COVID-19 has caused a global pandemic, and this is having a severe effect on millions of businesses. Companies in every country have to adapt their daily operations to reduce the spread of the virus, with the majority of employees now working remotely or taking time off.

 

This puts a lot of pressure on businesses, but thankfully AI technology can help in a variety of ways.

Here are four ways AI technology can help your business stay afloat during COVID-19.

AI Can Help With Sales

Are you worried that sales will decrease during the pandemic? If so, you may benefit from using AI propensity models. AI propensity models can be used to identify which products customers are most likely to buy, so you can alter future orders to reduce stock waste. This is a great way to boost sales and reduce waste stock, but that isn’t all; it also means your website will appeal more to potential customers, as they won’t have to spend as much time scrolling through products that don’t interest them.

AI Can Help With Admin Roles

It is also possible to use AI to complete your business’s back-office jobs. This includes dealing with complaints, issuing refunds, sending out newsletters, and canceling orders. This is very useful for small businesses with only a few employees, as it means time is freed up to focus on more vital tasks (such as setting goals to grow the company).

For instance, you can use a VOIP Phone System to deal with customer service issues and problems. This is often better than hiring human staff, as the automated process is less likely to make a mistake (and it is also cheaper than hiring someone full time to deal with queries).

AI Can Be Used For Verification

Do you own a business that requires ID verification, such as a dating website? If so, you can do this remotely during the pandemic using AI documents and identity verification. This type of technology has existed for years, but in the last year or two, it has become even more useful and reliable. In fact, it is now possible to ID someone in a matter of seconds!

And the software does not have to be expensive, as there are lots of affordable models to choose from. This is excellent news for small businesses and startups who need to verify customers remotely.

AI Can Help With Cash Flow

Finally, it is possible to use AI technology to help with cash flow. Cash flow is going to be a big issue for tens of thousands of small businesses over the next few months, particularly if they are now operating on a limited basis.

Thankfully there are AI solutions that can be used to analyze recent data to provide a cash-flow forecast. This is making it easier for small businesses to budget for the coming months, so they are more likely to reopen shop when life eventually returns to normal.