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Why Is Artificial Intelligence Good For Your Business

Posted By Administration, Friday, June 29, 2018

If your life is all about work and you don’t want it to be, how can you change things? You could slow down and stop working quite so hard, of course, but would that have a negative impact on your business? If so, what are your options? One idea is to automate as much of your business as possible using artificial intelligence (AI). If you can do this, you will have more free time, and you will be less stressed. There are many areas of business that AI can help with; below are four ways.

Training

Think back to when you first started anything new such as checking out the Ichimoku Cloud system for trading or understanding taxes. You needed training, so if you have a team around you, one of your most important jobs as an employer is to train them well. If they are highly trained, they will be able to do a much better job for you, and you will be able to leave them to work autonomously. However, the training itself can sometimes take a long time and take you away from other tasks. If you can use AI for this purpose instead, you will gain more time and your employees will have a dedicated training system which makes things easier for them too. You might look at apps that transcribe sales calls, for example, so that your team can go back over them and see what worked, and what didn’t.

Marketing

You can also use AI in your marketing efforts; Facebook is an ideal example of this. It has certain algorithms in place so that it can identify your ideal target audience after you have inputted the data required. When you do this, your page or ad will only be shown to those target people, and since they are the ones who are most likely to buy from you, it means your marketing budget goes a lot further.

The User Experience

During the day you might be able to respond to customer queries online, through email, or on the phone (assuming you’re not too busy, of course). However, at night and over the weekend when you don’t want to be working if you can help it, your customer’s questions might go unanswered. It can be a problem if your competitor can get in touch with them because they will effectively have ‘stolen’ your potential customer. If you can use a chatbot, for example, to help your customer when you’re not available, you can stop this from happening. Doing so will give your customers a better user experience and will ensure they are not ignored.

As an additional benefit to this, you won’t have to employ people to work later shifts responding to customers. Plus, you can close the office when you need to, perhaps you are sick, maybe there is a special event you need to attend, or you could just be tired, yet still be in touch with your customers.

Yours Systems

If you can incorporate AI into your systems, your entire business will become much more productive and efficient. You will have happier, less stressed staff and you will have better profits. Automation of your systems can be really simple and include automatic backups of your data to a cloud system, or it could be more involved and include a BPM or CRM program. 

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Ways To Keep on Top of Business Records

Posted By Administration, Tuesday, June 26, 2018

Keeping accurate business records helps companies to identify a range of things based on the data available. In a small business, where resources are limited, this is sometimes not kept up to date or done at irregular intervals, which doesn’t help when information is needed in a timely fashion. Financial records are not only crucial for the day-to-day running of a business, but also when it comes around to tax time and reporting your financial results each year. By staying on top of everything and making time to report fully on the successes and failures of your business, you’ll have a greater view of where you could take it in the future.

Take a look at some easy ways to keep everything up to date.

Use effective software

One of the best tools for your financial records is smart software that records and reports on your financial information. There is plenty of software packages available depending on your budget, and each offers a range of functions and features to support your business size. This type of software makes inputting easier and can also automate some processes such as invoicing customers, to make them faster and more efficient.

Make time each day

Time is always a significant element in how well you process records in your business, and if you only spend a few hours doing the basics, you won’t be able to get much out of your system. By having a dedicated person or team to take care of this function, you can fully utilize the data in a faster way. If you need help interpreting the information, hiring a bookkeeper or accountant will ensure you can identify critical areas for improvement.

Get your personal finances in order

In order to understand the importance of business finance, it is vital to ensure your personal situation is in order to move forward. Although business owners are savvy in many areas, there are occasions where some personal financial aspects may impede judgment or concentration on business operations. Personal tax debt is one area that is often highlighted for all types of workers, as this can affect payroll processes. By using a professional such as My Tax Lawyer, you will be able to resolve any issues quickly without stress.

Meet deadlines

Deadlines are set in place for a reason, and if you are dealing with government bodies such as the IRS, you need to comply fully with their stipulations on filing records and results. Both business and personal tax records are required on a regular basis so ensuring you have up to date information to hand is vital for timely tax filing and if any queries occur, you will have the information available immediately.

There are many ways to keep better records for your business but looking at the basics such as accounting software, reporting tools and dedicating time to this function; you will have a stronger understanding of your company to take it forward. 

