There’s no excuse not to use automation in your day-to-day operations. The tools now readily available to every business can help you make more money, faster, with fewer resources deployed. Not only can people, time and headspace all be freed, but your customers can have a better experience. Once intense processes can now happen without your involvement as the business’ owner. Paul Vigario is CEO and founder of SurfCT, a dental and healthcare technology integration company working with practices to help them stay ahead of the curve by using automation. Vigario helps practices integrate technology into every aspect of their operations, and his team spot problems they can solve and bottlenecks they can remove in their clients’ businesses. With fifteen years of experience in the fields of dentistry and healthcare technology and having given keynotes on the topic at various universities, Vigario believes that every business can make better use of automation, and he has supported companies to access the benefits. According to Vigario, automation can, “streamline operations and simplify tasks that may typically be time-consuming and counterproductive” Here are three simple automations every business should have in place. 1. Automatic onboarding Ideally, your customers can make their purchase and onboard themselves with your company without speaking to a human. Your automations should collect all essential information and your customer should be able to complete their details at their own pace, from the comfort of their own home. This avoids the need to hire teams of sales and customer service people, as well as many admin and support roles. Vigario’s industry is behind the curve, but so are many others. “Although almost every dental facility uses electronic medical records, many still require physical forms in order to complete the intake process.” If forms are required to onboard your customers, make sure they can be completed, “from a customer’s personal computer or smartphone.” Reducing the time customers spend at a physical desk or on the phone to a sales or support person means more customers can be onboarded faster. Automated forms and email workflows, automatic payments by integrating Stripe, electronic signature collection and identity checks are all expected by customers. Most will follow instructions without questioning because it’s in their best interests. What’s missing in your onboarding process? 2. A customer portal If you have ongoing relationships with your customers, they should be able to log in and see their information. Whether that’s details of their reports or next meetings, invoices they have paid, delivery information or space to complete additional details, a customer portal of some kind will free up your team for other tasks. Vigario works with clients to create customer portals, which “offer their customers a sense of independence” and means they can, “instantly access their data.” Not only should the portal securely save the customer’s information, it should be a source of information. “A comprehensive portal should include walkthrough videos, how-to documents and answers to frequently asked questions.” Customers should also be able to buy more or book an appointment, if that suits your business. “Every customer log in represents a reduction in the time you spend answering emails or speaking on the phone.” 3. Computer-generated marketing assets For Vigario’s dental practice clients, marketing ensures they acquire new patients and stay in touch with existing ones. He advises that businesses incorporate automation into their marketing to ensure it’s systemized and consistent rather than last minute and disorganized. “Get the basics right first, by scheduling your social media posts and promotional emails from a social media scheduling tool and CRM system.” Then you can get clever. Artificially-intelligent article generators, image creators and advertising copy systems can ramp up your content creation without hiring a team of freelancers. Most industries can access online “libraries of premade content,” bringing inspiration and updates to their audience at the click of a button. Vigario makes use of these for his dental practice clients. He advised, “Empower a high-level marketing professional in using these tools and give them a budget for the software that will make their role more effective.” Resourceful and switched-on marketers know how to make marketing automation work. Automating these three simple processes means your team “can focus on more pressing tasks that require a higher level of attention.” If a machine can do it, delegate accordingly, and enjoy the “heightened levels of productivity, profitability and efficiency” this brings. Source: https://www.forbes.com Image Credit: Getty Images
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Artificial intelligence (AI) has been a breakthrough technology for some of the most successful enterprises. Here are three different ways AI is being used to accelerate business growth. Some of the most revolutionary businesses of today were crafting internet strategies as early as the year 2000. Unfortunately, not every business followed its example right away. Some skeptics wrongly predicted the internet would collapse in 1996, which influenced some companies to deprioritize anything related to the web. That was a costly mistake now that an infinite number of e-commerce businesses launched within the last two years and are thriving, while many who went against the grain in the earliest years of the internet are still trying to catch up. The same could easily be said about Artificial Intelligence (AI) today. For example, when you shop online, AI technology picks up on your habits, targeting ads towards you, recommending products and providing insight for companies based on your browsing history. There are three central areas where AI can drive business growth:
If you're getting your small business off the ground or are an established corporation, your business can benefit from AI. AI-powered analytics The topic of cookies has made consistent headlines in recent years, with the future of cookies still unknown. When people visit your website and 'accept recommended cookies,' you gain vital information about their interests. AI can collect and connect different types of data, including:
