There’s no denying that the integration of Artificial Intelligence on almost all fronts of our lives is already inevitable. In fact, we are no longer talking about AI in the future. It is already being used today, and many aspects of our lives rely on the work being done by machines without us being conscious of it.
The use of AI systems is everywhere, many of which we encounter on a regular basis. Already, majority of our industries are reaping the benefits of artificial intelligence, especially in the world of business, where AI is easing the processes and building an increasingly efficient corporate world. Techvibes reported 5 AI predictions for 2018 which forecasts where we are headed in the near term.
What Does Artificial Intelligence Mean?
Artificial Intelligence or the specific application of AI known as machine learning is the ability of systems to mimic the cognitive ability of human beings to improve processes. It is the machine learning to do stuff on its own, given more data, that makes such a technology increasingly becoming indispensable in our daily lives.
Unlike in the past, for example, when human knowledge was the sole method for analysis, many companies today prefer to analyze their trade situations through Artificial Intelligence. It is faster, more accurate, and more efficient to use machines than human labor, especially when it comes to repetitive tasks, or tasks handling millions of data points.
For a small business owner, this may seem outside their reach or more suitable for big corporations, making them less likely to use technology. It is unfortunate, because the truth is, AI can be used by any business as long as they do it right. It is not even as expensive as most people would think. The benefits are significant for the business, too, in the long run.
If you are wondering how AI can revolutionize your small business, have a look at some of the ways the technology can help your company grow, now and in the future.
1. Disruption in Decision Making
In any business, the quality of decisions made depends on how much information the executives have on their hand. Most bad business decisions result from using incomplete and obsolete data. This is often the case with small firms that don’t have enough information to make sound decisions, or too much information for the limited human resources they have.
Such expensive mistakes can be mitigated by a comprehensive and smooth processing of data. Artificial Intelligence can achieve fast and reliable results for business owners through the use of simulations, data-based models, and prediction charts to make decision-making easier and faster.
With such tools, business owners can make informed and timely decisions based on accurate analysis and prediction of data by the AI.
2. Disruption in Website Building
Unless you are an expert website developer, website building is a challenging process if you lack the technical know-how. You would have to rely on hiring qualified developers, which means spending thousands of dollars just to have your business website up and running.
This situation will definitely change with the use of an AI website builder to create your website. The technology allows you to build your site in less than a minute. You just input the details of your business such as the company name and industry, and with one click of a button, you get the AI assistant to create your site in a matter of seconds.
Additionally, the use of AI in website building can also help your business increase its website conversion rate, hence improving your bottom line.
3. Disruption in Advertising
The process of advertising and brand awareness can make or break the success of a growing business. For a small business, formulating an advertising strategy can be overwhelming. So many things need to be considered in order to make the campaign a success.
With the help of AI, you can efficiently collect, record, and analyze information from customers, and create advertising features which will bring the most appeal to your respective market.
With AI, you no longer have to do an endless A/B experiment, since the machine will already run probability analyses of the campaign’s success or failure. This shortened and more efficient process leads to better ads where you are sure to get the most out of your campaign, once implementation takes place.
Additionally, the predictive quality of AI enables a well-crafted strategy that will let you focus on other aspects of your business, saving your time and money in the long run.
4. Disruption in Customer Service
A vital concept of Artificial Intelligence is its machine learning aspect. From this ability, AI can learn crucial information from processing the data, and use this information to inform its next actions.
This is best demonstrated through product recommendations while browsing online, e.g., on Amazon. The online retailer, while you are browsing, gives you product suggestions and recommendations that’s based on your browsing history. The result is increased time spent on the page and more purchases made than you (the customer) initially intended.
Artificial Intelligence helps a business deliver the best products and services to the people who need them the most, too. The AI customer bots, for example, work round the clock to ensure the level of customer satisfaction improves, with constant customer services regardless of the time or date.
This is a win for any small business. After all, customer satisfaction is always the aim. Having excellent customer experience ensures customer loyalty and repeat business.
Artificial Intelligence is the Future
Indeed, the list of things Artificial Intelligence can do for small businesses is endless. For any small business owner, understanding AI and its benefits for your company is a must, given that AI is the future.
It is important to note, however, that this does not mean you can go on implementing any AI tool you can find. Take time to identify the essential steps to growing your business. Once you recognize the vital elements that need an upgrade, the next phase would be to look for the most appropriate AI solution that will facilitate and cater to your needs.
With strategic and judicious use of technology, especially Artificial Intelligence, you will definitely be able to move your small business forward into the future.
This is a guest contribution from Aleah Taboclaon who handles Communications and marketing at Bookmark.com.