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Growing a business

How AI can Improve Businesses?

Small and medium-sized businesses often seek innovative ways to streamline their operations to compete with industry giants and stay efficient. Artificial intelligence (AI) AI is an emergent technology that can help streamline operations and gain some efficiency. 

4 Ways AI Can Improve Business Operations?

As a small business owner, you might be stretched for time, juggling your day-to-day operations, accounting, and customer support. Without implementing technology into the running of your business, you can quickly become overwhelmed with tasks. 

AI can fit into your everyday operations to automate simple tasks and help you make informed decisions using data. Let’s take a look at the six ways AI can improve the way you run your business. 

1. Automating Tasks 

AI-powered tools can handle routine and time-consuming tasks like data entry, invoicing, and even email management, allowing you to focus on more strategic and creative tasks for your business. 

For example, on QuickBooks you can automatically match payments with invoices, send recurring invoices and get QuickBooks to allocate your recurring transactions automatically. Helping you save valuable time that would have otherwise been spent on manual data entry.

2. Better Customer Support 

AI chatbots and virtual assistants like ChatGPT can help your business provide 24/7 customer support to clients and customers by automating responses. Rather than spending hours answering customer queries, AI can answer frequently asked questions on your behalf to assist customers. By offering consistent support, you can enhance the experience that customers have with your business. 

3. Data Analysis 

Data can provide a wealth of knowledge for businesses that want to gain a deeper insight into customer preferences and market trends. Using AI, you can automatically collect relevant data from websites, social media, and internal databases ready for analysis.

This gives you the information necessary to make data-driven decisions leading to better strategic planning.

4. Financial Management 

AI tools can assist businesses with managing finances by automating expense tracking and creating and sending invoices. 

AI can also analyse past financial data to better predict future cash flow trends, helping businesses anticipate periods of cash surplus or shortfall. This is particularly useful for small businesses that have limited cash flows. 

3 AI Tools For Businesses 

Are you ready to streamline your small business operations with powerful AI software? Here are three AI tools already being adopted by businesses and how they can help you save time and money while making valuable business decisions. 

1. ChatGPT

ChatGPT is a free language model from OpenAI that allows users to enter prompts and receive human-like responses. This AI tool has many capabilities that you could use for your business if you are looking to automate some everyday operations, including: 

  • Crafting Content - ChatGPT is a valuable tool for quickly generating written content across various platforms such as websites, social media and marketing materials. It helps reduce the time and effort required in content production. Additionally, it can also help compose persuasive emails for marketing campaigns, customer outreach or general communication. It is important to note that generative AI tools like ChatGPT can at times “hallucinate” and present you with responses that are factually incorrect.
  • Shortcuts and Formulas - If you rely on spreadsheet software, like Excel, ChatGPT can assist you by creating personalised shortcuts and formulas tailored to your spreadsheet software. This can help you simplify data analysis and help automate repetitive tasks with ready-to-use code snippets. 
  • Customer Surveys - ChatGPT can suggest relevant questions, provide guidance on structuring surveys and offer best practices for obtaining valuable insights from your customers.

2. Salesforce Einstein 

An AI suite of tools, Salesforce Einstein integrates with Salesforce’s customer relationship management platform to help businesses score leads, automate their email marketing efforts, and gain customer insights. 

  • Score Leads - As a business, you can use Einstein Lead Scoring to automatically prioritise leads depending on their likelihood to convert into customers. This can help you focus your efforts on leads most likely to generate revenue.
  • Automate Email Marketing - Use SalesForce Einstein to automate email marketing campaigns. Personalise your email content, send emails at optimal times, and track your email performance to increase your email engagement and conversion rates.
  • Gain Customer Insights - Einstein Analytics can help your business use powerful data visualisation tools to gain insights into their customer data. This AI software can help to identify key marketing trends, monitor key performance indicators (KPIs), and make salient decisions based on data. 

3. Canva Magic Studio 

Canva Magic Studio is an AI feature on Canva designed to help you create creative assets, designs, marketing material and a lot more in seconds. It can help you with:

  • Content generation: You can generate text and images based on prompts you input. For example, you can ask it to create a social media post and it would create the post for you with text and imagery.
  • Personalised designs: Its AI can customise design outputs to be on-brand for your business.

Streamline Your Business Operations with QuickBooks Online

As a small business owner, you likely face many complex daily tasks, including customer relations, managing your accounting, and managing business operations. Adopting powerful AI tools can automate tasks on your behalf, giving you time to get on with being a creative entrepreneur. 

QuickBooks Online is a tool for business, allowing you to streamline your accounting with powerful accounting features like expense tracking, automated invoicing, and highly insightful financial reporting. Sign up for QuickBooks Online with a free 30-day trial and empower your business with data-driven decisions. 

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