Saying that technology scares business owners might be a stretch. But suggesting that this new technology, which is rapidly taking over the business world, intimidates many business owners who have yet to fully grasp its potential? That’s probably closer to the truth.
Artificial intelligence, which quickly went from “the next big thing” to the hottest topic right now, is indeed raising concerns. But precisely because of that, the main takeaway of this article needs to be stated upfront:
Business growth through advanced technology: To accelerate business growth, most business owners must adopt advanced technologies, optimize customer service, and use tools that help analyze the accumulating data in their business. And yes, they should fully embrace AI and move forward with it into the future, driving growth.
To explore how technology can support business growth, we need to look at the layers of service, operational efficiency, and marketing and sales. Service is the critical product that every customer seeks, both in terms of speed and the quality of the response.
Operational efficiency refers to the resources invested in developing the product and providing the service. In marketing and sales, AI can help businesses become more proactive, reaching out to customers, identifying their needs more accurately, and offering relevant solutions.
AI tools in customer service: When it comes to service, AI appears to be tailor-made for the job. It enables process acceleration, automates internal workflows, achieves resource savings, reduces response times, and enhances accessibility for employees, who are freed up from routine tasks to better serve customers.
AI tools can now analyze customer needs and preferences, while also powering automatic chatbots that can deliver almost human-level responses and solutions to many common issues. In real time, AI can analyze the data generated during customer interactions. And when technology plays such a central role in the work process, we can talk about improved operational efficiency and redirecting human resources toward more creative tasks, ultimately increasing employee productivity.
Interpreting customer data: It’s not just the world of AI that has seen dramatic progress that can benefit business owners. The world of data is also expanding, yet the use of this data to understand customer needs is still underdeveloped. Data repositories can help forecast future customer needs and tailor products to their evolving demands.
These databases already exist within every business. All that’s required is to ensure they are well-maintained and that they log every interaction and customer touchpoint.
New AI tools enable faster and more effective analysis of customer behavior. These tools can handle massive amounts of data, analyze it, and independently generate insights with unprecedented speed and accuracy. This is a strategic asset, and it’s impossible to overstate its power, capabilities, and the advantages it can offer virtually any business. With high accuracy, it can reveal both customer needs and the business’s growth potential.
When you connect all the dots, you get the full-service envelope that every business must build. This means not just fast and efficient service, but also the ability to anticipate customer needs before they arise. Documenting interactions, whether in person, via digital channels, or by phone, is essential.
While these channels don’t always communicate with one another, the information accumulated can form a complete picture of the customer, reduce bureaucracy, eliminate redundant questions, and save valuable time.
Human interaction and AI: The personal and direct approach is, without a doubt, the most effective. People value human attention and appreciate when others invest time in understanding their needs. Human dialogue proves its worth again and again. At the same time, in today’s world, it’s impossible to ignore the technological tools that are now so accessible.
Businesses must think in terms of combining personal, human interaction with AI. There is no contradiction between human emotional intelligence (EQ) and the intelligence of artificial intelligence (IQ); on the contrary, the two actually complement each other.
AI can free up significant amounts of human time by automating tasks that can now be easily handled with technology. The freed-up time can then be redirected toward personal, human channels – toward meaningful customer interactions and thoughtful decisions that require attention, empathy, expertise, and discretion. Not only is there no conflict between humans and machines, but it also seems we’ve never had a greater opportunity for a powerful and productive synergy between the two.
Implementing modern technology: In conclusion, every business should take a hard look at its day-to-day operations, the time it invests, and the areas it prioritizes. One of the beautiful aspects of modern technology is its ease of implementation. There’s no need for massive infrastructure investments, expensive servers, or complicated integrations. Every business, depending on its size and needs, can craft its own technological solution and dramatically improve the service it provides.
Many ask: How much should we invest in technology? The answer depends greatly on the type and size of the business. But one thing is clear: there is almost no business that cannot, through relatively affordable technology and smart usage, improve its bottom line. In other words, cut costs and increase revenue.
Technology is not the goal; it’s a tool. And this tool is here to stay, ready to help every business boost its performance.
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Written in collaboration with Mizrahi-Tefahot