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WHAT SHOULD YOU LOOK FOR IN AI TOOLS FOR SMALL BUSINESS OR STARTUPS?

Believe it or not, the term “artificial intelligence” (AI) dates back to 1956 when John McCarthy, an American computer scientist, coined the term during the first-ever AI conference.

Fast forward to 2023, and we’re in an exciting new era where AI, fueled by powerful machine learning algorithms, is on everyone’s minds. AI has gone from being a tech buzzword to a real game changer in people’s lives. More small businesses and startups are embracing AI technology to propel their growth and success, and you don’t want to be left behind.

If you’re looking for the best AI tools for startups and small businesses to streamline and optimize your workflow and operations, we’ve got you covered. We’ll explore 10 of the best AI tools on the market today that will not only get the job done but also boost the efficiency and profitability of your business!

General Information of the Importance of Bringing AI into Your Business

“We believe that AI is a foundational and transformational technology that will provide compelling and helpful benefits to people and society through its capacity to assist, complement, empower, and inspire people in almost every field of human endeavor.“

The options for AI may seem overwhelming, but the value it can add to your small business and professional development is well worth the groundwork. Take the next step to learn more about getting started with AI.

We can help you; register below for an immediate guide on implementing AI for your business.

How AI Can Empower Small-Business Owners

• Today, AI-powered automation can give one-person companies the freedom to manage and grow their businesses on a major scale. Moreover, they can often have all of this without spending their entire budget on software.
• Cloud-based virtual technologies, AI, and 5G have redefined what it means to do business. They've helped eliminate unnecessary bottlenecks and streamline operations.

Machine learning automation can be programmed to perform all the repeatable processes that used to require an entire dedicated team. AI can even help facilitate natural sales conversations, answer customer service inquiries, and track customer behavior data to inform marketing decisions. In other words, AI allows businesses of every size, level, and industry to forge ahead toward growth goals with velocity.

• This is good news for consumers, too. Many have become more open to using AI to improve the customer experience over the past decade, and the pandemic increased how businesses use digital technology to serve customers. A 2020 McKinsey survey of executives reported that companies accelerated internal digitization by three to four years during the pandemic and their shares of digital or digitally enabled products by seven years. The past five years were historic regarding global tech innovation.

Getting Started With AI

• When searching for the right AI tool to support your long-term goals, the key lies in recognizing the daily tasks that are causing a bottleneck in your operations. This might include drafting marketing materials or responding to incoming customer support inquiries.

Once you've identified the cogs in your machine that are slowing you down, you have a clear roadmap for choosing an AI software that will effectively put these activities on auto-pilot.

• There are three key factors to consider when evaluating different AI-enabled platforms: scalability, ease of use, and budget.

Determine which platform will grow with you and your business as your needs evolve and that requires the least amount of onboarding and training. While several platforms might offer a complex suite of features, you might not need everything and the kitchen sink to accomplish your objectives for using AI. By clearly defining your unique needs for implementing AI technology, you eliminate the options that come with overly complicated features that can otherwise only muddy the water.

• As the industry continues fine-tuning AI technology, entrepreneurs and small businesses may face a few challenges when implementing machine learning automation.

First, it is not uncommon for small businesses to lack the amount of processing power necessary to handle more advanced AI capabilities and higher data volumes. The need for more capable processing systems can result in higher costs. For this reason, I typically encourage young startups and small businesses to start implementing AI for simple tasks that can have a big impact. This is an easy and affordable way to use AI and achieve fast results for your ROI.

ARE THERE BENIFITS OF AI FOR MY BUSINESS?

Artificial intelligence tools can help your business operate more efficiently. The key is getting started.
Artificial intelligence tools encompass everything from chatbots to image and video generators, and they can be used by individuals and businesses alike. One of the biggest hurdles for business owners looking to leverage AI technology is likely dipping their toes into the water. From there, the learning curve isn’t as steep as it seems.
“I'm very confident that something that you do right now is easily automated by AI if you're running a small business, whether that's writing marketing copy or building something in Excel or writing an email you don't know how to word,” says Derek Pando, founder of Beeloo, an online business that creates printable activities for kids.
The return on investment can be substantial in terms of the time and money your small business can save.
Integrating AI tools into her team’s daily workflow has helped keep the workload manageable.

