Managing cybersecurity is a crucial concern for all businesses today, as we all rely more and more on technology. Data breaches and scams can ruin a business, so preventive measures should be a priority. Hacking costs larger businesses millions of dollars a year. Smaller businesses are no less vulnerable, even if the rewards for cybercriminals are much less. Artificial intelligence (AI) has a role to play in this and other business technology applications.
AI and Financial Management
Businesses are ultimately about making money. One problem that small businesses often face is the issue of cash flow, which may place severe limitations on what new initiatives can be taken. One study concluded that cash flow problems affected sixty percent of small businesses in the preceding year and a half. Many businesses today are buffeted by factors beyond their control, but ongoing cash flow problems may signify that a business is potentially in trouble.
AI solutions can analyze an organization’s cash flow and then make predictions on the basis of that data. It can act as a kind of early warning system so that business owners can be aware of emerging problems and deal with them as quickly as possible.
Interacting with Customers
All businesses aim to provide great customer service. AI can assist with marketing and can also be useful in providing support for customers. AI is being used more and more to assist with sales.
Marketing
It’s known that personalized marketing is effective. It makes sense that people will be more engaged if marketing is tailored to them. Almost all marketers concur with the view that personalizing the way customers relate to a company enhances trust. The problem is that personalizing marketing to all the different individuals out there is far too time-consuming and resource-intensive to be practical.
This is where AI comes in. If you have a profile of your existing customers, and you come up with a new service or product that corresponds, AI can generate marketing materials, updates and offers that will appeal to those individuals.
Customer Support
AI an be really useful for enhancing the customer service you provide, as well as reducing the associated costs. Conventionally, the main source of support is customer service agents, either online or contactable by phone. AI can take over the role they play, at least to some extent. AI-powered chatbot support can provide the information needed to answer most customer queries, or advise on the next steps to take if clients still need assistance.
Technology to Protect Technology
Artificial intelligence is a feature of various new cybersecurity systems, for detecting threats, protecting endpoints and other tasks. The premise is that AI will learn to identify patterns of behaviour that are associated with security problems, and then alert systems to these in the future. This is a cost-effective way to fight cybercrime, and therefore is especially appealing to smaller businesses.
Could AI assist in your business? Would you like an assessment of just how useful AI could be for you? If the answer is yes, call Quikteks today at (973) 882-4644 to speak to one of our tech professionals.