There are amazing programs that give a small business or a solo entrepreneur ways to perform a number of tasks quickly and effectively. AI tools streamline routine tasks, which frees up time. This permits entrepreneurs to concentrate on the most important tasks that lead to growth.
Key Takeaways:
- AI has become the “it” solution to seemingly every problem
- Consider what tasks you perform that can be routinized or what you would like done routinely, then seek out a platform that can help.
- Remember to consider the ethical considerations of AI in decision-making, especially in areas like hiring and customer service.
Seemingly out of nowhere, artificial intelligence (AI) has become a top-of-mind reference for almost every subject. What makes AI so attractive is its ability to ingest large amounts of data, derive linkages between those data, and automate the process. Though used by large businesses, even an individual business or sole proprietor can benefit from the ability to sort through things and gain insights about them. Even a few hours can be used differently by a small business in ways that are more direct to the bottom line.
Explaining AI
All “artificial intelligence” means is for an electronic or mechanical device to perform tasks usually associated with humans, such as reasoning, figuring out what things mean, or come to conclusions based on previously examined data. Businesses are already using it for engaging with customers (when was the last time you received help from a human?), automating processes (for instance, capturing data from a scanned document and inputting it into the correct computer files), and even making strategic recommendations (such as identifying new markets for expansion).
The Small Business & Entrepreneurship Council found that nearly half of all small businesses were utilizing AI in some way. AI can help with a variety of areas that no small business can avoid: accounting, customer service, recruitment, cybersecurity, sales and marketing, product sourcing and supply, even legal. Maybe you already do — many tools used by small businesses have incorporated AI invisibly. The known benefits include customer retention, cost savings that made it possible to make other investments, increased employee wages, setting aside capital for an emergency fund, and even paying down debt faster.
Adopting AI comes with challenges. You’ll have to learn how to use it, or what you want to do may not work with the AI options you’re looking at. But because the benefits ahead can save you time and expense, it’s something you should look at.
10 Quick Ways to Use AI
- Customer Service Chatbots. An AI-driven chatbot on a website can handle common customer inquiries and deliver support instantly. We use a chatbot at our website to help direct visitors to the answers they need quickly. If your website is built on WordPress, Wix, Squarespace, Shopify, or Weebly, options are available.
- Email Marketing Automation. AI tools can be used to automate email marketing through email marketing service providers such as Mailchimp or Constant Contact by sending personalized messages to targeted groups. These groups can be created based on customer behavior such as purchases and email opens. Other providers relying on AI are Getresponse, Campaign Monitor, Sendinblue, and Hubspot.
- Inventory Management. When your business moves beyond your dining room table, it’s easy to lose track of what you’ve got or where it is. AI helps inventory management software track inventory levels or notify you when stock reaches a reorder point. Providers include Zoho Inventory, Freshworks, and QuickBooks Commerce.
- Social Media Management. Social media is an important tool, and may be even more so for a home-based or a small business. Providers now use AI tools to schedule posts, report on how well they do, and even write them. Examples include Hootsuite, Buffer, and Sprout Social.
- Data Analytics and Reporting. AI tools can parse things like your sales data, customer behavior, and market trends, then deliver analysis that helps you make choices about ways to conduct your business and grow it. Some choices for a small business include Zoho Analytics, Microsoft Power BI, and Google Looker. These can be useful for businesses already relying on other products.
- Customer Relationship Management (CRM). Capturing relevant data about prospects and customers leads to sales, and doing it efficiently improves revenue. AI-powered CRM systems can automate most customer interactions (such as response emails) so you or your sales team can spend more time selling and converting. Examples include Hubspot, Zoho CRM with its AI assistant Zia, and Salesforce Essentials.
- Task and Workflow Automation. Getting data entered, invoicing, and order processing can be automated seamlessly with AI — our own Neat can automate some invoicing and its OCR automatically places data in the appropriate place. Microsoft Sheets and Zapier can also automate data entry. As for the drudgery of email, there are multiple options that expand beyond your platform’s ability to segregate junk, such as SaneBox and Mailbutler.
- Voice Assistants. You may already be using Amazon Alexa or Google Assistant to issue voice commands to perform calendar functions like scheduling meetings and issuing reminders or take voice notes (what my parents’ generation called dictation). Beyond these, other options include Apple’s Siri, Microsoft Cortana, Samsung Bixby, and IBM Watson Assistant.
- Predictive Maintenance. AI can analyze how, when, and how hard your equipment has operated to determine when it will need maintenance before it fails. Data are collected digitally. Examples include Upkeep (starts at $20/month), Fiix (starts at $45/month), and Limble CMMS (starts at $45/month), all offering a free trial.
- Document Management. Rather than spending too much time organizing and sorting paper, then entering data, use a DMS to capture your receipts, bills, and invoices. Then just move them around in the DMS to get a complete picture. (Your DMS will generate reports automatically.)
Almost all of the examples mentioned offer free or free trial versions, or are affordable for a small business. (That may not be true as you need more services or the providers want a better return on their products.) All of these will provide you with more time to spend on revenue-generating activities.
It hasn’t taken long for AI to provide a wide range of helpful options for businesses of any size, including yours. AI can make you more efficient while helping you gain control of your inventory, reach and serve customers better, operate with less downtime, save time, and save money. The tools discussed here are just the beginning. Identify the areas where your business faces its biggest challenges, then use this article as a guide to selecting the technologies that can address them. By doing this mindfully you’ll be able to automate your business more efficiently and focus on what truly matters—growing your business.