Working in the background while users continue on their browsing path, AI permits businesses to secure generous amounts of information about their users. With this data, you can make strategic decisions on how to best communicate with customers and promote new offerings. The more data your AI software can generate and sieve through, the more targeted and personalized your marketing can become, which will, in turn, accelerate traffic for your business. AI-powered analytics can give detailed insights into buyer preferences, behaviors, trends, and interests. As a result, this technology can help you create products that the market is enthusiastic about and reach buyers at the most opportunistic times and channels. Monitoring competitors is also simplified using AI. There are numerous tools to help track competitor activity and performance so your business can stay ahead. For example, instead of reacting to competitor releases and announcements, AI can be used to watch competitor movements so humans don't have to. Customer service satisfaction One of the most significant obstacles for businesses is the ability to serve customers better. When it comes to customer support, expectations are high. Since nine out of 10 consumers say free shipping is their top incentive for purchase, businesses are working to make sure they keep a doors-open policy if customers need support and can effectively communicate any changes in expectations. We're not talking about those robotic, awkwardly phrased replies that you get on the company site. Instead, AI can help you communicate in a more personalized way, which can help you increase your brand reputation and grow your business exponentially. A total of 41% of consumers prefer chat support because they will get the answer to their problem fast. It is progressively becoming the most preferred platform for customers to contact brands when they need assistance. AI can also help you track these conversations in real-time. This type of insight can help you determine peak business hours, the amounts of agents needed to be available to customers and what kind of support customers prefer (i.e. chat or phone). Businesses can further use it to provide feedback to agents so they can be in the best position to support the customers when they interact. Targeted digital marketing campaigns Just because you have excellent products or services, it doesn't mean the market will want to buy them. A marketer's job has never been easy, and when the market changes, the more arduous it can be — and the market is constantly changing. With people spending more time online through their smartphones, tablet devices and social media, businesses have an opportunity to reach them on a vast array of channels. Companies must come across as open, communicative and responsive, with a tone that welcomes customers. Personalization is not a new concept to marketers, but it requires consistent practice, especially as times change. A total of 87% of marketers have reported a measurable lift from their personalization efforts, generating solid results, although personalization isn't easy. In a see-saw of market uncertainty, AI can help businesses collect and connect data to provide insights that help create successful marketing campaigns. AI grants marketers the ability to enhance personalization at an individual level. For example, the technology can predict customer behavior based on brand interactions, so businesses can communicate at ideal times and enhance experiences. It can also recommend products and services relevant to the right buyer, which will improve brand reputation. The power of AI So, what can AI do for your business? The most basic answer is that AI can do pretty much anything as long as you program it correctly. Don't ignore the value AI is already bringing to leading businesses and the possibilities it can bring to yours. While some of today's technological advancements can seem a bit intimidating, it's crucial to deepen your knowledge of how they are used and how you can use them to support your business so you don't fall behind tomorrow. Source: Entreprenaur.com Image credit: Image by Gerd Altmann from Pixabay.com
As the co-founder of NLX, a conversational Artificial Intelligence company, I have a people-focused/solution-oriented approach. There's a tendency to glorify AI and make it sound like it's going to take over the world. NLX was born in 2018 with the mission of helping companies transform customer contact into personalized self-service. Along the way, I've learned that means to be a people-first leader, to always take the human approach with your products and customers. Here's what that means... Designing people-centric products When it comes to a product or service-related problem, the issue is not always your ability to solve it, but the utility of a fix. We're organizing and simplifying AI. We want to make it easy for non-technical clients to be able to take charge and build applications their users truly need. People like feeling empowered. Furthermore, we've made the conscious choice to not build our own conversational AI model, because there are multi-trillion dollar companies heavily invested in doing just that. Instead, we ask ourselves: "How do you manage content in tens of languages while streamlining integration for better automation?". What drove products five years ago is coming to pass and putting technologies up against each other may not provide solutions. This is why, for instance, we don't lock in unhappy customers in multi-year contracts and use pay-as-you-go pricing instead of the tiered pricing that is the norm. Stick to human-oriented design and solutions. It will help you focus on what's truly important as you build your products and that will set you apart. Creating value-driven cultures As I was reflecting on the past jobs, I realized that people left for three reasons: A) They weren't paid well, B) They didn't feel respected, and C) They didn't have engaging work to do. In building NLX's culture, we made it a point to not make those mistakes and the results have been extraordinary. To an external investor, perhaps saving a few thousand dollars by letting a resource leave might sound right, but as a founder, only you can know the real cost of losing a great colleague. Your team imbibing and embracing the values you encourage will carry the day. Those values will extend to your customers through the experiences that are created for them. Building customer-oriented companies Instead of thinking about what technology you can offer your customers today, focus on their experience and work backward from the ideal solution. Doing this allows you to break the pattern of what the status quo provides. It helps you truly innovate on behalf of the end-user, your customer, your platform and your industry. What we've learned is that customers and companies want solutions. And when they're struggling with a problem, telling them about a new tool