Artificial Intelligence and Automation for Business

Informed Decision Making will always be the major highlight of companies and has been one of the major goals of all information service providers from data developers, data creators and data analytics teams. These Informed Decision Making has been made more possible with the use of Artificial Intelligence (AI) and Automation. Providing new opportunities for businesses of all sizes, including MSME's. Yes, you read it right, MSMEs have also been offered to take advantage of AI and Automation to improve their operations, increase efficiency, and compete with larger corporations. With this article, we will explore how AI and Automation are being utilized in MSMEs and provide actionable points for businesses to take advantage of these technologies.

Data Analysis and Informed Decision-making with AI

One of the primary applications of AI in MSMEs is data analysis and decision-making. With AI-powered analytics tools, MSMEs can quickly analyze vast amounts of data to gain insights into their operations, customer behavior, and market trends. This information can be used to make informed decisions such as identifying new business opportunities, improving product offerings, or optimizing marketing strategies. MSME's can take advantage of AI in data analysis and decision-making, through:

• Identifying business concerns, opportunities and threats including problems that can be solved by AI-powered analytics tools.
• Researching for any available AI-powered analytics tools that can be integrated into their operations.
• Empower employees to identify the necessary skills to work with AI-powered analytics tools and support them in training and re-skilling.
• Implement AI-powered analytical tools with the help of information consultants and train the users of such tools to get the most informed decision making and experience.

Customer Experience with AI-powered Chatbots

Another area where AI is being utilized is customer service. Chatbots powered by AI have become increasingly popular in providing 24/7 support to customers. These bots can handle simple inquiries, allowing human agents to focus on more complex issues. To take advantage of AI-powered chatbots in customer service, MSMEs can:

• Identify the common customer inquiries that can be handled by chatbots. Normally, FAQ's are the ones that would be provided to chatbots and sometimes even if it is available to FAQ's customers would love to get the answer pinpointed to their question.
• Research for the best customer experience that could be made available with AI-powered chatbot platforms.
• Customize chatbots to reflect the organizational value including the brand's tone and voice.
• Evaluate the cost and benefit of the implementation of the Chatbots and whether it would be meeting the expectation.
• Monitor the complexities available with customer and train employees on how to handle more complex customer inquiries.

Workflow Analysis and Automation of works

Automation is also being used in MSMEs to streamline routine tasks and increase efficiency. For example, automating invoicing and accounting processes can save time and reduce the risk of errors through the use of cloud computing based software which make it easier to generate reports and store data. This allows employees to focus on more critical tasks, such as customer service or product development. To take advantage of Automation in MSMEs, businesses can:

• Create a workflow analysis of activities including the value of such processes.
• Identify tasks from the workflow that could be automated.
• Research available automation tools that can be integrated into their operations.
• Train employees on how to work with automated processes.
• Continuously evaluate and optimize automated processes to improve efficiency.

Addressing Employee Relations with AI and Automation

Despite developments of advanced technology of artificial intelligence and automation. Human intervention will always play a major role and factor towards its utilization. Some businesses are taking steps to address these factors by reskilling and upskilling employees to work alongside AI and Automation, with consideration of factors that would impact the employee execution and assistance towards artificial intelligence. To address employment relations towards AI and Automation, MSMEs can:

• Identify the areas of jobs that would be affected by the Automation and AI.
• Offer training programs to upskill and reskill employees on the usage and benefit of the automation and artificial intelligence.
• Promote empowerment and involvement of employees towards organizational growth and living the organization culture and values.
• Continuously evaluate and monitor the impact of AI and Automation on employment.

AI and Automation are powerful tools that MSMEs can use to stay competitive in today's fast-paced business environment. By embracing these technologies and finding ways to incorporate them into their operations, MSMEs can increase efficiency, productivity, and profitability. To take advantage of AI and Automation in MSMEs, businesses can start by identifying potential use cases and researching available tools and platforms. It's also essential to train employees on how to work with these technologies effectively and continuously evaluate and optimize their use. By taking these steps, MSMEs can unlock the full potential of AI and Automation and stay ahead of the curve in today's technological landscape.