AI Will Fuel SMBs Business Growth in 2021

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AI Will Fuel SMBs Business Growth in 2021

Isn’t it obvious that technology is ruling the business game now more than ever and this will continue at a much higher rate in the coming years?

Gartner states that 37% of the businesses use AI in their workplaces. According to a report from Statistica, the AI industry will be generating revenues of $118.6 billion by the end of the year 2025. 

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These statistics show nothing but the businesses and customers are being optimistic about AI. When it comes to having a business idea, the first thing that crosses our minds is if that idea could be implemented well with inculcating technology? Yes, this is what Artificial Intelligence does for businesses. From handling minimal tasks to making complex operations facile, AI is a player in business growth and development.

Let’s have a look at how AI can be the fuel to the SMBs vehicle thereby making them more efficient in 2021. 

1) Security 

Artificial intelligence is mostly used by businesses for IT functions and security. 

To know better, here are some of the statistics to prove organizations using AI 

  1. 40% of organizations use AI to resolve technical problems
  2. According to Harvard Business Review, 34% of the organizations use AI to solve internal compliance for approved tech vectors.
  3. Gartner predicts by 2020, 75% of the organizations will use AI-based security software to perform predictive analytics and prescriptive analytics based on Artificial Intelligence itself.

Since security is the major concern for organizations and therefore each of them tries to build a secure solution for themselves, they need AI to boost their security game. Tata consultancy services already surveyed in 2017 that 44% of companies were using AI to detect and deter security intrusions and breaches. With the help of AI, it’s possible to have intrusion detection, malware detections, an emergency response that could build a platform for a safer and secure business environment.

2) Accounting and Finance 

Artificial intelligence has the potential to develop the accounting and financial aspects of the businesses as it can reduce the tedious manual workload and make it easy for the accountants to complete the accounting tasks. With AI, the financial experts, CPAs, and accountants can have much better analysis and customer insights, handle huge transactions, and simplify complex financial transactions that could help in handling a wider range of customers and clients. 

Let’s have a look at numbers stating the use of AI in the financial and accounting world.

  1. Accenture predicts 80% of the accounting and finance industry will be running on automation with the help of AI in the coming years.
  2. Sage predicts that the percentage of accountants ready to invest in AI is 66% among which 55% agree to use AI in the next three years.
  3. Journal of Accountancy states 80% of accounting executives believe that AI leads to competitive advantage and 79% believe AI will increase business productivity.

From pay/receive processing, supplier onboarding, checking the cash flow to performing audits, AI can purely help accounting and finance professionals increase their business productivity.

3) Sales and marketing 

What’s the major thing that acts as the backbone of every business? Indeed, it’s sales and marketing as from binding customers to giving your business a global rank it all begins here. It’s undeniable that sales and marketing define the past, present, and future of businesses and with AI in the ground, the businesses can uplift marketing to the top. 

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Statistics showing usage of AI in sales and marketing

  1. Gartner predicts that by 2020, 30% of all B2B companies will employ AI to augment at least one of their primary sales processes
  2. Harvard Business Review study stated that companies using AI for sales were able to increase their leads by more than 50%, reduce call time by 60-70%, and realize cost reductions of 40-60% 
  3. According to Everstring, 64% of B2B marketers consider AI valuable for their sales and marketing strategy.

Now when the world is all digital, using AI to leverage sales and marketing for businesses has become far more facile than ever. They can use AI-based software for automation, conversion, and implementation. Machine learning can be used for digital advertising, AI can help businesses find better audiences and to gather a far insightful demographic for any targeted advertisement. Platforms like Google, Facebook, AdWords can help in global reach for the businesses. 

To name a few, here are some of the major sales and marketing achievements that can be covered with AI

1) Personalized messaging using AI insights

Google, the giant organization is using AI for personalized results much before than any other business and it aims to inculcate the technique with a two-fold result in future. Using AI, the businesses can get wider insights of their customers, know their audience, and also predict the target audience. AI insights help in building a stronger sense of customer-organization connection that can further be used for granting a personalized approach to each of them. The businesses can automate a personalized message to each of their customers ensuring their business needs, it will be a minute game to predict what the customer likes and how you can help.

2) Better customer service and experience

Every business is defined by its customer expectations and the customer services they provide. It is impossible for businesses to perform a customer-based approach without AI as it helps in knowing your marketing force on respective customers. The AI-powered tools are helping marketers to build a more customer-centric strategy that could provide a simplified platform to the customers so that they can interact and clarify their requirements. When businesses exactly know what their customers want, it is easy to offer a suitable service. 

3) Building the strongest strategies

With AI applications, the manual workload for the marketers is reduced. This time can be used to create and implement strategies in favor of businesses. Artificial Intelligence can build audience reach, hone customer profiles, grant better data insights, create leads, and offer multiple benefits to businesses thereby reducing the unnecessary time consumption. This helps the sales and marketing team to focus more on creativity and build better customer experience. 

AI has been the game-changer for businesses as it provides various possibilities of growth. From marketing to business intelligence, it is all possible with the help of Artificial Intelligence. So, there’s absolutely no reason for businesses to think twice about using AI in their workspace.