6 new ways to keep your business profitable and relevant in the AI age
We all know AI is starting to evolve faster and faster with the use of neural networks, generative AI, and autonomous systems in robotics, and yet some experts predict we’re not even at the beginning of the AI age. But, whether we like it or not, soon, AI will be a necessity for businesses, seamlessly integrated into our daily operations to maintain relevance and competitiveness. Here are six ways you can leverage AI to enhance profitability in your business today:
1. Automate Manual Processes using DEAR Inventory
Instead of automating only basic tasks like invoicing, consider automating entire workflows. For instance, with the Xero + DEAR Inventory integration, you can manage inventory in real time. The system can trigger purchase orders when stock runs low, sync data with your accounting software, and alert you to discrepancies automatically. This automation eliminates time-consuming manual tasks and reduces costly errors, freeing up valuable time to focus on growth.
2. Offer Better Customer Service using Zendesk Sunshine Track
Take customer service beyond just answering queries—use AI to predict what your customers will need next. Tools like Zendesk Sunshine track customer behaviour and flag potential issues before they arise. If a customer has repeatedly contacted support, the AI can alert your team to offer proactive solutions. This not only reduces response times but also improves customer satisfaction and loyalty, keeping your business profitable.
3. Better Manage Inventory and Cash Flow Management with Fathom
AI-driven tools like Fathom help manage inventory and forecast cash flow based on real-time data, historical sales trends, and market conditions. For example, during slow sales periods, AI might suggest scaling back inventory purchases to conserve cash. Conversely, during busy times, it can recommend when to reorder stock to avoid running out. This real-time insight helps prevent costly cash flow issues and ensures smooth operations.
4. Attract Younger Talent with Notion and Slack
Younger generations expect businesses to use technology and AI to streamline operations. Tools like Notion for project management to incorporate AI to automate tasks like setting reminders, updating workflows, and managing communication. Offering a tech-savvy workplace demonstrates that you’re forward-thinking, which appeals to younger employees who value efficiency and innovation. This also reduces repetitive tasks, allowing your team to focus on strategic work.
5. Target the Right Leads with Hubspot’s Predictive Lead Scoring
Predictive lead scoring, as offered by HubSpot, helps you focus on leads with the highest potential to convert. AI analyses customer data—such as email opens, page views, and interactions—and ranks leads based on engagement. For example, if a customer interacts with your website multiple times and engages with your chatbot, they receive a higher score. This ensures your sales team prioritises the right leads, speeding up conversions and increasing revenue.
6. Save Time Creating Content with Descript
Descript saves you time and headaches in your content creation by allowing you to easily record your voice and use the Overdub feature to generate speech from text in your voice. With text-based editing, you can modify video and audio by adjusting the transcript, while automated audio cleanup removes filler words like “ums” and “ahs.” It also offers eye direction adjustment, screen recording for tutorials, and the ability to add graphics and text overlays, preventing the need to re-record things multiple times if you make mistakes. This makes it a user-friendly solution for producing professional-quality audio and video without the hassle of traditional editing.
If you’d like to dive down the ai rabbit hole a little further and find more tools specifically relevant for you, have a look at Future Tools. Whether you’d like to try out an AI virtual assistant, play with voice-changing technology for a marketing campaign or training video, or create personalised product recommendations for your customers, Future Tools has a range of fun, clever, and efficient tools to make your business more profitable.
Now, while ai advancements have a range of ways they can create more profits and streamline processes, it’s important to remember that ai is still in its infancy. When using it, always ensure that critical decisions involve human oversight to prevent errors. Keep communication open with your team about how AI is being used, and encourage them to ask questions and share feedback. Regular training sessions can help everyone stay updated on AI best practices and understand its implications. Additionally, establish clear guidelines for when and how to use AI tools, ensuring that employees know the limits of AI and the importance of their judgment in decision-making.
Business Mindset: The difference between winners vs losers
In business, mindset can make all the difference. While it’s easy to fall into the trap of excuses and limitations, true winners see opportunities where others see obstacles. Embracing a winning mentality not only transforms challenges into stepping stones but also fosters a more productive and positive environment. We find this philosophy particularly handy as we navigate our paths to success.
*The winner* – is always a part of the answer.
*The loser* – is always a part of the problem.
*The winner* – always has a program.
*The loser* – always has an excuse.
*The winner* – says “Let me do it for you.”
*The loser* – says “That’s not my job.”
*The winner* – sees an answer in every problem.
*The loser* – sees a problem in every answer.
*The winner* – sees a green near every sand trap.
*The loser* – sees two or three sand traps near every green.
*The winner* – says “It may be difficult, but it’s possible.”
*The loser* – says “It may be possible, but it’s too difficult.”
Important: This is not advice. Clients should not act solely on the basis of the material contained in this article. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval. Liability limited by a scheme approved under Professional Standards Legislation.