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Getting To Grips With GDPR

Posted By Administration, Tuesday, June 19, 2018

GDPR, or the newly actioned General Data Protection Regulation, is the data protection law that came into effect in 2018 and applies to countries in Europe. The change from the old law has many business and website owners confused, as there are changes which need to be made to the way data is collected in order to comply. If you are wondering how GDPR affects you, then this guide will help you get to grips with it.

What has changed with GDPR?

The main difference that the GDPR laws have brought about is the way that permission is obtained for collecting the personal details, such as names, addresses, email addresses and phone numbers, of both clients and customers. Businesses often keep these details, and websites often have a mailing list that people subscribe to.

However, the introduction of GDPR has given more power to the person whose details have been collected, in that it cannot be obtained without express permission, and a company must remove the information from a database on that person’s request.

Businesses and websites are also required to state the reasons why they collect personal detail, for example, for marketing purposes.

How do I make sure my business complies?

To make sure you follow the rules regarding GDPR, you must make sure you get the correct permission from people who are on your mailing list, or for whom you hold their personal details.

To do this, you should change your opt-in forms on your website to have a box that people tick to give their permission, and also a statement as to how you will use their information. If you have irrelevant or unused addresses on your database, then they should be removed as there are no clear reasons why you should have them.

Re-sorting a database and setting up new ways of collecting personal data can seem like a daunting process, but there are professional IT services that you can hire to help, such as Torix.co.uk who can help protect and secure all the sensitive data you collect.  

What about the people already on my database?

If you already have an email list or a database of business clients, you might be wondering if you have to get their permission again for you to be able to store their details. The good news is that you only have to do that if details were collected without their permission or knowledge. That means that most email subscribers should be fine to keep because they entered their own details to become part of a mailing list. For businesses with physical clients who have not given express permission for their data to be stored, it means that clients will have to be contacted for fresh consent.

GDPR is a law that will help protect the public from having their details used by unauthorized parties, but it also helps a business build trusted relationships with customers. For websites, their database will be of people who know exactly why they are being emailed, and are likely to be an engaged audience as they have chosen to be contacted. Getting to grips with GDPR now is a must for any business or website, so take action to make sure you comply, or the result could be a hefty fine and loss of a hard-earned good reputation.

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The Role of Technology in Business and How it Can Boost Growth

Posted By Administration, Tuesday, June 12, 2018

The introduction of technology in business is not a new thing, but in the past decade, it has seen huge advancements in how companies operate. The implementation of software and systems is seeing considerable improvements in productivity and the way people manage projects, which in turn in boosting growth and increasing profit margins. On a basic level, technology is brought into a business in the form of new computer systems and advancements in order processing, but there are many other aspects that need to be considered to ensure your business stays abreast of technological changes. In each sector, technology has been able to make tasks efficient while improving reliability and accuracy. This, in turn, is helping to boost the skills of workers that are working with the technology to promote skills and knowledge internally. 

Technology plays a huge role in how a business operates no matter how small or large the systems are. It’s vital for all companies to take advantages of the ways in which it can help to improve practices across the board and gives everyone more accountability for their actions in the whole process. If your business is considering technological changes, take a look at some of the main reasons why it should sign up to change today.

Improving efficiency

One of the main reasons that technology was introduced to the world is the improvement it makes in efficiency across simple tasks. This, of course, isn’t limited to the help it provides to businesses but for personal consumers too. Improving productivity and efficiency in business practices is one of the most critical steps in sustaining a successful business model. In a traditional sense, it used to be the job of a manager to monitor everything that a department undertook, but now with the help of technology, this process is made so much easier to allow managers to focus on others elements of the job. Top software and computer systems such as project management software have enabled companies to implement strategies based on project levels and can monitor the whole process from start to finish. These fast and efficient methods can help speed up the process and make people accountable for their work at every stage of the project. This information can also be accessed in real-time to ensure maximum capacity is reached and time schedules are met.

Increasing accuracy

There’s no doubt that technology is smart, and this intelligence can help support your teams in providing accurate and timely information every time. The number of software options available can help build impressive reporting structures and undertake complicated computations at the click of a button. Some of the most popular use of accurate software is in finance and inventory systems. This technology can handle everything from processing orders, monitoring stock levels and generating reports based on sales and stock. For retailers, point of sale software is also vital for accurately calculating customer purchases and providing sales reports based on goods sold. Although the skills and experience of traditional methods has worked for decades, the improved speed and accuracy of technology in this area help to serve more customers in the same amount of time and pushes more detailed information through to inventory and logistics.

