software can go beyond just bookkeeping & help garner insights on financial patterns from anonymized organizations, flag frauds, risks, & errors in the company’s cash flow.
- The AI-powered software can also validate different types of payments along with automatically approve & pay bills. This can benefit companies with early payment discounts so that employees can focus more on vendor relationship management.
2. Optimizing Office Processes:
The advanced AI tools of today can do repetitive tasks like data processing from voice, image, or handwriting transcriptions more efficiently. This helps boost the efficiency of employees and gives them the freedom to come up with creative & strategic ideas.
The head of AI products at UiPath – Prabhdeep Singh Says that the pandemic & changing economic climate have accelerated digital transformation and now is the need for businesses to be data-driven & for tools to help enhance productivity. Here’s how AI will optimize the office processes by tackling these tasks:
- Companies grappling with remote work can replace the need for paper approvals with virtual form data & documents with help of AI tools. These tools can diagnose the problem & recommend where AI power is required.
- As per one statistics, businesses have reported a 50% boost in leads, 40-60% cost reduction, 60-70% in call time reduction after using AI in sales. So, AI can up your game in customer efficiency & retention.
- AI tools are more efficient in analyzing online data that help identify potential leads that can be converted into sales. Also, AI Chatbots are smart enough to answer simple customer queries & escalate the issues for better resolution.
3. Hiring & Retaining Talents:
The biggest challenge today most organizations face is finding great talent for the job. It’s sad to know that the best candidates are being buried under the avalanche of resumes for a job posting. Also, HR managers need to ensure organizational success is promoted by hiring & retaining a diverse & Inclusive team.
Here’s how AI can help:
- AI tools can help do time-intensive jobs like scanning job posting sites, social platforms, and others for talent hiring.
- AI-powered tools help optimize the job descriptions to make them more diverse & unbiased.
- AI tools can improve the employee and employer relationship by offering personalized career development resources.
4. Shaping the Future:
To enable growth for the business as the company expands, AI tools can be helpful in transforming & maintaining market responsiveness & agility. Here’s how AI can help make the difference,
- Without the extensive investment in software and tools, small & medium-sized companies can evolve by utilizing well-designed applications that enable straightforward installation & value of AI. Doing so will help companies not only optimize & manage their workflow, boost employee efficiency, & hiring/retaining exceptional talents but also do much more than that.
- To further grow, a company can leverage AI tools for internal, industry, & audience-based data. Then link them all together to get a more collective view of existing intelligent apps. Moreover, it can help extend & fuel the growth of the company. This will also allow the company to derive deep insights into operations, competitors, customers, and staff to form unique growth strategies.
- The evolving tools of AI are powerful enough to predict the future impact of the market & events such as pandemics on the businesses & product demand. This will help companies to avoid such instances or optimize transit routes to soften the blow.
Artificial Intelligence makes the business operation efficient which is a differentiating factor. AI-powered tools help add value by automating time-consuming, repetitive, and data-intensive tasks. Tasks such as invoice processing, cash-flow monitoring & management, leads & sales generations, hiring & retaining tasks, and many others are perfectly handled by the AI tools.
The addition of AI will help small businesses achieve their business goals & objectives by successfully implementing tried & tested methods. Moreover, AI gives startups a competitive edge over other players in the industry to nose ahead. And this article perfectly delves deep into how evolving AI can help grow your business.
Want to incorporate AI/ML capabilities in your business? M-Connect Solutions is the perfect partner that helps get your business on the track of growth by leveraging evolving technologies like Artificial Intelligence. Contact us now to discuss your project further in detail.
About Hemant Parmar
Hemant Parmar is an eCommerce expert and a keen Magento consultant who specializes in meeting the needs of businesses in the e-commerce space. Years in the eCommerce market make him a perfect choice for sharing his expertise on eCommerce and Magento 2 development. He believes that customers need to be met no matter how challenging it might be.Read More