Find out how Artificial Intelligence is Revolutionizing Small and Medium Businesses?
The combination of composite algorithms, data, neural networks, and Machine Learning which is capable enough to imitate human capabilities – AI (Artificial Intelligence). In general, it is transforming the way of conducting businesses.
Earlier, people had the outlook that only large organizations were profited from new-age technologies like AI and ML, but, there is more to it, AI isn’t austerely restricted to the big brands, rather it is equally capable to facilitate small and mid-sized businesses.
AI is cost-effective than you think-
Many SMB’s, do not need to proffer immense capital to incorporate Machine Learning and AI (which is one of the major reasons not to implement) into their operations delivering excellent customer experiences.
Definitely developing one’s own AI will demand an exorbitant price, thus there are several tech companies that have open-sourced AI efforts in a bid for such SMB’s to utilize its power. Leveraging ready-made solutions saves a lot of time and costs which is required in developing and designing.
Apparently, inculcating AI for an immeasurable ROI couldn’t be achieved overnight. Thus, you need to -
● Define and measure a crystal-clear expectation of what your AI can do for taking business profile into consideration.
● Decide by starting with a small problem that has high chances to drive positive ROI.
To facilitate the productivity of an already employed workforce, you must drive your efforts towards open-sourced AI, cloud systems and flexible workflow models. This structural approach proves highly fruitful with finite capital.
An analysis is necessary for further expansion-
Since the most crucial part of any business could be its analysis, AI has opened new ways in the domain of analytics to scale up any business in a prodigious way. There is a multitude of AI-powered analytics software that acknowledges your business-like Amazon Machine Learning, Microsoft Onboard, H2O, Crayon and more.
With AI-based analytics software, you can easily have significant insights into the business process of your competitors. This also helps small businesses to monitor the ongoing changes in the competitor’s strategy. The best part about this software is that it doesn't ask any special or coding skills to get integrated into your business.
Integrating tools like Monkey Learn and Enterprise Immune System helps in providing a better solution to problems as well as real-time threats. Where Monkey Learn, an AI-enabled tool uses entity extraction technology and sentiment analysis to drive better knowledge of the business. On the other hand, Enterprise Immune System is AI-enabled security that comprehends a normal human behavior within a business and detects possible risks.
Assist and engage using automated bots-
After these ride-hailing services, which provide a real-time location to the voice assistants on smartphones, AI is being used in many different services every day. Another component powered with AI is Chatbot which could be seen in almost every application or website. Businesses use Chatbots with limited staff or to limit the expense of recruiting a 24x7 staff for customer services.
This AI-powered bot is capable of delivering data based on customer queries with lightning-fast data processing capabilities.
Advertisements too influenced with the power of AI-
AI is fundamentally changing the marketing process by getting incorporated into advertising platforms. To target specific customer-set, giant organizations like Google and Facebook are utilizing the power of Artificial Intelligence in marketing strategies.
AI is reconstructing the world of advertising, from ad creation to audience targeting to buying ads. Programmatic Advertising has largely replaced the old-school human-powered aspects of buying and selling ads. Programmatic, with inclusive of AI, is cost-effective with the capability to target large volume audience.
In the Nutshell-
AI is not just restricted to large organizations but, can drive significant breakthroughs for SMBs. Providing the level of technology and accessibility, AI is expected to change the nature of managing any business. Those who have acknowledged the power of AI have started utilizing it and are gaining considerable profit in their business.
AI can generate useful data for businesses to ameliorate. Business owners must take measures to implement AI into their business to make it successful no matter what size it is.