When startup and SME leaders organised their “New Year’s Resolutions” in the face of growing economic concerns at the start of 2023, five months ago, we saw business leaders across the public and private industries begin to prepare for ‘survival’. This included long to-do lists to target “pain points” in organisations, hire and retain highly skilled staff, invest in automation, reach high targets to make up for lost years, and diversify in terms of investments, products, services, and geographies - all with a digital-first approach. Then came ChatGPT and the artificial intelligence boom. Before we knew it, AI was coding, writing, creating images, photographs, offering solutions, even forming relationships with customers. First, people began testing out AI’s capabilities, and then they started to find ways to incorporate it into their business plans and processes. this is been in the making for some time now. An age-old conversation began again - There are those who work hard, and then there are those who work smart. Would AI replace jobs or enhance jobs? Etc, etc, etc With lighting speed, business leaders realised that so many redundant, repetitive, tedious, and time-consuming tasks could be automated and removed from an employee’s plate. Also, people who accepted and welcomed AI noticed opportunities to make their jobs easier, but they also got a lot more creative in finding solutions and ways to use AI to make their jobs faster and more efficient. As a result, an immediate solution emerged, for startups and businesses on a budget to look at the wiser option to let AI and ChatGPT do the grunt work, while subject matter experts directed, guided, and monitored its output. Within five months, we’ve seen AI begin to reshape the way organisations structure their operations, KPIs, targets, and efficiencies, day-to-day work and even creativity. That said, here are 5 reasons why startups and SMEs should consider "hiring" AI and chatbots. Cost-effective One of the most significant benefits of using AI and chatbots is the cost-effectiveness so far. For startups and SMEs with limited budgets, hiring additional employees may not be an option. AI and chatbots offers an affordable alternative that can handle repetitive and time-consuming tasks. This not only frees up valuable time for employees to focus on higher-level tasks but also helps save on costs. For example, using chatbots o handle inquiries, to automate responses to frequently asked questions. This allows businesses to handle a larger volume of inquiries without the need for additional staff. 24/7 availability AI can be available 24/7 One of the biggest advantages of AI and chatbots is their ability to operate 24/7 without the need for breaks or time off. This means that businesses can provide their customers with round-the-clock support and service, regardless of their location or time zone. This is particularly useful for businesses that operate in different parts of the world and want to provide their customers with uninterrupted service. For instance, a startup that provides an e-commerce platform can integrate chatbots to handle customer inquiries, order placement, and tracking. The chatbots can be programmed to provide real-time assistance to customers, even during non-business hours. This not only improves customer satisfaction but also reduces the workload for employees who would otherwise have to handle these tasks. Improved efficiency Why did the AI get a promotion? – automation/machine learning? Jokes apart, AI and chatbots can significantly improve efficiency by automating repetitive tasks and freeing up time for employees to focus on higher-level tasks. This not only saves time but also reduces the risk of human error. For example, chatbots can be used to process customer orders, reducing the need for manual data entry. This ensures that the data is accurate, reducing the risk of errors. Furthermore, AI can be used to analyse data and provide insights into customer behaviour, market trends, and other factors that can impact business decisions. This information can help businesses make data-driven decisions that can lead to improved efficiency, increased revenue, and better customer satisfaction. Scalability Scaling your business with AI and chatbots is like adding rocket fuel to your growth trajectory! One of the biggest challenges for startups and SMEs is scaling their operations as their business grows. Hiring additional employees can be costly and time-consuming, especially if the business needs to expand quickly. AI and chatbots can help businesses scale their operations more efficiently and cost-effectively. For example, a startup that provides a software application can integrate AI to handle customer inquiries, bugs, and other issues. This not only frees up time for developers but also allows the business to handle a larger volume of inquiries without the need for additional staff. This ensures that the business can scale its operations without sacrificing quality or incurring additional costs. Improved customer experience The customer experience is crucial for any business, especially for startups and SMEs that are trying to establish themselves in the market. AI and chatbots can significantly improve the customer experience by providing real-time support and personalised service. Chatbots can be programmed to understand the customer's query and provide relevant solutions. This can include suggesting products, offering discounts, or resolving issues. For instance, a startup that provides a meal delivery service can use chatbots to handle customer orders, track deliveries, and resolve issues. This not only saves time for the customer but also ensures that the order is delivered on time and without errors. In conclusion, AI and chatbots offer a cost-effective and efficient way for startups and SMEs to automate tasks and improve customer satisfaction. By freeing up time for employees to focus on higher-level tasks, businesses can scale their operations more efficiently and make data-driven decisions. With the growing sophistication of AI and chatbots, businesses can benefit from their 24/7 availability, scalability, and ability to improve the customer experience. As such, startups and SMEs should consider integrating AI and chatbots into their operations to remain competitive and grow their businesses. ~ Ramy Jallad RAKEZ Group CEO Published by: The Integrator
When startup and SME leaders organised their “New Year’s Resolutions” in the face of growing economic concerns at the start of 2023, five months ago, we saw business leaders across the public and private industries begin to prepare for ‘survival’.
