Article Introduction
 It’s no secret that data is the underlying backbone of modern business. Nowadays decisions are often data-driven, and many companies’ success is dependent on good data. However, artificial intelligence has completely changed the game for SMBs, with AI now a must-have for businesses looking to unlock their full potential. Â
When combined with artificial intelligence (AI), data becomes significantly more powerful. Integrating AI into your data strategies can be crucial for business success in the AI era. However, understanding how AI fits into the broader picture can be challenging. New technologies often seem confusing at first, especially when dealing with complex data.Â
Here, Extech Cloud experts will cover all you need to know about the relationship between data and AI, and how to combine the two for maximum benefit, including practical applications with data and AI. Â
The importance of data and AI in modern SMBsÂ
Data and artificial intelligence are both key players in the success of modern SMBs. In fact, boosting your data intelligence using artificial intelligence can give you a competitive edge. Â
Even though data is already incredibly powerful, AI can be used to find new patterns and insights to make better decisions and predictions. Â
AI is entirely powered by data, meaning that better data leads to more powerful and tailored AI models for your business needs. Enhanced data allows you to create superior AI models, which in turn enable you to leverage data in innovative ways.Â
Beyond analysis, AI can automate tasks, make predictions, and personalise experiences, boosting productivity and enhancing your business’s capabilities. Using data, you can better understand customers’ wants and needs and then use AI to personalise interactions or automate repetitive tasks, freeing up personnel for more strategic activities.Â
Practical Applications of Data and AI in SMBs Â
Enhancing Customer Experience Â
Customer experience is vital for the success of any business in commerce or trade. Making sure your customers have a great experience, encourages loyalty and stimulates customer retention; targeted data and artificial intelligence are both key drivers in this. Â
One of the key customer services your business should consider is using chatbots to enhance customer experience. AI chatbots are great, as they free up the resources that would usually be dedicated to a customer support team, while also allowing you to use data to create a personalise experience and make recommendations.Â
The advantage of using AI is that you can tailor the chatbot based on your data, making it perfect for your customers. This personalised customer experience can lead to more retention, more upsell opportunities, and even more new customers. Â
Optimising operations Â
Data and AI are crucial for optimisation. The automation capabilities provided by AI are unparalleled, especially with AI insights. These insights can help predict future trends, guiding decisions on what to automate and forecasting inventory and staffing needs.Â
Automation is essential in modern business. From data entry and communication automation to more complex, industry-specific tasks, leveraging automation is vital. Ignoring automation opportunities can be a significant oversight for any business.Â
Predictive analytics Â
The importance of data analysis cannot be overstated. Knowing where your business is going and taking advantage of that data to evaluate your decisions can be the difference between failure and success. Decision-making is key for any business, as one wrong decision can lead to newfound success or even disaster in the worst cases. Â
As stated previously, AI can be used to get more out of your data, through insights and predictive analysis. AI can find new trends, and patterns, and predict future outcomes based on past data.  Â
With data analytics at your fingertips, you can build strategies based on historic, real-world scenarios. Knowing what’s ahead – both in success and failure – you can steer your business away from things that might drag it down and simultaneously invest resources in areas with favourable prospects. Â
Take the next step with Extech Cloud 
Data and AI can help your business prosper in the long term. With the ability to take your business’s decision-making and automation capabilities to the next level, AI should not be overlooked. Â
Extech Cloud industry specialists can advise and guide you through the AI labyrinth, giving you the knowledge to take the next steps with confidence and leverage the power of the ‘dynamic duo’. Contact us today and we will do all we can to help.Â
