AI technology is the next big thing in the field of tech. Now, regardless if you consider it to be a real intelligence or just an incredibly sophisticated algorithm, the results, the accuracy of results, and the speed at which they’re delivered are unparalleled.
This is why more and more platforms (some of which are essential for the survival of small businesses) are implementing AI technology (or at least its NLP aspect). This allows you to adopt some of these tools early, which could completely revolutionize your organization.
Here are the top five essential AI tools you need to consider as an entrepreneur.
Chatbots have outright revolutionized customer support.
First, they provide instant responses, which most customers are concerned with. Not only does a slow response turns them away, but it also makes them reluctant to contact you again if they are in a scenario where they need help.
Modern chatbots, powered with AI-based NLP, can generate instant responses and could, in most cases, easily pass the Turing test. Remember that these bots can answer most of the simplest questions, which means you could run a customer support team with fewer representatives. Not only that, but you’re saving the energy and creativity of your staff for situations where their assistance will be needed.
Ultimately, chatbots are incredibly accurate with data collection and provide instant insights. Even if you recorded all the calls, extracting data from them would be harrowing. This way, the process is automatic.
Decision-making is difficult because you’re expected to decide with a limited amount of data, and this decision timeframe is usually quite limited. With the help of a platform for predictive analysis, you can get more information and more time, which will always lead to better decisions.
This can help you with risk mitigation and fraud prevention and may even help you address various issues before they escalate.
Predictive analytics will also help you enhance customer experience proactively. By tracking trend movements, it can recognize future preferences and user behavior before it actively materializes. This gives a more tailored user experience, allowing you to harvest more of their customer lifecycle.
Financial forecasting is the most important aspect of your company’s resilience. By predicting future costs and bottlenecks, you’ll better navigate these challenges.
Accounting is a sensitive and arduous process. There’s so much to track, and even the tiniest mistakes can be a huge problem. By automating repetitive tasks, you’ll not only help your accounting team, but you’ll also reduce the likelihood of human error.
Modern accounting platforms can also help you with invoice process automation. An invoice parser can use NLP and OCR to scan financial documents and turn semi-structured data into a structured format. This makes it incredibly easy to analyze and enter into your records.
Most importantly, there is no longer a need for audits. You get to track everything in real time and get an on-demand insight at any moment.
Perhaps the most important aspect of automating and AI-enhancing your accounting lies in higher fraud alertness. By analyzing user behavior in real-time, AI platforms have a better chance of recognizing account takeover early on.
One of the critical advancements in modern accounting technology is the integration of invoice processing AI.
This AI-powered solution goes beyond traditional invoice process automation by using advanced algorithms to understand, interpret, and process invoices with unparalleled speed and accuracy.
Invoice processing AI not only reduces manual labor but also adds an extra layer of sophistication by continuously learning and adapting to new formats and rules.
The efficiency and intelligence of this technology can further minimize errors and enhance the overall efficiency of the accounting process.
Businesses that implement invoice processing AI can expect a smoother, more transparent, and ultimately more reliable accounting workflow, complementing other AI-driven features such as fraud detection and real-time insights.
In marketing, personalization determines the effectiveness of your efforts. With AI automation tools, you can easily adjust your messages to every target audience member. Since AI algorithms make even market segmentation more accurate, your targeting efforts will be more impactful.
Most agencies already use AI for content creation, at least to a degree. Even if you don’t have a writing bot to do all your work, you can use it for the pitch or an outline. AI platforms make so much difference even when used as a research tool.
The best thing about AI marketing tools is their high accuracy in analytics. The analysis, reporting, projections, and testing are the cornerstone of competitiveness in this field. This is just one of the reasons why most landing page optimization tools already use these algorithms in 2023.
AI-powered CRM tools can drastically reduce your churn rate in the SaaS industry and minimize your shopping cart abandonment rate in e-commerce. They can increase engagement and CTR on your page, in general, and more.
It can do more than provide a centralized client information database. It can process this information in real time and provide insights that will allow you to understand your customer base. This will increase your efficiency when conversing with qualified leads and provide better results.
It can spearhead sentiment analysis on a macro scale, which could help your business position itself better on the market.
Ultimately, AI-powered tools are more accurate, quicker, and more intuitive. In other words, they give you all you need to increase your performance. Your decision-making will be better, you will have an easier job eliminating menial tasks with these tools, and you’ll be able to focus on the issues that require your (human attention).