AI, Machine learning, Hands of robot and human touching on big data network connection background, Science and artificial intelligence technology, innovation and futuristic.

Digital transformation concept. System engineering. Binary code. Programming.

Science technology concept. Education technology. EdTech.

WHAT ARE THE BEST AI TOOLS FOR SMALL BUSINESS

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There are many useful AI tools for small businesses—AI can power cybersecurity, aid in customer relationship marketing (CRM), streamline customer service, and help with personal productivity at work.

Cybersecurity software

Each day, security companies discover new threats to business and consumer data.

Even with a low-tech business, your business partners may accidentally expose you to digital threats. Banks, credit-reporting agencies, and major retailers have all unintentionally compromised their customers’ data.

Cybersecurity powered by AI may be able to provide more protection than other types of programs. Instead of dealing with threats after losses, AI security programs look for unusual activity to stop attacks or raise alerts earlier.

AI can also look for irregularities in other systems, such as inventory and accounting, to detect signs of illegal activity.
The unusual activity could even identify opportunities.

For example, a plumbing supply company’s AI notices an unusual order. Why did a decorator order $1,000 of metal pipes and flanges? A follow-up call to the decorator sheds light on the mystery. Apparently, the decorator makes trendy industrial shelving units and light fixtures with the pipes.

The plumbing supply company now sees an opportunity and starts marketing to a whole new group of customers. After learning about the new customer, the company can highlight how trendy and modern it is on social media. Moreover, the company can share light-fixture plans or instructional videos with followers.

CRM software

CRM software is another helpful AI tool that small businesses can use to learn about customers. With each order, it learns more about what customers need and how they interact with your business.

The plumbing supply company with CRM software learns that Harry’s Happy Plumbers (HHP) orders pipes and pipe glue every three months. Using that knowledge, the supply company’s AI offers HHP a coupon for its next pipe and glue order two and a half months after the last purchase.

This offer shows HHP that the supply company appreciates and anticipates HHP’s needs.

CRM software could also automatically send HHP information on new appropriate products based on prior purchases.
Interactive customer service

As you’ve probably noticed, many companies implement AI in business to streamline customer service. AI can help customers by:

• Offering help after normal work hours.
• Using AI voices to respond to customers’ verbal questions over the phone. Websites for small businesses can use chatbots to talk with consumers.
• Looking up information when they use voice search on their mobile devices. Voice answers are ideal for consumers on the move.
• Answering a question before they ask. If a customer looks at troubleshooting pages on a website, the AI can direct them to more help.
• Answering common questions, which is efficient for both the business and the customer.
• Deciding if they need human help and redirecting them.
• Being accurate—AI doesn’t transpose numbers or guess. Program it with accurate information, and it will share the same information.

Productivity

Incorporating AI into your small business is a great way to strengthen productivity and professional development at work. With the right AI program, you’ll be able to:

• Improve workplace communication and save time by asking AI to draft emails.
• Quickly create summaries of various content to get others or yourself up to speed—including summaries for lengthy email threads.
• Ask for edits to your written work to make it more concise, adjust tone, and correct inconsistencies.
• Easily analyze and explore data from spreadsheets.
• Turn written documents into presentations for meetings.
• Create meeting agendas based on chat history.
• Grow professionally as you learn from the AI's suggestions to your work.

How does AI in business add value?

Using AI in business adds value by:

• Analyzing data to understand your customers.
• Constantly learning more about your customers over time.
• Alerting you to threats and irregularities.
• Automating repetitive, time-consuming tasks so people can focus on other, more creative priorities.
• Helping people improve their written communication.

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