By Ramy Jallad

When startup and SME leaders organized 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 organizations, 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, and photographs, offering solutions, and even forming relationships with customers.

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 offer an affordable alternative that can handle repetitive and time-consuming tasks.

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.

Improved Efficiency:

Why did the AI get a promotion? – automated / machine learning?

Jokes apart, AI and chatbots can significantly improve efficiency by automating repetitive tasks and free 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.

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.

Improved Customer Experience: 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 personalized 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.

In conclusion, AI and chatbots offer a cost-effective and efficient way for startups and SMEs to automate tasks and improve customer satisfaction.