4 ways AI can improve business operations
As a small business owner, you’re likely stretched for time, juggling a range of priorities while managing the nitty-gritty of operations, accounting, and customer support.
Many small businesses often find themselves challenged financially and resource-wise from time to time. Failing to implement appropriate technology in the running of a business can quickly lead to overwhelm, low performance and missed deadlines. Instead of feeling energised and optimistic about their business plans for growth, there might be lethargy and weariness around always having to put out fires instead.
Where does AI fit into all of this?
There are numerous AI tools available, whether for free or for a fee, that are worth reviewing to assess their fit and application.
The reality is this: AI can integrate into your everyday business operations to automate simple tasks and support you in making informed decisions.
According to the National Australia Bank’s SME Business Insights - Artificial Intelligence (March 2024) report, many Australian SMEs are already actively investing time and money in AI, machine learning, Internet of Things (IoT) and automation to help run their business operations.
So, here’s a look at the four ways in which AI can improve how you run your business.
AI-powered tools are capable of handling a range of routine and time-consuming tasks such as data entry, invoicing, and even email management, allowing you to focus on more strategic and creative aspects of your business.
Let’s take a deeper look at invoicing. For instance, in QuickBooks, you can:
- Automatically match payments with invoices
- Send recurring invoices
- Allocate recurring transactions automatically
Depending on the volume of transactions processed and the number of clients, these features can help you save valuable time otherwise spent on manually attending to these entries.
2. Offer better customer support
With the rise in global eCommerce, internet proliferation and pervasive use of smartphones, most customers expect to be able to transact with ease and speed. Additionally, customers expect their issues to be addressed immediately and queries responded to in real time.
Evolving customer expectations require that businesses align their customer support channels to meet these changing needs. An increase in digital customer support channels includes things like email, social networks, live chat, self-serve knowledge resources and on-page support widgets.
This is where AI can shine, as AI tools such as chatbots and virtual assistants come to the forefront.
A chatbot is simply a piece of software that interacts with a human being through written language. It is embedded in web pages or digital applications to respond to customers:
- Without the need for human agents or
- To bring human agents in when an issue is escalated
Many businesses employ chatbots today, and many also offer chatbot services, including Bloomberg, Amazon Web Services and Mastercard.
A virtual assistant is either a digital application or software that uses AI technologies like natural language processing (NLP), artificial AI and machine learning algorithms to autonomously perform certain tasks.
Aside from being available to answer frequently asked questions on your behalf, you gain consistent support and enhanced customer experiences.
3. Refine and improve your data analysis
Data can provide a wealth of knowledge for businesses aiming to gain deeper insights into customer preferences and market trends. However, this also means making decisions about tools to use as well as the choice of data sets and interfaces to choose from. It’s not easy.
With 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. Streamline your financial management
Financial management involves several key components such as:
- Cash flow management
- Budgeting
- Financial analysis and reporting
- Risk management
- Tax planning and compliance
- Capital management
Each of these components may benefit from the assistance of AI tools. For instance, AI can help to automate expense tracking, create and send invoices, and extract reports.
Additionally, AI can analyse past financial data to better predict future cash flow trends, enabling businesses to anticipate periods of cash surplus or shortfall. This capability is particularly useful for small businesses with limited cash flow.
Now that we have explored several ways in which AI can provide support, let’s take a look at several tools.