Keeps a company relevant and competitive

With the number of companies coming into the market every day, it can be hard to keep up with competitors in your industry. This can be made harder if these competitors outstrip you in regards to technology and upgraded customer experiences. Staying relevant in your industry is one of the toughest jobs, as the investment that is required can sometimes be unobtainable for smaller companies. Making small steps towards this is better than none at all, and there are many ways that you can do this. Small changes such as creating an email database are inexpensive but help you target customers with promotions relevant to what they like buying. By targeting the right customer at the right time can help in leaps and bounds towards making you more competitive in the market. Using digital technology, you can also open up a new sales funnel to global customers and start to increase your presence in the international market. Training your employees regarding relevant advancements is also key for your business.

Boost communication

Another great way that technology can help both small and large businesses is the improved methods of communication tools available for both internal and external uses. Connecting in real-time is much easier and sending instant emails is ideal for anyone that requires a fast response. Social media is also playing a huge part in how companies communicate with customers and building a presence on popular platforms is opening up new ways to market and target customers based on their lifestyle and shopping preferences. This open line of communication between people also creates an avenue for increasing your networking and partnership opportunities with people across the globe. One of the most critical factors that technology helps to improve in this area is how you showcase your brand. Consumers want the personal touch but without the need to talk directly to someone, so building a personable and positive presence can give your brand an identity, which people can relate to. This two-way and open communication is also ideal or gaining real-time feedback, so your business can improve and respond directly to customer requirements.

The improvement in technology is ever changing and keeping up to date with the latest innovations is vital for businesses of all sizes. There are many ways that your company can start to build upon these strategies to help forge development in your sector, and while some require huge investment, others only take a small amount of adaption to implement. By taking control of your processes and striving to improve all aspects of your business plan with technology, it will help you reap the rewards in better business performance and increase your sales for a healthier financial future. Take a look at what you could start changing today to stay ahead of the game. 

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Four Reasons It’s Always a Good Idea to Offer Training to Your Employees

Posted By Administration, Wednesday, June 6, 2018

No matter what their position in your company is, offering additional training opportunities to your employees tends to lead to a workforce with increased motivation, satisfaction, and purpose. Additional training can be directly related to an employee’s role or it may be for the purpose of improving their growth and building new skills towards future progression. Here are the top five reasons why every employer should consider offering new learning opportunities to their workforce.

#1. Better Motivated Workforce

In most cases, employees who have something more to work towards than simply earning their monthly wage tend to be more satisfied at work, leading to higher levels of motivation and productivity. Offering additional training in the workplace gives employees the option to broaden their skills and aim for progression, which can often lead to employees working harder in an attempt to prove themselves to management in pursuit of a higher role.

#2. Improved Performance:

Offering training programs which are specific to employees’ roles will make it easier for them to fully understand exactly what is required from them at work. Whilst there’s a lot to be said for on-the-job training, workers who are only given the opportunity to learn during their normal working hours may find that they don’t take in information as well, in addition to developing bad habits due to no prior knowledge of how to complete tasks. Instead, a standard training program will ensure that all employees are aware of not only their job description, but also the specifics of what the role entails. Although employees can learn more about what their job entails at sites such as jobdescriptions.net, training will provide them with more in-depth and company-specific knowledge, enabling them to fulfill the role to the best of their ability.

#3. Improved Employee Turnover:

Today, one of the biggest issues for companies is keeping employee turnover down to a minimum. Having employees leave the company regularly can be very disruptive to a workforce, in addition to racking up business costs significantly. The cost of hiring new employees and training them to do their job can quickly add up if it is happening too often. Since training and development opportunities are one of the main things that today’s employees want, the option to learn more, develop their skills and work towards progression is often key to keeping workers loyal to your brand.

#4. Better Customer Service:

If your workforce is based in mainly customer-centric roles, training and progression is often even more important. Regular customer service training can keep your employees up to scratch on what customers want and the latest shopping trends, enabling them to provide the best level of service to the people that keep your business going: your customers. In addition, access to additional training can often lead to increased motivation and productivity amongst employees; this will shine through in the service that they provide.

Investing in your employees will always pay off, regardless of your business industry, size, or yearly turnover. Offering job-specific and additional training programs leads to better productivity, motivation, performance and customer service. 

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