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Generative AI offers a new perspective In an increasingly challenging economy. Small and medium businesses (SMBs) face the dual challenge of expanding while safeguarding shrinking profit margins. In contrast to larger corporations, SMBs grapple with limited resources, making it difficult for them to endure economic downturns or explore new revenue streams. However, companies catering to SMBs must offer solutions that reduce administrative burdens and deliver tangible benefits. Given that SMBs contribute 44% to the US GDP, they demand significant attention.
By implementing these four effective strategies to invest in appropriate technology and harness the latest advancements in generative AI, businesses can unveil distinctive services tailored to SMB customer.
1. Businesses ought to craft customized experiences for SMBs derived from both qualitative and quantitative data for Generative AI
As small and medium businesses exercise greater prudence in their expenditures, the enterprises catering to them must enhance value through heightened personalization. Service providers require technology systems equipped with a centralized customer journey log capable of monitoring interactions, sentiment, and subsequent actions at every touchpoint, ensuring a seamless customer experience.
However, relying solely on isolated qualitative customer data is insufficient for addressing a client’s requirements. Utilizing generative AI tools like IBM watsonx.ai allows for the analysis of comprehensive customer trends and market dynamics, along with specific customer data and past transactions, facilitating the recommendation of products that precisely match each SMB’s individual demands. Data-driven personalization holds paramount significance in today’s business landscape, considering that 89% of digital businesses are investing in personalization to enrich the customer digital experience; those neglecting this aspect risk lagging behind.
2. Enterprises should offer customized assistance to small and medium businesses (SMBs) as they embrace new products through Generative AI
Due to limited tech resources within most SMBs, the support for the adoption of new products and services is often minimal. Service providers must possess the necessary technological tools to aid SMBs in comprehending the value of these products and assist in the testing and implementation processes. Generative AI can translate SMB requirements into practical product use cases, while appropriate tech systems enable SMBs to test products within a controlled environment.
Additionally, generative AI solutions like watsonx™ Code Assistant are equipped to address the fundamental technical requirements of enterprises. Leveraging Watsonx Code Assistant can result in a 30% reduction in development efforts or a 30% boost in productivity, allowing enterprises to better serve SMBs with enhanced efficiency and effectiveness.
3. Businesses need to strategically adjust their pricing models to cater to the specific requirements of small and medium-sized enterprises (SMBs).
Implementing either usage-based pricing models or fixed time-based pricing models, such as monthly subscriptions or one-time payments, enables enterprises to tailor their offerings to the specific requirements of each SMB. With usage-based pricing, SMBs only pay for the services they utilize, necessitating accurate tracking and reflection of usage through clean data flows from central sources of truth. Watsonx.data facilitates the central collection, categorization, and filtration of data from multiple sources, enabling workload optimization that can lead to a potential 50% reduction in an enterprise’s data warehouse costs. When combined with IBM’s data consulting services, enterprises can utilize watsonx.data to monitor usage, generate comprehensive dashboards, and ultimately facilitate strategic decision-making. On the other hand, fixed time-based pricing allows SMBs to pay a predetermined cost within their budget, granting them full access to the product or service throughout the agreed-upon period.
4. Businesses should provide a digital interface that incorporates expanded self-service alternatives.
SMBs operate with streamlined teams that prioritize efficiency, with less than 15% preferring interaction with providers through phone and automated voice systems. To cater to this audience, enterprises need to establish seamless digital experiences covering the entire customer journey, from initial research to post-purchase assistance. Self-service platforms simplify minor tasks; for instance, SMBs should have the capability to update their billing and contact details without the need for direct communication with a provider representative.
Implementing conversational AI solutions can reduce call waiting times by 30% and yield a substantial 370% three-year return on investment. IBM watsonx Assistant aids in managing intricate tasks by delivering intelligent customer support across all touchpoints with an SMB, continuously improving and learning with each interaction over time.
Meeting the needs of SMBs also benefits service providers
When implemented effectively, these technologies have the potential to generate value for both SMBs and the enterprises serving them. As the SMB expands and develops, the enterprise can fulfill the evolving business requirements through cross-selling various solutions. This enables the SMB to maintain its relationship with the trusted enterprise for its operational needs, while allowing the enterprise to maximize the customer lifetime value by offering solutions that cater to different stages of the SMB’s growth.
Even if an SMB is not actively seeking expansion, the serving enterprise can still provide strategic solutions aimed at enhancing the SMB’s operational efficiency. This can involve deploying generative AI for CRM, expediting the sales closing process, generating intelligent responses, and offering self-service options. By delivering robust and capable generative AI solutions, enterprises can effectively address the specific demands of their SMB clientele, facilitating their overall success.
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