The potential of artificial intelligence has been promising right from the start. Nowadays the technology has progressed enough that it is already being applied by businesses all over the world in a myriad of ways, ranging from automating a part of customer interactions to assessing product/market fit.

AI tools offer businesses to complete virtually every task related to business operations. These tools offer several benefits to businesses including:
• Reducing time spent on tasks
• Lowering costs
• Increasing results
• Improving flexibility and responsiveness
• Reducing risk

Within the finance industry, Machine Learning and AI tools have already been implemented to improve the risk assessment process.

Using AI technology to grow a business offers several benefits especially to small business owners. Here are four key benefits of artificial intelligence for small businesses:

1. Improve Sales And Marketing With An AI-Infused CRM
Customer-relationship management(CRM) systems are developed to collect customer data from multiple communication channels like email, phone and social media with the goal of helping to improve and automate the sales process. Many platforms have already started integrating AI into the system to help small business owners. They do this by automatically changing marketing and lead generation activities based on customer feedback from these channels of communication.

AI-infused CRM has the ability to maximize lead generation results which results in more leads for an equivalent sum than before. It also indicates that AI can be a useful marketing tool that provides key sales insight and optimizes the customer acquisition process.

2. Automate Customer Communications (With A Chatbot)
Small businesses, both product and service-based, are using chatbots on their respective websites as the first step in customer communication and answer their queries. This enables them to interact with customers 24×7.

Chatbots have become quite prominent in the use of AI in the past few years. Quite often, small businesses do not have dedicated customer service or sales teams. Chatbots then become an ideal solution to communicating with customers to help address customer questions and more importantly, frees up their time to focus on tasks that are important to make the business grow.

3. Streamline Human Resource Tasks
One, somewhat surprising, application of AI has been in human resources. AI tools help to streamline the hiring and onboarding processes as well as acquiring feedback on how to improve these processes from new hires. Both of which can create a major impact on the company’s bottom line.

AI can automatically sort through applicants qualifications to find the ones that match the intended criteria. This assures that the best and properly qualified candidate is found as well as saving on time and resources for the company. Additionally, the software can work as a knowledge base for employees to answer such queries such as perks or company policy.

This reduces the time spent during the hiring process as well as increasing the output of quality applicants received, as the need to shift through hundreds of applicant CVs is eliminated and saves valuable time for HR by eliminating the need to answer all new employee questions.

4. Acquire Competitive Intelligence
A variety of AI-based tools allows businesses to keep track of marketing efforts from competitors online; on their website, social media etc. They gather and compile this data in easy-to-read reports for easy analysis.

Such AI competitive intelligence tools allow businesses to collect required detailed information quicker which in turn lets businesses respond quickly and efficiently to make changes in their business before it affects their sales.

AI tools have shown incredible promise to small and big businesses alike. They have demonstrated great value when it comes to saving time and money as well as streamlining and improving the efficiency of several aspects of daily business operations.