According to a study conducted by NTT DATA, 68% of companies that use Artificial Intelligence (AI) claim to be more productive than before implementing it. In addition, it is known that 74% of data and analytics managers believe that their use has a positive impact on their organizations. Thanks to the use of AI, companies have managed to reduce costs, speed up processes, and improve the customer experience.
Thus, in a context where technology prevails, micro, small and medium-sized companies that fail to integrate AI may face several challenges and limitations in the current competitive market. According to Alegra.com, the pioneering startup in the implementation of AI in the management and billing of Latino MiPymes, these are the ways in which Artificial Intelligence can impact the life cycle of ventures:
Taking into account that in Costa Rica this is the phase in which 8 out of 10 ventures fail, entrepreneurs should put special focus on getting hold of AI to obtain clearer metrics and data on reactions, preferences and behaviors of the target audience regarding the venture in order to constantly optimize the business idea. In addition, productivity and efficiency becomes a key issue because without AI, small businesses can rely on manual processes that are time consuming and prone to human error, detracting from the growth potential and business strategy. In this regard, it is estimated that AI will increase business productivity levels by up to 40% by 2035.
This phase is focused on scaling the business in a sustainable way. For achieving this, the AI will facilitate fast and efficient scaling without sacrificing quality or customer service by improving customer management through multichannel experiences, optimizing digital marketing campaigns, and revolutionizing the creation of valuable content.
Likewise, although external financing is important, what is really essential is to develop a stable cash flow. For this, having AI tools that provide automatic and real reports on the business is necessary. Companies that do not use AI in this phase tend to make poor decisions based on assumptions, obtaining unsatisfactory results.
Once it is considered that the business can begin a commercial expansion based on stability and a consolidated brand, it is necessary to evaluate the target market. It can be a risk for the company to start growth without a prior analysis, for this, AI tools that help to create profiles of new customers and to carry out competitive analysis will be decisive to successfully face this process.
In this sense, Alegra.com recommends that small companies evaluate the potential benefits of AI associated with their business and moment in the life cycle. It also suggests entrepreneurs seek resources and support to help them integrate AI into their operations, such as consulting services or software providers.
According to Santiago Villegas, Director of Technology at Alegra.com, “AI is no longer a luxury for MiPymes, but a necessity to survive and progress. Small businesses that take advantage of AI will be better positioned to compete and succeed in today’s marketplace”.