Get smart: How AI can help your business

AI

The artificial intelligence (AI) revolution isn’t coming — it’s here. While AI’s potential for your company might not seem immediately obvious, this technology is capable of helping businesses of all shapes and sizes “get smart.”

AI generally refers to the use of computer systems to perform tasks commonly thought to require human intelligence. Examples include image perception, voice recognition, problem solving and decision making. AI includes machine learning, an iterative process where machines improve their performance over time based on examples and structured feedback rather than explicit programming.

3 applications to consider

Businesses can use AI to improve a variety of functions. Three specific applications to consider are:

1. Sales and marketing. You might already use a customer relationship management (CRM) system, but introducing AI to it can really put the pedal to the metal. AI can go much further — and much faster — than traditional CRM.

For example, AI is able to analyze buyer behavior and consumer sentiments across a range of media, including recorded phone conversations, email, social media and reviews. AI also can, in a relative blink of the eye, process consumer and market data from a far wider range of sources than previously thought possible. And it can automate the repetitive tasks that eat up your sales or marketing team’s time.

All of this results in quicker generation of qualified leads. With AI, you can deploy your sales force and marketing resources more efficiently and effectively, reducing your cost of customer acquisition along the way.

2. Customer service. Keeping customers satisfied is the key to retaining them. But customers don’t always tell you when they’re unhappy. AI can pick up on negative signals and find correlations to behavior in customer data, empowering you to save important relationships.

You can integrate AI into your customer support function, too. By leaving tasks such as classifying tickets and routing calls to AI, you’ll reduce wait times and free up representatives to focus on customers who need the human touch.

3. Competitive intelligence. Imagine knowing your competitors’ strategies and moves almost as well as your own. AI-based competitive analysis tools will track other companies’ activities across different channels, noting pricing and product changes and subtle shifts in messaging. They can highlight competitors’ strengths and weaknesses that will help you plot your own course.

The future is now

AI isn’t a fad; it’s becoming more and more entrenched in our business and personal lives. Companies that recognize this sea change and jump on board now can save time, cut costs and develop a clear competitive edge. We can assist you in determining how technology investments like AI should fit into your overall plans for investing in your business

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

Happy Holidays From Ramsay & Associates!

As we enter the last week of the year, we’re busy working on year end tax projections and wrapping up other projects before the New Year dawns and brings with it the 2014 tax season.

We wanted to take a moment and thank all of our clients and the great communities of Mahtomedi and White Bear Lake for their support and patronage during 2013.  We’ve had a front row seat for the ups and downs of the economy over the last five or so years, and it’s great to see that things seem to be, at last, turning for the better.

There have been a bunch of changes around here over the last year; we spruced up the building, made a slight change to our name and a big change to our website, which is now found at ramsaycpa.com.  We have a couple new team members, and are poised to make 2014 even better than 2013, which was pretty great already.

From all of us at Ramsay & Associates, have a great holiday and a prosperous New Year.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

Balancing Customer Service with Personal Needs

Making sure you offer customers better value than ever in a down turning cycle often means increasing workloads and tight schedules – frequently combined with some reduction of team numbers. It can seem that there are not enough hours in the day to get the work done, let alone striking a healthy work-life balance.

The good news is that it is possible, but it takes commitment to your own health and wellbeing. After all, if you become inefficient through weariness and lack of enthusiasm then the very goals you are seeking for your business will drift out of reach.

Set up email filters

Decrease the amount of time and stress spent slugging through masses of mail. Use your email program to filter spam of course, but even newsletters and joke mails from friends can be auto filed to folders for perusing later.

Turn off email and the phone for set hours

Most of us feel nervous about taking this on – there is a perception that we must be permanently and constantly available. But you’ll be surprised at how effective you can be if you schedule in a designated hour or two each day where you deal only with urgent work. Your emails and calls will still be there to pick up later.

Set a time to eat

Skipping meals and eating on the run leaves you tired and physically predisposes you to unwanted weight gain. Neither is very helpful to conducting your business efficiently. What‘s more, it robs you of precious time for your brain to mull and think, so you lose the chance to tap into your creative energies. Abandon the computer, get up in time to have breakfast at home – and try to eat at least one meal a day with family or friends.

Schedule breaks in your schedule and take them!

Accept you need breaks, different sorts of breaks from short to medium to long ones. Short breaks of 10 – 15 minutes allow for a cup of coffee, reading the paper or taking a short refreshing walk. Do something that relaxes you in a medium length break – workout at the gym, visit a friend, have lunch in the park, read a book. As for longer breaks – try to schedule a day away from the business at intervals, for no reason other than to take a break.

Call a friend

Keep your problems in perspective by chatting with a friend. If you can’t meet, then give them a call.

Outsource or delegate

Look at outsourcing necessary but non-core tasks e.g. bookkeeping and recruitment. Reduce your workload by delegating tasks to team members – you don’t have to be a jack of all trades, and they might appreciate the chance to learn new skills or vary their daily work.

Practice saying ‘No’

If you can’t do the job without unnecessary stress, learn to say no, or put a reasonable time frame on the delivery of the work.

Our time is the only thing we truly own in life – Gift yourself more time

Work out how long the task will take and then add some again. By allowing yourself more time you’ll reduce stress, avoid overloading yourself. Better still, you might end up delighting your customers by delivering ahead of schedule, and you will avoid disappointing them by falling behind on your promises.