5 Ways Artificial Intelligence can Boost your Small Business

Using artificial intelligence in your business increases your profitability and efficiency. Additionally, 85% of executives already believe that AI will help their businesses gain competitive advantage and sustain rapid developments.

It is no surprise that Artificial Intelligence (AI) has gained momentum across industries. From manufacturing and logistics to healthcare and retail – businesses from different sectors have started using AI-powered applications to improve their performance.

Many business owners dismiss implementing machine learning and AI as a daunting challenge. The biggest myth being, that AI is complicated and is understood by computer scientists or data engineers at bigger companies. In reality, numerous small businesses are leveraging AI. You shouldn’t wait, as your competitors certainly won’t.

With the rising implementation of AI, more and more companies are building AI applications, thereby driving down costs. The increased adoption has made AI accessible to a wide range of companies, in every business sector.

AI for SMB

A PwC study highlights that AI is expected to contribute $15.7 trillion to the global economy by 2030. That means there is a massive opportunity for businesses to leverage technology for their benefit.

Impact of artificial intelligence on the global GDP

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85% of executives already believe that AI will help their businesses gain competitive advantage and sustain rapid developments. It is vital for your small business to take advantage of this revolutionary technology. Here are the 5 ways in which you can do so, even on a tight budget.  

1. Efficient decision making

The past decade has witnessed a considerable improvement in storage and network technologies, thus bringing about the age of big data. However, the collected data is irrelevant if it can’t be analyzed.

It is humanly impossible to annotate and analyze large quantities of data manually. Fortunately, AI-based applications can take up the task. The analyzed data can enable small businesses to gain insights and arrive at better top-management decisions.

Let us give you an example: Walmart uses HANA, SAP’s data platform for data analytics. Given that the veteran retailer has 245 million customers globally, the amount of data generated on a daily basis is enormous.

HANA, built with machine learning algorithms, can quickly identify patterns in the data and enable Walmart employees to make better decisions.

As a small business owner, we know that you do not require such a customized platform nor have the budget for developing one. Alternately, you could use Datoin – an AI-based platform that helps you get actionable insights from your data.

You can implement AI for free, with Datoin to know the monthly churn, the customers likely to churn, the sales forecast on a plug-and-play model.

Click here to sign-up for using AI and Ml for free, with Datoin – https://app.datoin.com/signup.

2. Automated marketing and sales activities

Most AI applications are developed for automation workflow processes such as marketing, customer service, inventory management, and more to save time and boost productivity levels. As a business owner, you can integrate AI in your marketing strategy by introducing AI-powered chatbots to provide efficient customer service in real-time.

Then there are specific platforms such as Rapidminer also enable businesses to optimize and design sales campaigns by providing information on the competition, pricing strategies, consumer preferences, and more.

Another use case for AI in marketing is using tools such as Buffer and HootSuite to schedule social media posts or MailChimp for sending emails to customers at a particular time.

4 Tasks Worth Automating using Artificial Intelligence

3. Faster recruitment

Finding the right candidate for a job role is an arduous process involving many levels of the interview process and large amounts of paperwork. AI applications can help automate and streamline the recruitment process for your small business.

Impact of AI on recruitment

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Unilever, a multinational corporation manufacturing 400 products and employing 170,000 people, uses machine learning for efficiently hiring and processing approximately 1.8 million job applications on a yearly basis.

AI applications such as Hirevue enable candidates to give interviews on their smartphones by merely registering on the app. The audio and video data is then analyzed and shared with potential employers for the next steps in the recruitment process.

4. Robust data security and privacy

With cybercrime on the rise, one of the most important reasons for businesses to invest in the right AI solutions is to mitigate the risks of a security breach. Major tech companies such as Facebook and Google have come continuously under fire for lack of proper security measures for consumer data.

AI-based applications that are built for pattern recognition and anomaly detection help detect possible attempts of data theft and fraud. AI-solution provider Deepsense.ai, for example, uses machine learning algorithms to enable companies to build software that helps reduce the risk of fraud and adequately secure sensitive consumer data.

5. Efficient customer service

Perhaps, the most crucial innovation in customer service is that of chatbots. Consumers in today’s competitive market scenario look for quick responses to their problems without having to wait. A survey by Statista claims that 78% of companies use chatbots for self-service.

Chatbots mainly provide consumers a quick and effective platform to interact with businesses. Because chatbots can answer their queries within a span of a few seconds, they make the process far more effective, speedy, and efficient as compared to call center reps who may not always be able to provide answers in real-time.

4 Applications of Artificial Intelligence in eCommerce

Wrapping it up

So, for those who want to expand their businesses, AI is a must-have technology in today’s digital age. Carefully evaluate your business and identify the areas where this technology can be applied.

For instance, you can introduce chatbots on your website to increase customer engagement, or automate the process of inventory management, and so on. Before you adopt an AI solution into your workflow, you must calculate or estimate the ROI for the same.

If you want to hop on to the AI bandwagon, we have a solution: Datoin. We can help you kickstart your AI journey by identifying solution templates that are ideal for your business.

Intrigued?

Why don’t you use Datoin for free and see how it benefits your small business. You can sign up for a 1-month long FREE TRIAL here.

No obligations, no risk!