or the latest transcription feature may not be the same thing as actually giving them a solution. We found that one of the top three reasons people call call centers is to reset passwords. Everyone assumes this is easy to do on a website and, yet, customers always struggle because it's hard to automate resets over voice instruction, (i.e., the customer needs to go "uppercase "A', lowercase "b', zero "0'," etc.). It's the same with automating airline bookings. My last name is Papancea and, like me, there are millions of people out there with non-regular-sounding last names. Going with the status quo of the tech today in such cases does not work. It's hard to capture last names and booking codes such that they are transcribed correctly. In building solutions for such use cases, we decide to work backward. If that mean building multi-modal capabilities to transcend channels and go beyond the boundaries of traditional automation? We do it. If you pay attention to your metrics and listen to your customers, they will tell you what they really want. Visualize an ideal, or a delightful way in which a user would like a problem solved, and then build them an automated solution. It's easy to get excited when you get a big customer and sad when opportunities don't pan out. The emotional oscillation can get unhealthy, so know your value and stay steady. Celebrate the smallest milestones, but also cherish things that don't work out. They always show you new paths to explore. Source: www.Entrepreneur.com Image Credit: Photo by Tara Winstead - Pexels.com
Recent numbers tell the story of data breaches and SMBs. The Allianz Risk Barometer says global businesses are more worried about cyber risks than even the pandemic. So what does an enterprise do? How do they protect their hard-earned assets from a cyber attack? Or a data breach that costs? Here are some more small business data breach statistics to consider. Cyber insurance is the answer and here’s everything you need to know to protect your business. What is Cyber Insurance? These policies look after your SMBs’ cyber liability for data breaches when sensitive information like customers’ credit card numbers get hacked and stolen. They look after recovering from data loss too. And repairing a computer system after cyber attacks. The cost of a data breach can be serious. The public relations costs can be big after a cyber event. That’s why this kind of insurance company will let customers know when there has been a breach. Here are some business insurance benefits you won’t want to overlook. Why Cyber Insurance for Small Business is so Important Cyber coverage is vital because you don’t want to be swamped by legal fees if there’s a hack. And because the best way to protect businesses is to be proactive when it comes to cyber threats. Like a data breach. Here are five more reasons you need to guard against these cyber risks with comprehensive policies.
What is Covered by a Cyber Insurance Policy? Wondering about the specifics and the fine print when it comes to what a cyber insurance policy covers? Here are five of the big ones. Privacy Liability Coverage Good cyber security here defends against consumer class action litigation. Network Security From a Cyber Attack Cyber security insurance covers you in the event of a network security failure. Like ransomware, data breaches and other issues resulting from social engineering attacks. And other types of cyber extortion. It can also cover first-party costs too. Media Liability Insurance carriers and a good insurance broker suggest this when you advertise online. Covers costs when there’s intellectual property infringement. Network Business Interruption Coverage A system failure from bad software is covered. Get third-party coverage by a decent indemnity company when you’ve been hacked. Errors and Omissions Covers you when a cyber incident causes you to breach a contract. What is Not Covered by Cyber Liability Insurance? Like with traditional insurance policies, cyber insurers don’t cover everything. Here are some items left out.
How Much is Cyber Insurance Cover? What cyber insurance covers is important, but it needs to be balanced with cyber insurance costs. There will be differences based on options and business size. But a respected company like Insureon brings the median cost in at $140 per month. There are lots of variances. However, you can get $25,000 worth of coverage for anywhere from $25 to $50 monthly. How Much Cyber Insurance Cover Should Small Businesses Have? How much cyber insurance coverage do you need? Enough to cover a small business from cyber exposures if:
Many small businesses spend around $1 million. Check out these types of business insurance. How to Choose the Right Cyber Insurance for Your Business Here are some tips for choosing the right insurance company. Remember the cyber insurance market has a lot to sort through. Understand Third-Party Risk A good insurance provider deals with supply chain vulnerabilities. Check out their underwriting guidelines. Ask About Coverage Get the details on the cyber insurance policies. Most cover both first-party coverage and third-party damages. Ask what happens if there’s a regulatory investigation. Find Out About Exclusions Ask an insurance company about the term “avoidable risks” and how that applies. Ask About Response Times You need to be fast when there’s been a breach. How to Get Get Cyber Risk Insurance for Your Small Business Understanding how to get a cyber insurance quote starts with following these steps. Beyond price and policies, you need to check the following cyber security boxes. Remember to look for what are called silent cyber clauses in traditional policies. Forensic Expenses. These are security controls. To find out what kind of data was compromised. Legal Expenses To resolve claims from things like state and federal notification breaches due to technology errors. ID Theft Repair/Credit Monitoring Expenses These services should be offered to affected clients. Include data restoration. Liability Costs There’s more to think about than just regulatory investigations. Checking this box will help with class-action lawsuits. Covering all the bases is important when you’re looking at this type of insurance. Make sure you have all of the above in a cyber liability insurance quote. Is data breach insurance the same as cyber insurance? No. There is a difference you need to be aware of. Cyber insurance looks after cyber risk from first-party and third-party incidents. Data breach insurance covers damage to data. Source: smallbiztrends.com Image: Depositphotos
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