August 7th 2023.
As Black businesses look to optimize their enterprises, many are turning to the fast-growing technology of Artificial Intelligence (AI). AI can help small businesses boost productivity, increase revenue, and enhance efficiency. From improving customer service experiences through chatbots, to personalizing marketing efforts, AI can offer solutions to a wide range of business needs.
A Forbes survey of 600 business owners using or planning to add AI to their operations found that 97% of entrepreneurs were convinced that chatbots would assist their business. Additionally, 64% of business owners believed that AI would improve their customer relationships, while over 50% used AI for cybersecurity and fraud management.
An American Express survey of 550 U.S. small businesses with fewer than 500 employees found that customer service and marketing were the primary reasons why small businesses use AI. While AI can provide businesses with many benefits, it is still important to have a policy in place that outlines how AI should be used, and who is authorized to use it.
BLACK ENTERPRISE reports that AI can provide numerous benefits for entrepreneurs. Specifically, businesses can use chatbots to automate and improve customer communications. AI can also be used to create content, improve marketing efforts, and make operations more cyber-secure.
Though AI can deliver positive results, it is important to remember that the technology is not infallible. It is also important to understand the potential risks associated with AI, and to have in-place mechanisms to protect your company, customers, and yourself.
This National Black Business Month, celebrate the potential of AI to help Black businesses optimize their enterprises and succeed. With the help of AI, small businesses can save time, cut costs, and flourish.
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