Artificial intelligence, when explained in layman terms, is the science of producing machines that have the ability to perform routine tasks that are otherwise carried out by humans. The primary idea behind artificial intelligence is to save time and invest it in areas that are more productive. It is no surprise that humans have developed great expectations from artificial intelligence, businesses in particular.
Have all businesses adopted artificial intelligence yet?
Actually, not! Even though the R&D in artificial intelligence continues to grow, businesses are yet to fully embrace it. According to research, not even 40% of all the companies around the globe have adopted artificial intelligence technology yet. In that 40%, a larger share is occupied by some of the biggest firms. Small and medium-sized businesses, on the other hand, are yet to build and implement an AI strategy. One common opinion shared by small, medium and large enterprises alike is that AI will help them realize their aims better and will give them a competitive advantage over those that haven’t. But, it still needs firms to have an AI master-plan in place and practice.
How Is Artificial Intelligence Beneficial?
Artificial intelligence has transformed businesses of all sizes. Breaking down the common misconception that AI is for large businesses, the current scenario is proof that it has revamped not only how the tech-giants work, but also the smallest of entities in the entrepreneurial world.
Consider a very generic case of a newly opened pastry shop in the nook of a very busy street. The owner, in order to spread the word, makes use of a couple of social media platforms, such as Facebook and Twitter. These social media platforms are, in fact, a product of artificial intelligence. So, when the word goes out and the customers start pouring in, the small business has already been on the receiving end of the many benefits of artificial intelligence.
And, that’s how a business needs artificial intelligence.
What Does Artificial Intelligence Mean For Businesses?
Typically (or not-so-typically), artificial intelligence can be found in two unique forms in an entrepreneurial landscape-
ONE: In the form of smarter machines
Take into account the popularity of smartphones, smart televisions, and other appliances that can remember and understand your personal preferences. It is AI that makes this smart technology possible. Being witnesses to the growing popularity of smart machines, businesses find themselves further encouraged to include artificial intelligence and machine learning into their business agenda. Amazon Alexa, Ok Google, and Apple’s Siri are classic examples of how machines are becoming smarter by the day and enhancing user experience.
TWO: In the form of automated business processes
Firms these days are under the constant pressure of being available to their customers 24*7. More consumers are on the lookout for service providers who are there whenever the need strikes. AI makes it easier for firms to be virtually present for their clients 24*7 with the help of chatbots and voice recognition technology. Customers can simply feed in their queries while the chatbots serve them with solutions that are automated, relevant and previously fed in the system.
Here’s How Artificial Intelligence Will Help Bridge The Gap
Artificial Intelligence is capable of doing a lot more than we can process. With the ever-growing research in the field, there are multitudinous possibilities of putting AI to use. Here are 5 ways artificial intelligence is helping small businesses compete with the larger ones:
Virtual Presence At All Times
As discussed above, artificial intelligence helps firms create a virtual presence online. Users are always in a rush and prefer to get their queries sorted out in an instant. With the help of chatbots, companies can always be available to their clients and extend help via a virtual assistant. Chatbots are one of the most successful and widespread solutions delivered by artificial intelligence and machine learning.
Data Mining and Generating Valuable Insights
Another outstanding AI solution is data mining. Firms feed on information and often hire data scientists to collect and analyze bundles of information. It helps to identify the right audience as well as platforms to increase their customer base. AI tools have replaced the need for humans for data collection. Certain industry-specific tools are so designed so as to collect piles of information online, analyze it in-depth, and generate valuable insights that allow firms to enhance their business processes and construct a more targetted approach.
Automation has been there since the time of the Industrial Revolution and artificial intelligence is no different. A majority of applications these days are designed and directed to introduce automation into the system. Be it sending replies to customer emails or entering data in the accounting tools such as QuickBooks, automation is key.
E-commerce sites, for example, rely heavily on AI to attract potential buyers. Based on a customer’s previously searched data, online stores and e-commerce sites are able to suggest products they may be interested in buying. With filters, search boxes, and image search, buyers are able to look for anything and everything they need online, stirring up a revolution in how marketing was done till date.
When surveyed, most companies and business owners agreed that their employees find it difficult to devote more time for R&D and skill development because they are always caught up in routine but less important tasks. The solution can easily be found in artificial intelligence. There is a slew of employee tracking tools that can help owners track what their employees are up to- eventually helping them to improve employee efficiency. On the other hand, there are tools that can help carry out routine tasks such as sending-out automated replies, analyzing data to target the right audience, and a lot more.
Last But Not The Least
Harnessing the power of artificial intelligence is not just an option but a necessity for firms looking to compete with their peers. With the world going 24*7, firms outsourcing their services, and the constant urge to ace at what they do, artificial intelligence is a must for business all around the world. The point elaborated above is just an insight into the vastness of AI technology and the universe of possibilities it holds inside.