How to Leverage on Artificial Intelligence to Transform the Way Entrepreneurs Do Business
Entrepreneur's New Year’s Guide
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Turning an organization into one powered by Artificial Intelligence (AI) requires everyone's participation and contribution. Even though transformation takes time, multiple tactics can begin democratizing AI right away. It has often been said that crises reveal real character, both in individuals and in organizations.
Crises force organizations to rethink how they work and are often the source of lasting change and growth. The Covid-19 pandemic is a humanitarian crisis more enormous than any recently experienced. This situation has raised the importance and prominence of technology. As it recovers from human and economic ravages, AI is positioned to play a critical role.
Entrepreneurs must fundamentally change their culture to one that embraces data, experimentation, and agile principles.
1. Entrepreneurs can easily migrate to the digital environment.
Digital and exponential transformation change the way companies and entrepreneurs run, optimizing processes, and evolve business models by incorporating exponential technologies such as artificial intelligence, IoT, Blockchain, advanced analytics, machine learning, etc. It is an urgent need for all organizations in all sectors.
Migrating to the digital environment is a first step that goes beyond digitizing or automating some tasks. It is about making that digital environment permeate and evolve all actions within organizations; it also seeks to have an impact on the way of working and on obtaining greater efficiencies and productivity in the strategies that are undertaken to grow businesses or improve customer experiences. Likewise, its objective is to determine how regulations are complied with so that a company can improve its risk management or fraud prevention.
In all these processes, analytics allows you to convert data into intelligence to make better business decisions and become relevant. This is how SAS has helped the world's leading business organizations grow and transform by optimizing their operations and increasing their productivity.
Additionally, artificial intelligence technology is no longer reserved for Fortune 500 tech companies as the number of small businesses and entrepreneurs entering the AI market is rapidly increasing. Here are the ways entrepreneurs can leverage artificial intelligence to transform the way they do business
2. AI can help build better marketing strategies for entrepreneurs
Machine learning algorithms know us better than we know ourselves. The ability to analyze data to increase sales is one of the most lucrative applications of artificial intelligence. AI algorithms can sift through large volumes of user data for patterns and trends, which could open the doors to more effective marketing and inform your content strategy. For instance, a recent report on Harvard shows that screening chats for words and phrases correlated to successful sales can improve success rates by 54%.
3. Using Artificial Intelligence to get to know customers
Entrepreneurs and their marketing professionals must be up to date with news in social networks and how Artificial Intelligence changes their working ways. For example, something that cannot be missing in the marketing and sales departments: study the users' search habits and discover the demographics to develop the strategies with your ads.
Also, rather than guessing your target audience and customers' behaviors, AI uses data to conclude the various ways your business can serve them better. AI can also be used for data drive optimizations, improving the conversion rate on your website, analyze your customers' buying patterns, and generally excellent user experience.
4. AI as a competitive tool on social media
In business, knowing what a competitor is doing is as important as making your business plans. AI has helped online marketers track their competitors' activities, learn what they have done on their social media profiles to use that information, and reevaluate their business plan. For example, review the visual content, what is consumed the most, what types of interactions users have with it, and what kind of platform(s) work best.
5. Artificial Intelligence in social networks to improve the user experience
Entrepreneurs can leverage on Artificial Intelligence on social media to get to their target audience. The number of social media users is approaching 2.8 billion, a large enough to immerse themselves in the world of Social Media. As more users join the platforms, the more work is needed, and the more elaborate the strategies will have to be.
6. To build task-centric applications
AI algorithms can substitute human workers for various tasks, freeing up time, money, and resources. Although doomsayers may see it as the beginning of the robotic takeover and the inevitable loss of jobs, most entrepreneurs' trend is a more realistic view.
AI is the perfect match for a human worker. Technology streamlines administrative tasks, allowing humans to focus on more exciting and creative jobs in more essential areas. As an entrepreneur, you can take a cue to outsource a part of your work to AI, thus reducing the number of employees you bring on board, and the amount of work to be done.
Moreover, as an entrepreneur, the onus falls on you to make stringent decisions daily, and which is where AI comes in; it can be set up and harnessed to advise you against making hasty and wrong decisions daily. This can be achieved when AI goes through your work data with an insight to make critical business decisions, whatever it is.
7. Business process efficiency
Improving day-to-day operations can help your business grow faster, and machine learning algorithms are ready to do the heavy lifting. The IA can analyze systems like supply chains and workflows to identify areas for improvement. With optimized workflow, resources are used more efficiently, and costs associated with lost time, maintenance, and redundancy are minimized. The manufacturing sector can benefit considerably from the integration of AI.
Before investing in AI applications, make sure you have all the tools you need to make it work. Calculate the Internet speed you will need, decide which specialists you might have to hire and plan for additional costs you might incur.
As an entrepreneur, keep in mind that you don't need to hire a data scientist to integrate AI into your business. There are tons of companies that design AI tools for entrepreneurs and small businesses. For example, an AI-powered application like Grammarly can help you write consistently and with high quality across your brand, while tools like Legal Robot help you create transparent and compliant legal documents and contracts.