How SMEs can use technology to improve operational efficiency (Part 2 – AI & ML)
Many business owners may feel Artificial Intelligence (AI) is not that close to their businesses, however it could be not right. AI technology is being widely used in our day-to-day life, just we may never realise that we’ve interacted with AI.
For example, both Apple’s Siri and Google Map (for the best route and time estimate) have utilised AI. AI includes a range of specific technologies, like Natural Language Processing (NLP) which enable a machine to communicate with a human through natural language, and Machine Learning (ML), a type of AI that can train and improve algorithms based upon historical experience.
In the recent months, we helped a client set up a Chatbot for their website (to clarify, Xservices are debt collection agency, this is not our business, we just helped our clients beyond the business). Long story short, this client used to receive high volume, repetitive business inquiries and often during after hours, they put the inquiries on FAQs however no one read it and people always prefer to chat with someone for an answer. Given the above, and because our staff has the relative knowledge, we helped this client set up a Chatbot on their website which significantly reduced their time spending on general inquiries, in addition, this Chatbot is free and can respond customers’ inquiry 24 hours a day & 7 days a week.
Besides, the value of ML can be significant when we apply it to finance and/or marketing. For example, we can use ML to analyse customer data to predict their interests and needs, that enable businesses to gain a competitive advantage by personalising sales and marketing to customers.
Get in touch with Xservices if you have any inquiry regarding debt collectors, debt collection or debt recovery, our services cover Melbourne/Victoria, Sydney/New South Wales, Brisbane/Queensland, and Perth/Western Australia.
*Disclaimer: Xservices are not technology company, this article is shared because of our interest and we are using such technologies, please consult with professional if you are interested.