How to Maximise Business Opportunities with AI and Automation

Posted on 24th May 2023

Whether it be for operational heavy lifting or data management and analysis, AI and automation tools have the power to transform UK businesses.

Recent UK government statistics show that around 15% of all UK businesses have adopted at least one AI technology with the IT and legal sectors leading the way to adoption with 29.5% and 29.2% respectively.

While AI has its limitations, with disruption comes opportunity. Ben Ridgway, co-founder at iamproperty, outlines how businesses can effectively implement technology to maximise their potential.

Tech as a disruptor

Whether it’s driving efficiency or keeping up with legislation, tech can play a positive, disruptive role for businesses, freeing up time that might have been spent on admin tasks. This can allow your workforce to spend more time adding real value, whether that be prospecting new business or servicing existing clients.

Tech can enable business leaders to assume a helicopter view of their operations. It’s worth considering which services can best help you achieve this. For example, CRM platforms can help you manage your team, while revenue management systems help you earn around the clock.

Embracing AI

There are many ways that businesses can leverage AI for business growth, with many centred around providing better and more personalised customer service.

Businesses today collect a wealth of data from consumers such as from cookies, social media and customer surveys. This ‘big data’, made possible by AI, provides insight into user behaviour and can be employed to develop business strategies, reach new customers and promote new products.

Reportedly, the vast majority (91%) of consumers say they would choose to shop with brands that provide offers personalised to them. AI can enable this through data analysis and algorithm creation to better understand consumer behaviour.

In recent months, even the creative industries – so often aligned with nuance, creativity and critical thought – have begun to embrace AI. ChatGPT and other AI language models have been praised for their impressively detailed, human-like responses to random questions. This can assist with everything from research tasks to coding websites and copywriting.

Increasing demand for self service

From the refuelling forecourt to the retail sector, consumer demand for self-service models is glaringly apparent.

Queueing – once such a facet of British life – is becoming less appealing with 66% of UK shoppers agreeing that they prefer self-service checkouts at the point of payment as it makes shopping more efficient. This use of digital interfaces on the shop floor accelerates processes and can reduce overall queues and waiting times.

The hospitality sector has been similarly depersonalised – expedited in part by the coronavirus crisis. 80% of consumers agree that QR codes simply make life easier with some venues now choosing to let guests order food and drink through codes or an app, dispensing with the typical server-customer dynamic at tables.

Transforming the property sector

Even property – a typically people-oriented sector – has the potential to be transformed by AI technology. AI can be used to pick up some of the heavy lifting when it comes to maximising opportunities for agents.

Using audience segmentation tools, agents can embrace personalisation principles and send out the appropriate messages to the right people at the right time and avoid their network unsubscribing from emails.

Automation can also be an effective tool in keeping agents compliant. Often, agents will have to take on compliance tasks themselves which can increase workload and the possibility of Anti-Money Laundering fines if not observed correctly. Automating these tasks with bespoke digital solutions can ensure processes don’t slip. A CRM for estate agents can simplify tasks significantly.

AI adoption can have a transformative impact across sectors and industries. Even in businesses which deal with typically traditional areas, automation can simplify mundane processes and free up more time for your experts to focus on providing services and maximising their effectiveness elsewhere.