The difference between medium-sized companies and large corporations is particularly visible in one point: access to resources. Financial hurdles, inadequate management, inefficient business planning and marketing mistakes are the most common reasons for the failure of SMEs.
Thanks to lower prices, richer datasets, and easy accessibility, AI tools are playing an important role in empowering smaller businesses and filling those resource gaps.
Freshworks, provider of CRM software, sales & marketing automation and HR solutions, explains why artificial intelligence (AI) is now not just reserved for large corporations and can also be used by SMEs without much effort.
Predict customer needs through artificial intelligence
Major market leaders have already recognized the possibilities of AI and are using data analysis to determine the needs of their customers. The use of chatbots and self-service options are ways to process general order-related inquiries and can be easily integrated into the business processes of SMEs. For example, if there are many customers reporting damaged or incorrect items, chatbots can be far more efficient in offering customers a refund, without requiring professionals to sacrifice valuable time. AI-controlled solutions are also able to recognize patterns in order to be able to predict more precisely over time which customer inquiries occur particularly frequently.
Avoid silos with artificial intelligence
AI plays a critical role in maintaining a tight-knit customer experience (CX) team. Since SMEs often lack additional forces, they should use the available resources efficiently. With a digitized CX approach, there is less room for silos within marketing, sales, and customer service teams. This made it easier for them to keep track of all processes and connections. Smaller businesses that are already digitally oriented can easily streamline services and create a tightly integrated customer service team with AI-driven CX tools.
Artificial intelligence offers SMEs new growth opportunities
Due to the pandemic, companies had to shift their business models to digital channels in a very short time. At the same time, the physical distance to the customer and digital networking have opened up new business opportunities for companies.
Based on AI-driven solutions, companies can use data analysis to better understand their customers and align their corporate strategies more customer-oriented. Not only can you address existing customers more efficiently, but you can also acquire new customers more easily.
In the long term, SMEs will not be able to avoid AI tools
In the future, companies that use AI tools will stand out from the competition. Companies can use AI to make data-driven decisions, improve the offering in all areas and offer their customers personalized experiences. And that is what ultimately makes the difference between success and failure.