Estimated reading time: 3 minutes, 5 seconds

Yes, AI can Help Small Businesses   Featured

Yes, AI can Help Small Businesses    gray computer monitor

Previously associated only with Hollywood and science-fiction fantasy movies, artificial intelligence (AI) is now one of the fastest growing technologies with industrial capabilities that are changing the business landscape for the better. In fact, AI is an industry by itself that is projected to surpass $390 billion worldwide by the mid of this decade, up from $24.9 billion in 2018. As businesses become increasingly digital, small and medium-sized businesses are trying new methods of optimizing their operations, and AI is the right tool to achieve this.

  1. Improving customer service

AI and other related applications are perceived as technological advancements that take away jobs from human employees. However, the main purpose of AI is to advance jobs and responsibilities and lead to automation of specific tasks and ease processes. This allows workers to maximize critical areas of their profession. AI enables small businesses to automate the execution of small repetitive tasks or enhance the ability of human workers to perform complex tasks. According to a survey, 54 percent of executives state that AI increases business productivity, and small businesses are getting the best out of it. AI can be extremely beneficial in automating financial management, risk mitigation and accounting.

  1. AI will help improve your product

AI allows small businesses to continuously improve their product, service and offerings by providing insights into how users interact with them. Simply AI monitors what users are talking about and the sentiment of their search and words and make changes based on the information they gather. AI can also help highlight product issues before the users vocalize them, meaning it can help solve problems before they get to the customer.

Unlike in the past when only the biggest organizations took advantage of AI, small businesses can now use these cutting-edge technologies to optimize their processes too. AI solutions are enabling small businesses to harness the power of machine learning easier and more effectively than ever.

  1. AI can help simplify operations

AI can help small business improve their productivity and efficiency in operations. This can be in various ways, including categorizing incoming emails based on the content, identifying prospects and unpromising leads. Furthermore, you can use AI to address simple and complex issues and free up time that the staff could have used to work on simple repetitive tasks instead of doing things that matter.

How can you implement AI in your business?

Look at the problems from AI’s perspective

It is no secret that machines are fast becoming smarter than humans. However, they are still years away from gaining human-like intelligence. Until that is within reach, humans can understand how machines learn from data. You can decide to classify data, segment, interpret, and extract insights. This can be achieved easily with the help of AI.

Start Small

No matter how intuitive a platform is, starting big can overwhelm you. This may not necessarily be due to newness but because of change itself. Therefore, you must start small by setting up a first experiment or a pilot to ensure what you are implementing has a positive outcome for the organization.

Scale

Once you have proven that AI has the potential to help your business, it is time to scale and expand its reach. With AI applications becoming more valuable as data continue growing, it is in the interest of your business to integrate as much data as you can so that the accuracy of AI models can grow, leading to increased company performance.

Generally, by taking advantage of AI, businesses can better tune in to customer response patterns, develop strategies that resonate with their target customers and enhance the overall experience of the customers. These are the benefits that small businesses should consider as they think of adopting it.

Read 191 times
Rate this item
(0 votes)
Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

Find his portfolio here and his personal bio here

scottkoegler.me/

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.