April 23, 2018
Advancements in artificial intelligence work to transform the business world on a daily basis. Chatbots powered by AI are now becoming more useful and readily available that entrepreneurs lean on them to accelerate their businesses. Colbey Pfund, Co-Founder of LFNT Distribution, highlights how he leverages AI as an entrepreneur in his recent Forbes article.
We see and interact with chatbots when navigating to a website and often think of them as substitutes for customer service. Pfund emphasizes he uses chatbots for a plethora of other tasks including language translation for global clients, scheduling calendar reminders, processing data, suggesting products to customers, system troubleshooting, financial alerts and automating industry updates. Entrepreneurs wear a lot of hats. Chatbots can come in handy especially in the early stages of a business when focusing attention on one particular goal at a time can seem next to impossible.
Chatbots to Collaborate
Pfund sees chatbots as an opportunity for human collaboration and talent enhancement as opposed to a threat to jobs. Entrepreneurs care about two things deeply: their customers and their employees. Pfund emphasizes that customers prefer human relationships in business and that they feel most appreciated through personal touches. If anything, AI and chatbots will allow employees to focus more on strategic tasks and business development over smaller, clerical or tactical tasks. Pfund says he is able to alleviate his employees from a lot of busy work thanks to the help of LFNT’s chatbots. New digital tools can take on the grunt work while employees can think strategically and cultivate relationships with existing and potential customers.
Better Employee and Customer Experiences
According to the article, 44% of customers prefer using chatbots for obtaining quick answers to product and service related questions. Similarly, employees internally can utilize chatbots for HR and corporate policy related questions that they may feel uncomfortable asking otherwise. Application of chatbots not only helps customers but can cultivate a better working environment.
Chatbots for Employee Productivity
Finally, entrepreneurs keep a close eye on the bottom line. Especially in the early stages of a business, turning a profit can be incredibly difficult. Utilizing chatbots to decrease the conversion cost to obtain customers while simultaneously improving worker productivity will help entrepreneurs realize profits sooner and while increasing their margins.