How to Use Artificial Intelligence to Benefit Your Small or Medium-Sized Business

Artificial intelligence has been around – at least in some capacity – for quite some time. However, it is only recently that AI services such as ChatGPT have gone viral. Opinions about artificial intelligence and what the technology means for society vary significantly. Some people think that the rapidly growing capabilities of AI technology are something to fear. Others see AI as an opportunity for innovation, advancement, and creativity.

One thing is certain: AI is here, and it is likely here to stay. As a business owner, it is imperative to understand how AI may benefit your company and provide opportunities for strategic growth.

Improving Customer Service With AI-Driven Chatbots

Most people remember a time when interacting with automated answering services was frustrating and ineffective. However, the automated answering services we have used in the last few decades pale in comparison to the sophisticated AI tools available in 2023.

Small and medium-sized businesses may find that AI tools can help them address customer questions and concerns, gather information about customer preferences, and collect feedback. Chatbots are available 24 hours a day, seven days a week. Although they cannot replace a human, chatbots can be a great way to begin a conversation with a customer and gather the initial information. This decreases the amount of time that an actual staff member spends gathering, organizing, and analyzing information.

Analyzing Data with Help From AI Tools

Artificial intelligence tools can also be used to identify patterns and make predictions about products, services, prices, and market conditions. You may use AI to determine what types of products are selling the best and under what circumstances. You can also use AI to evaluate past purchasing behavior and predict future purchasing behaviors. This helps you understand how to invest your time, money, and resources as effectively as possible.

Using Technology to Automate Repetitive Tasks

AI tools can also be used to automate repetitive tasks that do not require much brain power. This frees up your staff to focus on bigger-picture issues that require human-level creativity and problem-solving skills. For example, you may want to use e-mail automation to send out confirmations or newsletters. You can also use automation to post information on your social media accounts.

Improve Cybersecurity and Protect Against Threats Using AI

Cybersecurity is a crucial issue in today’s technological world. With a few clicks of a mouse, a hacker can gain access to your proprietary information and customer financial data, or even hold your company assets for ransom. One study found that 66 of the businesses surveyed had experienced a cyberattack in the past year. The most common types of cyberattacks involve phishing social engineering attacks, stolen devices, and credential theft. AI tools can recognize patterns and take note of suspicious emails, programs, hyperlinks, or activity and warn you of any red flags. This can help prevent hackers from gaining access to your company’s devices and information.

Contact Our Naperville Business Law Attorney

At the Gierach Law Firm, we know that the nature of owning and operating a small business is changing on a daily basis. Our Naperville business lawyers have the legal knowledge and real-world experience needed to address your business law concerns and put your company on a path toward success. Call our office today at 630-756-1160 for a confidential consultation to learn about our services.

Sources:

https://www.forbes.com/advisor/business/software/what-is-a-chatbot

https://hbr.org/sponsored/2023/03/3-ways-small-businesses-can-use-ai-to-drive-growth

https://www.forbes.com/sites/chuckbrooks/2022/01/21/cybersecurity-in-2022–a-fresh-look-at-some-very-alarming-stats/