Enterprise seems to be entering a new era ruled by data. What was once the realm of science fiction, AI in business intelligence is evolving into everyday business as we know it. Companies can now use machine algorithms to identify trends and insights in vast reams of data and make faster decisions that potentially position them to be competitive in the business world.
Practical AI applications for businesses can take several forms, depending on your organization’s needs and the business intelligence(BI) insights extracted from your data. AI can be used for a variety of tasks, including mining social data, driving interaction in customer relationship management (CRM), and maximizing logistics and productivity when monitoring and handling inventory.
To bring your customer closer to your business, you can try the following AI-based applications:
- ManyChat for Facebook Messenger Chatbots
Consider introducing pre-built or custom chatbots if you want to boost client engagement with self-service help and shift the customer service team’s focus to more complex issues.
ManyChat’s free plan allows you to have unlimited subscribers and broadcasts if you choose to use Facebook Messenger for marketing. Meanwhile, for $10 per month, you can collect subscriber data, connect your chatbot to Facebook ads, and include buy buttons with their Pro account. Your ManyChat bot can also be integrated with other business tools like CRM, email marketing, Shopify, and payment systems.
- Flow XO for Multichannel Chatbots
Flow XO, another chatbot, can help you collect subscriber information, respond quickly to simple questions, accept payments, and pre-filter leads without requiring any coding. Furthermore, during live chat support, it can automatically move customer conversations from the chatbot to a human agent. Over 100 channels, including email marketing tools, accounting bundles, social media, CRM, project management, payment processing applications, and eCommerce plugins, can be incorporated with Flow XO.
Until upgrading to a standard plan, businesses can start with Flow XO’s free plan, which allows for up to 500 interactions. The basic package, which costs $19 a month, includes 5,000 interactions and 15 bots or active flows. When a company requires more bots or interactions, add-ons may be purchased.
- Microsoft Power Automate to Streamline Processes
Also without coding skills, Microsoft Power Automate allows businesses to automate routine tasks and build multistep workflows across hundreds of applications.
Businesses have the option of purchasing a per-user or per-flow license. The cheapest plan is $15 a month and allows one person to generate an infinite number of flows. Individual users can simplify legacy applications using RPA and AI for a slightly higher monthly fee of $40.
Companies that choose to have an infinite number of users can use Power Automate’s per-flow package. Five flows are already included in the cheapest monthly schedule ($500). More flows can be added for $100 per month per flow.
- Zia, Zoho’s Digital Assistant
If you’re a Zoho customer, you can use Zia to create chatbots to engage your website visitors and app users, pull answers from your knowledge base and provide personalized suggestions to your customers. It will produce reports and graphs, as well as assist you in improving your writing and supplementing data on your leads.
Clients of Zoho do not need to pay any extra fees to use Zia. Some Zia features, however, are only available to business clients.
Zoho’s pricing varies depending on the commodity. For example, their CRM’s most affordable plan (if billed yearly) is at $12/user/month, while Enterprise and Ultimate plans are priced at $35 and $100, respectively.
- Intuit’s Quickbooks to Keep Track of Company Finances
This accounting software platform employs artificial intelligence for a variety of tasks, including scanning receipts for key data and entering it into Quickbooks, as well as predicting daily cash flow requirements.
For $1 a month for a year, self-employed people may use Quickbooks to monitor income and expenditures, invoice and accept payments, estimate taxes, and run basic reports.
Meanwhile, small business Quickbooks plans start at $8 a month and provide income and cost monitoring, receipt capture, profit and loss reports, and 1099 contractor management. A Plus ($21/month) or Advanced ($45/month) package is available for businesses that need more users and additional features such as inventory and project profitability monitoring and employee time tracking.
How AI Technologies Propel Business Growth
In the Harvard business review article, Thomas Davenport and Rajeev Ronanki identified three company needs where AI can play a key role in their Harvard Business Review article: automating processes, analyzing data to gain insights, and communicating with clients and employees.
- Robotic process automation (RPA) systems are used to automate administrative and financial processes, such as “reading” legal documents and reviewing client records.
- Artificial intelligence (AI), especially machine learning (ML), has allowed businesses to analyze large amounts of data and generate business insights. These innovations, for example, have allowed businesses to forecast customer transactions, develop actuarial modeling, and detect fraud in credit and insurance claims.
- AI technology, such as natural language processing (NLP) chatbots, machine learning (ML), and intelligent agents, can make customer and employee interactions easier. These can be used to provide customer service 24 hours a day, seven days a week, and to respond to human resources inquiries, as well as to personalize product reviews and health care recommendations.
The adoption of AI technologies has resulted in several advantages for businesses, allowing managers and their teams to:
- AI-based analytics will help you make better decisions.
- increase eCommerce conversion rates through better analytics and tailored
- product suggestions increase productivity and efficiency through automation
- Quantitative usability assessments and other data may be used to improve or personalize the user experience.
- By incorporating voice search into their UX, they may improve their SEO proposals or strategies.
- Enhance the data protection and improve marketing results with automated digital ad personalization and lead scoring.
So, it may be the right time for your company to join the AI bandwagon!
AI tools have undoubtedly changed industries, and everybody profits from–companies and consumers alike. This is particularly true now that AI costs are within small and medium-sized businesses’ scope.
As you consider AI applications for your business, be sure to talk to your team and service providers about security concerns. As a result, you’ll be able to fully appreciate AI’s advantages while still being prepared for its challenges.