Artificial Intelligence: The Triple Threat for Small Businesses
Enhancing Capital Management
Capital, customers, and time are crucial for small businesses. AI is emerging as a technology that can address all three.
Andre Machicao, senior vice president at Visa Acceptance Solutions, notes that AI can streamline financial operations, offering tools for budgeting and expense tracking.
Furthermore, it can automate invoicing, thereby reducing errors and accelerating payment cycles. SMBs can reallocate resources initially spent on manual financial tasks to other pressing needs.
Boosting Customer Engagement
Josh Scheer, owner of White Lotus Travel Design, uses AI to craft customized travel itineraries. AI enables personalized marketing plans and generates detailed product descriptions swiftly.
Through AI, businesses can automate client interactions, sending timely payment reminders and tracking consumer behavior. This automation not only enhances customer service but also improves client retention rates.
Saving Time
Scheer adds that AI handles numerous tasks like scheduling and trend monitoring. This allows business owners to focus on strategic growth areas.
Visa’s data shows that 1 in 5 SMB owners are familiar with AI’s capabilities. About 70% of those who adopted AI-report increased productivity, freeing up valuable time.
Experiencing AI’s Limitations
Scheer mentions that while AI-generated itineraries offer useful information, the human touch is irreplaceable. Small nuances and personalized touches often missed by AI contribute to a truly memorable experience.
He recounts a client who used Google and ChatGPT to create a trip itinerary and then asked Scheer to enhance it. Scheer outperformed the AI and retained the client for future trips.
AI-Driven Growth
Scheer’s use of AI has significantly aided in client acquisition and management. From online scheduling tools to email marketing lists, AI simplifies multiple aspects of business operations.
He highlights an app that clients use for storing travel vouchers, showcasing how AI scales functionalities. Handling two payment flows, including travel invoices, AI ensures efficient and error-free financial management.
AI in Risk Management
Visa leverages AI for fraud detection and risk management, benefiting from 269 billion annual transactions to inform their models. Machicao emphasizes that AI isolates fraudsters and protects merchants.
By automating fraud detection, businesses can reallocate their efforts. Visa’s AI ensures legitimate transactions, freeing up time for enhancing customer relationships.
HAL149 can help businesses automate client interactions, content creation, and social media, boosting efficiency and growth. Contact us via our website or email at hola@hal149.com.
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