This included long to-do lists to target “pain points” in organisations, hire and retain highly skilled staff, invest in automation, reach high targets to make up for lost years, and diversify in terms of investments, products, services, and geographies - all with a digital-first approach.
Then came ChatGPT and the artificial intelligence boom. Before we knew it, AI was coding, writing, creating images, photographs, offering solutions, even forming relationships with customers. First, people began testing out AI’s capabilities, and then they started to find ways to incorporate it into their business plans and processes. this is been in the making for some time now.
An age-old conversation began again - There are those who work hard, and then there are those who work smart. Would AI replace jobs or enhance jobs? Etc, etc, etc
With lighting speed, business leaders realised that so many redundant, repetitive, tedious, and time-consuming tasks could be automated and removed from an employee’s plate.
Also, people who accepted and welcomed AI noticed opportunities to make their jobs easier, but they also got a lot more creative in finding solutions and ways to use AI to make their jobs faster and more efficient.
As a result, an immediate solution emerged, for startups and businesses on a budget to look at the wiser option to let AI and ChatGPT do the grunt work, while subject matter experts directed, guided, and monitored its output.
Within five months, we’ve seen AI begin to reshape the way organisations structure their operations, KPIs, targets, and efficiencies, day-to-day work and even creativity.
That said, here are 5 reasons why startups and SMEs should consider "hiring" AI and chatbots.
One of the most significant benefits of using AI and chatbots is the cost-effectiveness so far. For startups and SMEs with limited budgets, hiring additional employees may not be an option. AI and chatbots offers an affordable alternative that can handle repetitive and time-consuming tasks. This not only frees up valuable time for employees to focus on higher-level tasks but also helps save on costs.
For example, using chatbots o handle inquiries, to automate responses to frequently asked questions. This allows businesses to handle a larger volume of inquiries without the need for additional staff.
AI can be available 24/7
One of the biggest advantages of AI and chatbots is their ability to operate 24/7 without the need for breaks or time off. This means that businesses can provide their customers with round-the-clock support and service, regardless of their location or time zone. This is particularly useful for businesses that operate in different parts of the world and want to provide their customers with uninterrupted service.
For instance, a startup that provides an e-commerce platform can integrate chatbots to handle customer inquiries, order placement, and tracking. The chatbots can be programmed to provide real-time assistance to customers, even during non-business hours. This not only improves customer satisfaction but also reduces the workload for employees who would otherwise have to handle these tasks.
Why did the AI get a promotion? – automation/machine learning? Jokes apart, AI and chatbots can significantly improve efficiency by automating repetitive tasks and freeing up time for employees to focus on higher-level tasks. This not only saves time but also reduces the risk of human error.
For example, chatbots can be used to process customer orders, reducing the need for manual data entry. This ensures that the data is accurate, reducing the risk of errors.
Furthermore, AI can be used to analyse data and provide insights into customer behaviour, market trends, and other factors that can impact business decisions. This information can help businesses make data-driven decisions that can lead to improved efficiency, increased revenue, and better customer satisfaction.
Scaling your business with AI and chatbots is like adding rocket fuel to your growth trajectory! One of the biggest challenges for startups and SMEs is scaling their operations as their business grows. Hiring additional employees can be costly and time-consuming, especially if the business needs to expand quickly. AI and chatbots can help businesses scale their operations more efficiently and cost-effectively. For example, a startup that provides a software application can integrate AI to handle customer inquiries, bugs, and other issues. This not only frees up time for developers but also allows the business to handle a larger volume of inquiries without the need for additional staff. This ensures that the business can scale its operations without sacrificing quality or incurring additional costs.
The customer experience is crucial for any business, especially for startups and SMEs that are trying to establish themselves in the market. AI and chatbots can significantly improve the customer experience by providing real-time support and personalised service.
Chatbots can be programmed to understand the customer's query and provide relevant solutions. This can include suggesting products, offering discounts, or resolving issues.
For instance, a startup that provides a meal delivery service can use chatbots to handle customer orders, track deliveries, and resolve issues. This not only saves time for the customer but also ensures that the order is delivered on time and without errors.
In conclusion, AI and chatbots offer a cost-effective and efficient way for startups and SMEs to automate tasks and improve customer satisfaction. By freeing up time for employees to focus on higher-level tasks, businesses can scale their operations more efficiently and make data-driven decisions.
With the growing sophistication of AI and chatbots, businesses can benefit from their 24/7 availability, scalability, and ability to improve the customer experience. As such, startups and SMEs should consider integrating AI and chatbots into their operations to remain competitive and grow their businesses.
~ Ramy Jallad RAKEZ Group CEO Published by: The Integrator
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