Written by: David Kosmayer, CEO and Founder, Bookmark
Robots have always been associated with Artificial Intelligence (AI), and usually, the association is even negative.
After all, the media is full of misconceptions about what an AI is and what it can do, no thanks to movies that depict AI as something that aim to eradicate the human race.
We are actually now living in a world where we are surrounded with artificial intelligence. From airports that rely on AI for security checks, to businesses that use customer relationship management (CRM) technology to manage their clients, artificial intelligence is used everywhere.
Artificial intelligence and entrepreneurship
Artificial Intelligence has helped businesses automate its processes, including human resources, sales, and marketing. This has reduced the time required to complete tasks while eliminating human error.
A common ground for worry about AI is that machines will replace people’s jobs in the future. This has a grain of truth in it; in fact, a study done by a leading publication has projected that 85% of customer relationships will be done through AI by 2020. Is this something you need to worry about? Certainly not. Automated systems are expected to improve customer service by responding quickly to emails, phone calls, and social media chats. This will improve efficiency (which means higher satisfaction rating from customers) and at the same time, save businesses money and time.
Thanks to artificial intelligence, entrepreneurs can also use virtual assistants such as Siri to improve their efficiency and work remotely. Also with machines, human resources will be effectively managed where technology will be able to track employees’ progress to see how they perform.
There is indeed a growing trend where artificial intelligence is automating routine work just like machines replaced humans during industrialization. This will make it possible for AI to analyze and interpret large volumes of data which could not be done by humans.
Artificial intelligence in the digital age
We all know the benefits of having a website for your business. We are living in an age where customers don’t have to physically be in your business to know what type of products you sell. They can easily check your website for products they want to buy. This has helped people buy products faster, and in a lot of cases, they even buy more, given how easy it is to just click and add the items to their virtual cart.
What does this mean for you as an entrepreneur? Well, you can capitalize on the customer’s tendency to keep on clicking by uploading images of other products similar to what the customer is looking at. This saves consumers time, since with just one click, they can immediately see the range of products you are offering. With retail analytics, your customers no longer have to go shopping physically to make their purchase.
Which now brings us to an important point: as an entrepreneur, you have to have a website where you can display your products. If you’d done a bit of research, you know how time-consuming website building can be; you have to find the right theme and template, look for a host, find images you can use without violating copyright, and decide on the number of pages, among many other tasks. This is where artificial intelligence comes in. AI has made it easier for anyone to make a website. Nowadays, you no longer need to be an expert in web design to build your own website; nor do you need to spend thousands of dollars to hire an expert to make one for you.
There are numerous easy website builders you can use to design a professional looking website for your business. You can find both free and paid versions that don’t require any coding skills. One particular website builder is attempting the collision of the complex AI world and the designer’s mind. Bookmark aims to use AI to eliminate more than 90% of pain points associated with branding, building and launching your business. The Bookmark Website Builder is an AI-powered algorithm that creates a brand new website in less than two mins and then simply walks you through the process of editing images and content.
Having an easy website builder that creates a fully-functioning website in minutes with the help of an AI has definitely helped many entrepreneurs operating on a tight budget. After all, if you’re just starting to build your business, you might not have a lot of capital to spend on a quality website. With the Bookmark AI as an example, you can use your money where it really matters: investing in a product that customers need and want.
Artificial intelligence in customer service
There is no doubt that customer service is an important aspect of any business. However, dealing with thousands of customer queries individually can be burdensome and time consuming. It also means spending a lot of money that you could use elsewhere.
Today, businesses that have a large client base can rely on artificial intelligence like a CRM to manage their clients. Unlike before when it was a challenge for businesses to manage all their client queries in real time, AI like chatbots has now made it possible for businesses to interact with thousands of clients at any time. This has tremendously helped businesses build a positive brand image which has led to customer loyalty and growth in sales.
Artificial intelligence has also made it possible for businesses to identify potential customers based on previous transactions. With AI, e-commerce businesses can know crucial customer details regarding their demographics and purchasing history so that they could retarget them later on. This has led to successful and repeat sales.
For entrepreneurs, especially those who are just starting out in the industry with their first (or second) start-ups, it is a must to understand the value and harness all the advantages that Artificial Intelligence can offer small business owners.
Indeed, when it comes to entrepreneurship, AI is no longer the future, it is the present. It is invaluable in customer service, it can create a website in minutes, it can predict what a customer might buy next, among a hundred and one other things it can do that can make businesses more efficient (a must for new start-ups) and responsive to the needs of their clients.
Any entrepreneur, established or not, who fails to grasp the importance of using Artificial Intelligence in business will definitely be left in the dust by competition.
David Kosmayer is CEO and Founder of Bookmark, the future of web design combining artificial intelligence and website building. David created his first company at 22 just coming out of college. Marketing Extensions Inc. an online affiliate and marketing agency was born from the basement of his parent’s home. This company grew under his leadership into a 55-person team, topping $60M in revenue in less than a decade. David is highly focused, dedicated and passionate about building successful companies.