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Why small businesses need to invest in AI and Machine Learning

Why small businesses need to invest in AI and Machine Learning, AI & Machine Learning, the two most-talked-about the technology of present times.

Published

4 years ago

December 11, 2019

Nikhil Bansal

Why small businesses need to invest in AI and Machine Learning

Artificial Intelligence and Machine Learning, the two most-talked-about the technology of present times, have taken the entire world by storm. A decade before, when somebody used to speak about AI or ML, it would just be a line or two, as the technology hadn’t much evolved. Fast forward twenty years, and today, every organization, every enterprise, and every tech expert is aware of what the technology is along with its potential.

According to a survey done by Gartner, it is predicted that around 70% of organizations would employ some form of AI within their workforce by the end of 2021. The same research suggests that the pace of penetration has been rising with a 270% increment in the past four years. These figures are sufficient enough for leaders and organizational managers to rethink their existing workforce and embed ways to optimize the same.

Where the top-tier organizations did adopt the technology, the small said enterprises hesitated and preferred not to get their hands on it. However, technology isn’t confined to a particular organization or firm. Instead, it benefits SMEs as much as it is suitable for large-scale organizations.

For professionals who still doubt the integrity of the technology, this article might help you get over your doubts.

Table of Contents

1. Why Should Small Scale Organization Invest In ML & AI

a) To Cash In Automation

It is of no surprise that the present-day workforce is charged up and wishes to remain at the forefront. Consider that there is a ton of paperwork; you want your employee to take care of. However, the work isn’t just annoying and time-consuming, but also not worthy of the talent. It is, in fact, a waste of time and resources. How about automating all of these everyday tasks and freeing your employees to do better and more productive work? Yes, that’s why you need to invest in machine learning and artificial intelligence.

No matter how small or big your organization is, time and money are valuable to all. Why waste the workforce on tasks that can skillfully be executed by machines? Though, buying the software and upgrading your enterprise to automation seem a costly affair, given the benefits of industrialization, the deal would appear advantageous in the long run. Since machines are trained to do a significant task, they are prone to be perfect, leaving no room for errors, and also, they can work tirelessly, without pausing. All of this adds up to higher productivity and better efficiency.

It is a known fact that small-scale organizations are restricted in time and budget. Spending massive amounts on hiring multiple professionals for a task that a single bot can do, and with greater accuracy, the second choice seems better.

b) Predicting Future

As a startup, you might be worried about the performance of your business, say in the next five years. Earlier, managers had to rely on guesswork to estimate the life of a business. With the advent of technologies like artificial intelligence and machine learning, marketers can now get better and real-time insights about the company. Artificial intelligence tools are so designed that they replace manual charts and figures with auto-generated graphs to assess the business capabilities better and at the same time, highlight the pain points that you need to work on to improve efficiency.

Small Scale Organization Invest In ML & AI

Also, the tools of artificial intelligence own the capability to sort tons of issue-generated data, segment it, employ miming techniques and then visualize it. This helps attain a 360° view of the data, which can then be used by marketers to strategize and build customer-oriented campaigns. It is proven that customized advertisements have a better conversion rate than conventional ones.

Small-sized organizations do not afford to risk their business or take nasty steps. They need to be highly cautious in every move and act likewise. For them, there isn’t a second chance, and technologies like artificial intelligence and machine learning generate reports with high precision and hence, can be trusted.

c) Enhanced Customer Experience

Now and then, we hear this phrase – Customer is the king, and it is. Organizations today go to great lengths to map their user expectations and satisfy them. A customer owns the potential to make or break a brand. One way to ensure that your customers are happy is by providing exceptional customer service.

Here again, artificial intelligence leads the charge — Chatbot Development through AI excel in delivering top-notch quality services with round-the-clock support. Where humans are confined to their 9 to 5 office hours, chatbots work day and night to address the issues and provide a feasible solution.

Considering that chatbots are machine operated, they are up and active throughout the day. Meaning that by investing in AI and ML, you can serve more customers at the same time and improve the experience.

d) Accelerate The Time To Market

For design and development companies, AI emerges to be the game-changer. There exist several tools that automate the process of development. It saves essential time and works for the developer. This benefits using artificial intelligence in Mobile Apps. Also, it optimizes the efficiency of the code as automated tools test better than a human. The integration of artificial intelligence tools and machine learning algorithms within the development phase enhances the product development process and helps small-scale organizations gain a cutting edge in the competitive market.

2. Start Small

Without a doubt, both artificial intelligence and machine learning technology have enormous potential. Where the big fat companies have already benefitted from its buzz, there do exist some SMEs that are actively investing in the technology. In case you are still not confident, we suggest you start slow. You need not upscale your organization in a single instance. Instead, take one step at a time.

Modify the department, automate the desk, and see how technology affects your business undertakings. With time, you can then expand and scale resources. No matter what your business is or how long have you been, this technology has untapped potential, which can be revealed only when implemented.

So, what do you think? Is it worth your investment?

AI Tools

Unlocking Effective Customer Journey Management: Leveraging AI in Microsoft Dynamics CRM Services

Unlocking Effective Customer Journey Management: Leveraging AI in Microsoft Dynamics CRM Services. AI-driven CRM solutions have become a potent tool.

Published

1 week ago

September 25, 2023

TwinzTech

Unlocking Effective Customer Journey Management Leveraging AI in Microsoft Dynamics CRM Services

In today’s fast-moving corporate environment, (CRM) customer relationship management is more than a simple tool because of strategic necessity. For businesses that are trying to remain competitive and satisfy customer’s expectations, AI-driven CRM solutions have become a potent tool.

Table of Contents

1. How important is journey of a customer-

It is important to understand the connection of managing client journeys successfully before diving into the function of AI-driven CRM.

The path from initial awareness to final purchase is complicated for consumers in the digital era since they have so many options at their disposal.

It includes different help desks such as social media websites emails and more. Businesses obtain a competitive advantage by embracing and amplifying these experiences.

They are able to provide individual and experience forecast client demands and create experiencing connections. However, manually coordinating these journeys across several channels can be exhausting. Here comes the role of AI-driven CRM, such as Microsoft Dynamics CRM services.

2. Using AI to Gain Customer Insights

Deep customer understanding is one of the main advantages of AI-driven CRM systems.

To analyse voluminous client data, Microsoft Dynamics CRM services use advanced analytics and machine learning.

Previous buying habits, online activity and even social media sentiment research are included in this information.

By analysing this data the business can obtain a thorough snatch of the preferences problems and behavtof their customers.

Companies can adjust their marketing and sales tactics as a result because AI systems can spot underlying patterns that humans would overlook. Making personalised client experiences requires a high level of customer information.

3. Individual customer engagement

Effective management of the client journey depends on personalization. CRM platforms powered by AI, such as Microsoft Dynamics CRM services, let companies design highly customised interactions. They can use the appropriate channel to convey the appropriate message at the appropriate moment.

For instance, the CRM might automatically suggest related products or provide personalised promos if a consumer has expressed interest in a certain product category. According to historical behaviour, AI systems can even forecast when a customer is most likely to make a purchase, enabling firms to strategically time their marketing initiatives.

Microsoft Dynamics CRM Services

4. Improvement of Customer Support

Exceptional customer assistance is a key component of managing customer journeys. CRM solutions powered by AI have the potential to greatly improve customer service operations. AI-powered chatbots may respond quickly and accurately to common client enquiries around the clock.

Additionally, AI-driven CRM can help human customer support representatives by offering on-the-spot information during encounters.

For instance, if a customer calls with a problem, the CRM can show the agent’s screen pertinent data about the customer’s purchasing history and preferences. This enables the agent to deliver service that is more effective and individualised.

5. Automating Routine Work

A crucial component of AI-driven CRM solutions is automation. They can automate time-consuming, repetitive operations, freeing up personnel to concentrate on more strategic responsibilities.

For example, AI can automatically lead nurturing, email marketing campaigns and data entry.

Businesses may guarantee that clients receive notifications throughout their journey by automating these activities on time.

This improves consumer satisfaction and lowers the possibility of human error.

6. Sales Predictive Analytics:

AI-driven CRM has major advantages for sales teams as well, particularly in the field of predictive analytics. These systems can examine historical sales data and find trends that result in profitable transactions. They can forecast which leads are most likely to become clients, which helps sales teams focus their efforts.

Additionally, sales representatives can receive real-time recommendations and insights from AI-driven CRM during customer interactions. Based on the profile and behaviour of the consumer, it might, for instance, recommend upsell or cross-sell opportunities. This degree of assistance can greatly improve sales results.

7. Improvement of Marketing Campaigns

CRM powered by AI really excels in the marketing sector. By dividing up the client base into narrowly focused groups, these systems can optimise marketing strategies. In addition to suggesting the ideal times to send marketing messages, they may pinpoint the optimal channels for interacting with each category.

Customer Journey Management Leveraging AI in Microsoft Dynamics CRM Services

Additionally, AI-driven CRM can perform A/B testing on marketing campaigns to find the words, visuals, or deals that each segment responds to the most favourably. With this iterative process, campaign success rates increase and are continuously improved.

8. Security of Data and Compliance:

In today’s driven environment assuring data security and compliance with laws like GDPR is crucial.

CRM systems powered by AI, such as Microsoft Dynamics CRM services, come with advanced security measures. They set access controls, encrypt critical client data, and give audit trails to monitor data usage.

AI can also help automate compliance-related duties. It can alert users to possible data privacy violations and make sure that client data is managed in line with applicable laws, for example.

9. Scalability and integration:

Services provided by Microsoft Dynamics CRM are renowned for their adaptability and scalability. They can easily connect with other Microsoft tools and other programs to provide a cohesive ecosystem. This guarantees smooth client data flow throughout the business, giving a comprehensive understanding of the customer journey.

Additionally, AI-driven CRM solutions can scale to accommodate growing data volumes and consumer interactions as firms expand. This scalability guarantees that the CRM will continue to be a valued asset as the company grows.

Conclusion:

In conclusion, Microsoft Dynamics CRM services with a focus on AI-driven CRM play a crucial role in enabling organisations to manage customer journeys successfully. Deep consumer insights are provided by these technologies, which also allow for personalised engagement, streamlined assistance, task automation, and improved sales and marketing activities. Along with providing integration and scalability, they also place a priority on data security and compliance.

Businesses that use AI-driven CRM to their advantage will be better able to satisfy changing customer demands and create long-lasting customer relationships. The AI-driven CRM is the compass that leads enterprises on this trip to success since, in the digital era, managing customers means managing their journeys as well.